It can feel exhilarating trying to take on a renovation project. And renovation comes in a few different forms. Maybe you want to renovate an office or commercial space. Perhaps you want to renovate your primary living residence. Maybe you want to restore some rental property that you have that you plan to make money from. All of these things are viable options. But when you take on renovation projects, it may be unlike anything you’ve ever tried to accomplish before.
Depending on the context of your decision, you need to look at short and long term decisions and aspects of the entire plan.
If you plan on doing a commercial building renovation process, you have to be a stickler for details. You may have to get permits. You may have to have inspectors come in and check all of your electrical wiring or building materials for safety reasons. It can be quite an administrative nightmare if you think that you can do whatever you want when it comes to a commercial renovation project, especially if the public at large can visit these spaces as clients.
Reality TV – Sort of
When it comes to home renovation, an interesting place to look for research is reality TV. Check out reality TV shows where people flip houses. Just note it is not actual reality. But it will give you a good idea of some of the steps that you will have to move through to accomplish your renovation project. The timelines and budgets are all going to be off because of the factor of being part of a TV production, but at least you’ll see some of the problems and missteps that are possible in your near future.
Getting Your Money Out of Your Investment
One of the things about renovations that you have to pay attention to is if you’re going to get a return on your investment. When you look up home renovations that have a good profit margin, they may not be what you want to do for practical reasons. But, if you’re planning on selling your house soon, these may be the first projects you want to take on.
With renovation projects, the critical thing to consider is that your emotional investment will probably be as much as your financial investment. People can feel like there is a lot of personal investment when it comes to renovations because they have some dream about what a piece of property will look like at the end.
It can be a positive or negative depending on how well these expectations are met during construction and detail work. It can be challenging to envision drastic changes to a structure, which makes renovations exciting but sometimes anxiety-inducing.