It seems that alot of people these days are opting to improve the property they already own instead of selling and buying a new one. This is due to the relatively poor growth the property market has been experiencing over the last few years. While it is tempting to jump in and do all the improvements yourself it would be unwise to tackle a project that you are perhaps unprepared for. There are many DIY projects that most homeowners are quite capable of performing but you need to be aware of some of the pitfalls involved in doing the work yourself.
The following is a list of the Top DIY Mistakes people make.
- Not getting plans approved, this is the absolute worst mistake you can make as it can have consequences even years from now. All proposed building alterations or additions need to be approved, if you are caught out you can be forced to tear down what you have built at your own cost. Ultimately this is not worth it. If you wish to sell your home the potential buyer has the right to request the approved building plans for any alterations done, if you cannot provide these you may suffer the consequences.
- Buying the wrong property. Unfortunately sometimes what you think is a deal really isn’t one at all. Some buyers buy a property with the intention of renovating or improving it to later sell for a profit. In many instances the buyer initially paid too much for the property and then still had to pay for the renovations completely blowing the budget they had set for themselves. This could lead to unmanageable debt or just being stuck with an unattractive property you can’t afford to renovate. Set a budget and stick to it.
- Underestimating the time the project will take. Underestimating the timing is huge problem that can lead to other problems. If you have rented tools or hired some help all of these costs will continue to heap up as the delay continues. Make sure you have a written work plan or timetable.
- Underbudgeting. This is of course a very obvious problem and can cause your project to remain unfinished or you will incur costs you were not expecting that may affect you negatively. Make sure you have a realistic idea of the costs involved and if possible set aside extra money for the unexpected costs that are likely to come up.
- Attempting something you are unqualified for. If you know you are not going to be capable of fitting the ceiling don’t even try it. It will be far better to get the professionals in once than have to pay for the bad job you do and for the professionals to come and repair it later. It can also be dangerous to attempt things you are unqualified for, so the bottomline is if you don’t know what you are doing don’t do it.
- Planning for unexpected costs. Try and have a bit of extra cash available for things like repairing water damage you were unaware of or the discovery of insect infestations.
- Using cheap materials. This is often a big mistake and can lead to safety issues and the longevity of the work done is usually compromised as well. It may even lead to the failure of passing a building inspection.
- Unrealistic expectations when it comes to resale value Always get a professional evaluation done by someone who can tell you how much the improvements will increase your properties value. Many factors go into doing a realistic evaluation, such as the average price of a home in your neighbourhood, which you cannot account for. Leave this up to the professional and you are less likely to be disappointed at the end of the day.
Be realistic and don’t take on more than you can handle. Most things can be fixed later but always at a cost. Don’t put yourself in that position.
