Whether you’re an investor or a home owner, renovating and remodelling are terms frequently used when referring to property improvements.
While these terms are often used interchangeable, the meanings are actually quite different.
Also known as modernising or restyling, renovating generally means improving a broken, damaged, or outdated part of the property. For instance, it could refer to changing flooring, stripping, re-plastering and painting walls, or ripping out old fixtures.
For example, a kitchen renovation may include changing the layout and replacing the cupboards, worktops, flooring and tiling.
This generally refers to making structural changes of a property leading to a change in how the space is used. It goes beyond simply changing fixtures and fittings and their layout, to making changes in plumbing, gas and electricity lines, and/or moving or knocking down walls. Depending on what the changes are to the space, remodelling may also involve architects, contractors and building engineers. It may also involve getting council approval.
For these reasons, remodelling can be very pricey. Plus if you are living in the house, there is usually a lot more inconvenience for an extended period of time than a renovation.
Using the example of the kitchen again, you may decide to knock out a wall between the kitchen and dining room to create a larger open plan kitchen/dining room area.
Or you may be looking at converting a garage or roof space to make additional bedrooms.
Renovating vs remodelling
When you’re deciding on whether to renovate or remodel, one deciding factor is usually the budget; remodelling is often more expensive as there are more additional contractors involved.
It’s also important to think about your long term plans and strategies before you undertake any major work on a property.
Are you planning to move in the relatively near future? In which case you will need to think about which process will result in a resale price that will get you your money back and more? Is the inconvenience worth it?
If you’re thinking of changing the house purely for investment purposes, while both will improve appeal and rental returns, it might be worth going for a renovation rather than a full blown remodel.
Alternatively, if this property is definitely your ‘forever’ home, and a remodel will dramatically improve the way in which you live, then go ahead and make the property totally suited to your needs and wants!
We do more than sell and manage property; we also share our knowledge with you so you can make informed decisions. We believe we go above and beyond expectations which is why we are one of Newcastle’s longest established real estate companies. Give us a call on 02 4954 8833 or pop into our Cardiff office for a no-obligation chat. Alternatively, send us an email to: email@example.com – we’d love to hear from you.
And don’t forget to check out our Facebook page for handy tips on selling your property or what to look for when buying a property.