From 3 percent in 2013 to 15 percent in 2018, more homeowners in the UK are opting to renovate their homes instead of buying a new one. According to a study conducted by a British insurance firm, over four million households in the country underwent a home improvement project as of last year. Despite the abolition of stamp duty in London real estate properties that are worth up to £300,000, purchasing a new house is still costlier than doing a home renovation. But before you start your renovation project, you need to know all the important steps to make it work.
Set A Workable Budget
Whether you want to improve your kitchen or add an extra bedroom for an upcoming family addition, you will probably need to spend a not insignificant amount of money for your home renovation project. However, you do not need to spend £2.4 million like the Duke and Duchess of Sussex spent on their renovation of Frogmore Cottage in Windsor recently. Talking to your architect or builders will help you know how much you need to spend to improve your house. You may also consider a renovation loan if you have no money on hand but need to complete the renovation right away. A renovation loan will also help keep your project afloat in case you need to increase your working budget. You could reach out to your local bank to know more information about filing for a renovation loan.
Source Materials Outside London
Once you have started working on your renovation project, you need to search for suppliers to provide you with the right materials to achieve the look that you have in mind for your home. If you want to slash a few pounds from your budget, shopping outside of London can be a good idea. Industry experts shared that suppliers outside the city are known to have lower prices. This is because they do not have to pay a lot for costly store addresses, and the supply and demand is different than in urban London.
Expect The Unexpected
Emergencies are inevitable, even if you have a seemingly foolproof renovation plan. This could mean that the cost for your home improvement project could get affected at one point or another. That is why it is very important to allocate an extra budget for some unforeseen events. Without this, you may end up with a haphazard renovation job. Worse, your project will be delayed until you managed to prepare the needed amount to finish the tasks.
Aside from these preparations, you also need to brace yourself both mentally and emotionally for ups and downs of home renovations. Because you need to deal with a lot of builders and other workers within your property, it could be inevitable to undergo a lot of stress before the project is over. So always keep an open mind when renovating your home to avoid unwanted problems. Once the project is done, your beautiful London home will look brand-new once again.