In this article we talk about how ambitious renovation projects can be and make a checklist with the things you should consider when renovating your home.
Dry and hot days are good moments for some people to renovate their homes, instead of moving to a new place. Renovations can be straightforward and economical alternatives to moving if keeping a careful eye on expenditure. After all, home improvements could increase the value and comfort of your home, or add value to your buy-to-let property. But there can be many pitfalls along the way if you’re considering renovating your home.
According to a Hiscox report in 2018, the average budget set aside for a renovation project was £16,100. Some renovation process can be enjoyable; some projects can run into unexpected delays and issues. 40% of past renovators admitted they overshot their original budget by an average of 20%, equal to a cost of over £3,200 in today’s budgets. Overall, the last decade has seen a rise of nearly one third (29%) in the number of planning permission requests made in the UK.
The bathroom is a renovation priority with 54% of homeowners either currently undertaking an update or planning one. The kitchen is not far behind at 51% according to this Hiscox report .
As many experienced renovators will attest, home renovations are complex projects with few going exactly to plan. Many homeowners are unaware that they should notify their home insurer before undertaking a major renovation project, and potentially take out additional insurance cover.
Did you know you could risk being uninsured if the project leads to a claim?
You should check with your insurer about the type of renovation you have in mind and check the tradespeople have the right insurance too.
Homes under renovations are often exposed to more risks. There are many factors to consider like:
Having a suitable level of cover in place before work begins can be very important. In some cases, there may be cover restrictions/additional premiums to pay depending on the extent of the work, so you should contact your insurance company to discuss any work you are undertaking, because it might affect your existing home insurance policy altogether. It might affect your rebuilding costs or sum insured, for example. In the end it’s all about your peace of mind, right?
* The opinions and views expressed in the above articles are those of the author only and are for guidance purposes only. The authors disclaim any liability for reliance upon those opinions and would encourage readers to rely upon more than one source before making a decision based on the information.
Published by: intasure