Financial Pitfalls When Renovating Your Dream Home

Whether you are planning for a renovation or an extension, because the property you just bought in Bandar Puncak Alam or Bangsar has parts that you want to change, one thing you should do is to plan properly. Properly, it should be done in a meticulous manner and every aspect of your project should be taken seriously especially the financial aspect. 

Yes, no matter what they say about not prioritizing the prices of commodities, still one cannot go on with his project if he does not have enough funds. In fact as a warning, here are some of the most common financial errors when planning for a home renovation:

Not having the complete details before the onset of the project

You should know everything about the plan before starting the construction. It means that even to the littlest detail, you should already have it included in your plan so that it will be included in your budget as well. 

Not thinking long term when it comes to the size of the house

Just because you have the financial capability, you will build a huge house even if you just have a small family. You should think long-term as a huge house has a big responsibility in a lot of aspects. 

Aside from that maintenance, think as well after many years like if time will come when you want to sell it. It will be hard to dispose of by then. Of course, you cannot imagine selling it now but you never know what will happen in the future. At least it won’t be too hard for you by then.

Not considering your mortgage

If the house is on loan, you should consider the amount you will apply for. Even if you have a good income now, but you never know after a number of years! Note that your responsibility for a house might last for 3 decades. A lot of things can still happen. Besides, you can always renovate or extend. 

Yes, when it comes to your dream house, careful planning is a must. You should not be too hasty about things, especially if such property is still on loan. You can take one step at a time as sometimes, if you are too eager to do things at once, chances are there will be things that might be sacrificed and for sure you don’t want that. 

Like our content? Click here for more!