Buy a renovation item – 6 things to keep in mind!
Statistics from 2020 show that Swedes are renovating like never before. That we spend more time at home during the pandemic is probably the reason for this. At the same time, the housing market is hot and prices have soared. In other words, the interest in renovating and creating your dream home is great. Finding a worn home, which with a little love, can be just the way you want it can be as good as it gets. Maybe you can choose a home in an area that you otherwise could not afford? Regardless, there are some things you need to think about before buying a worn out home. Here we list 6!
Do you have time to renovate?
Planning for a renovation is a must if it is to be as painless as possible. If you have previous experience and knowledge of renovation, this is a process that should go relatively quickly. If not, it is important to set aside time to seek expert advice, request quotes to get a price picture of what things cost and check final prices in the area you want to live.
Look at the price picture in the area
The price of renovation objects in attractive areas can easily stand out when many stakeholders flock to the opportunity to make a profit or live in their dream area. In such situations, it is important to gather knowledge by looking at final prices in the area. What have homes of a similar size been sold for? Have they been high up, had a balcony or other benefits that raised the price per square meter? The more information you have about what your home is worth, the greater the chances of making a good deal.
Make a budget
Before you strike and buy a home for hundreds of thousands or millions (s) of kronor, you need to include the renovation in your budget. Check the condition of the home and what type of work is required. Is it easier to renovate, such as repainting , replacing kitchen doors or laying a new floor ? Then it will probably not be so expensive. If, on the other hand, you are renovating a kitchen and / or bathroom , it can be more expensive. If it is a house that is to be renovated, it is important to check the roof , foundation, facade and bathroom. Remember to include minor material costs in your budget, such as paint and moldings. They may seem unimportant, but the total cost easily slips away when these are added on top of each other.
Budget for unforeseen expenses
Renovating is often more expensive than you thought, so always have an item for unforeseen expenses. The item must be 10-15% of the total budget. In this way, you protect yourself against unforeseen costs that you can not really afford.
Once you have calculated the renovation in your budget, it is time to set a price cap for the object you are interested in. Feel free to put an uneven number on your price cap, as many have even millions or 100,000s as a maximum. It’s easy to get involved in a bidding process so remember to keep a cool head and not pay more than you can actually afford!
To get a smooth renovation, it is important to hire serious and skilled craftsmen. Before you hire a construction company, it is therefore important to check that the company is approved for F-tax and has no debts with the Enforcement Officer. You should also call several references and compare quotes. Does it sound difficult and time consuming? Use Servicefinder and we will take care of that part for you. Create an inquiry and we will match you with controlled craftsmen in your area. You can then compare both quotes and reviews from previous customers before making your choice. Using the Romaldi service is completely free.