Construction Project Management Services and Construction Books
  • Construction Home
  • About Paul Netscher
  • +Construction Books
    • Successful Construction Project Management
    • Building a Successful Construction Company
    • Construction Claims
    • Construction Project Management: Tips and Insights
    • Construction Management: From Project Concept to Completion
    • An Introduction to Building and Renovating Houses
    • The Successful Construction Supervisor and Foreman
    • Designing your ideal home
  • Construction Management Services
  • Book Reviews
  • Contact
  • Blog | Construction Management
  • Site Map
  • Blog | Home Improvement
  • Index of construction articles
  • Useful Links
  • Index Home Improvement

Are you wasting money or adding value with your home renovation?

5/3/2020

0 Comments

 
Picture
Image by Mediamodifier from Pixabay
Case study: I know somebody who purchased a house for $1.5 million. It’s a two bedroom house, has a narrow dark staircase and two very small bathrooms that can’t even fit a bathtub. The kitchen is small. Generally there isn’t much to like about the house. However, he and his wife redid the bathrooms and kitchen, made other changes including redoing the floors, repainting and decking the internal courtyard, probably spending in excess of $150,000. He got divorced, remarried and he and the new wife continued to live in the house. Now despite there being three bedroom houses with two big bathrooms across the road on sale for $1.2 million, and four bedroom, three bathroom houses a few doors away for $1.5 million they probably spent another $150,000 redoing the bathrooms and kitchen, increasing the size of the balcony, altering windows, adding cupboards, changing window coverings, etc. After all this expense they still have a house that has two bedrooms, two small bathrooms, a narrow dark staircase and which is probably worth less than $1.2 million! What a waste of money.

Now, as I’ve suggested there was an alternative to purchase a bigger house in the same neighbourhood. But, clever innovation and with a spend of $200,000 they could easily have added a third bedroom, which would have been a very generous master bedroom with a third bathroom (big enough for a proper bathtub and a shower) and a large balcony. Suddenly their $1.2 million house could have become a much nicer house to live in that would have been valued at over $1.4 million.
​

But really the problem with the house is it has ‘bad bones’. It’s poorly designed and has many features, including the staircase and bathrooms, which are very difficult to change. Spending any money on the house is really throwing good money after bad.

Ask these questions before embarking on a renovation

Picture
Image courtesy of nenetus at FreeDigitalPhotos.net
​It’s important to assess whether the changes, renovations and remodelling your house will be money worth spending by asking these questions:
  • Are you adding value to the house?
  • Is the house structurally sound? It’s pointless upgrading and changing a house that’s structurally unsound, maybe one whose foundations are sinking, that’s infested by white ants or wood rot, or that’s of poor quality.
  • Is it possible to improve the bad features? As above, it’s expensive, sometimes impossible, to change staircases and enlarge bathrooms.
  • Are the changes you’re proposing really going to make a difference to what you don’t like about the house or are you skirting around the real issues?
  • Would it be simpler and cheaper to find another house that you really like, or even, bash down the existing and start again from scratch?
  • Once you’ve finished with the changes will the house still be a cohesive architectural style throughout, or is it going to look like a piecemeal hodgepodge of bits added on wherever changes could be made?
  • Can you easily match the existing finishes? Costs can quickly escalate where the existing house has to be altered so that it matches the new portion.
  • How will changes in the neighbourhood impact the value of your house. It’s senseless spending lots of money renovating your house if a new highway or block of apartments is going to be constructed on your doorstep.
As the saying goes, “you can’t make a silk purse out of a sow’s ears”, nor should you spend the energy and money in trying to turn a house with ‘bad bones’ into something that it can never be. 

​Want to learn more about renovating and building houses?

Picture
Click on this picture to read more
Paul Netscher has written 2 easy to read books 'An Introduction to Building and Renovating Houses - Volumes 1 and 2'. An Introduction to Building and Renovating Houses Volume 1 deals with Hiring Contractors, Managing Construction and Finishing Your Home.  and Designing your ideal home Volume 2 deals with Finding Your Ideal Property and Designing Your Dream Home. 
​("Great for those that DIY. Very helpful in home renovations!" said a Reader on Amazon.com 5*****)
0 Comments



Leave a Reply.

    Author

    I’m a construction professional, author of several successful construction management books, and a home owner. I’ve made mistakes in construction management, I’ve seen others make mistakes, but importantly I’ve had multiple successful construction projects and I’ve learned from the mistakes. I want to share these lessons and my knowledge with you.
    'An Introduction to Building and Renovating Houses - Volume 1 Hiring Contractors, Managing Construction and Finishing Your Home' are my latest books. packed with tips and information to ensure your home construction project is a success. Get your copy today from Amazon and other online stores.

    Also available from:
    ​​Amazon Au, 
    Amazon DE, 
    Amazon ES, 
    Amazon CA,
    Amazon IT, 
    Amazon FR, 
    Amazon NL,
    ​Amazon India
    and 'An Introduction to Building Houses - Volume 2 Finding Your Ideal Property and Designing Your Dream Home' ​
    As an Amazon Associate I earn from qualifying purchases

    Archives

    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018

    Categories

    All

    RSS Feed

Construction Books

Successful Construction Project management
Building a Successful Construction Company
Construction Claims: A Short Guide for Contractors
Construction Management: From Project Concept to Completion
Construction Project Management: Tips and Insights
​
Build and Renovate Your Home With Your Eyes Wide Open
Book Reviews

Construction services

Construction Management Services
Paul Netscher
Construction Management Blog
​Home Improvement Blog

Contact
Developing Successful Construction Project Managers.

Building Successful Construction Companies.
30 years of construction project management experience
  • Construction Home
  • About Paul Netscher
  • +Construction Books
    • Successful Construction Project Management
    • Building a Successful Construction Company
    • Construction Claims
    • Construction Project Management: Tips and Insights
    • Construction Management: From Project Concept to Completion
    • An Introduction to Building and Renovating Houses
    • The Successful Construction Supervisor and Foreman
    • Designing your ideal home
  • Construction Management Services
  • Book Reviews
  • Contact
  • Blog | Construction Management
  • Site Map
  • Blog | Home Improvement
  • Index of construction articles
  • Useful Links
  • Index Home Improvement