Table of Contents
FIRST up… I wanted to share that today I have reduced my Reno Rules eCourse to $299. Hurry so you don’t miss this special.
Next up… I wanted to share 6 Red Flags You Shouldn’t Renovate Your Home
1. Structural Issues
If your home has significant structural problems, such as foundation cracks or sagging roofs, these repairs can be incredibly costly and may not add equivalent value to your property.
2. Budget Overreaches
Underestimating the cost of renovations is a common pitfall. If your budget doesn’t cover a 20% contingency for unforeseen expenses, you might be setting yourself up for financial strain.
3. Low Return on Investment (ROI)
Some renovations simply don’t pay off. Professional flippers advise against over-personalising or choosing renovations that are unlikely to increase your home’s value in the eyes of future buyers.
4. Permit and Regulation Nightmares
In some areas, the red tape involved in getting the necessary permits for renovations can be extensive and expensive. If your project is likely to be bogged down by bureaucratic hurdles, think twice.
5. The House’s Age and Historical Value
Renovating a very old or historically significant home can be more restrictive and expensive due to preservation requirements. Think ASBESTOS.
6. The Neighbourhood Ceiling
If your home is already at the top price point for your neighbourhood, improvements may not significantly increase its value. The market may not support a higher price, regardless of how much you invest in renovations.
Join RENO RULES – Your Renovation Companion
Whether you’re a novice puzzled about where to begin or a seasoned renovator seeking advanced tips, RENO RULES is here to guide you. From budgeting to styling, and everything in between, our community is a treasure trove of renovation wisdom.
