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Navigating the World of Home Renovations

The housing market is buzzing with excitement as house prices begin their upward climb. For many homeowners, this presents the perfect opportunity to trade up or increase the value of their current property through renovations. However, diving into the world of home improvement isn't without its pitfalls. Here's what you should know:


The Rise of Renovations With the surge in house prices, many are looking to renovations as a way to add significant value to their properties. But remember, with great potential comes great responsibility.


Insurance is Key Before you pick up that hammer, have a chat with your insurance broker. While minor improvements like plumbing might be covered by your home insurance, there's a catch. Always inform your insurer about the start and end dates of any work. Even if there's no additional premium, failing to notify them could mean a rejected claim later on.


The Need for Specialist Coverage Planning structural changes? You'll need specialist renovation insurance. This typically covers accidental damage to your property, personal injuries from the work, and even liabilities if others get hurt. But policies vary, so always seek expert advice. And don't forget about contents cover – you wouldn't want a collapsed ceiling to ruin your prized possessions.


Think of the Neighbors Your renovation might impact more than just your home. Even if there's no shared wall, structural damage can affect neighboring properties. Ensure your contractor has public liability insurance and consider a party wall policy for added peace of mind. A party wall agreement may also need to be put in place - please consult a solicitor for more information.


The Power of JCT Contracts Joint Contract Tribunal (JCT) contracts are a homeowner's best friend. They clearly outline everyone's roles, responsibilities, and obligations in a renovation project. From timelines to costs, JCTs ensure everyone is on the same page.


Contractor Coverage While your contractor might have insurance, there's always the risk they might leave before the job's done. A specialist renovation policy can cover such scenarios, but always double-check with an insurance broker. And remember, even after the work's done, certain conditions like property inspections might apply.


Communication is Crucial Before any work begins, sit down with your architects, insurers, and contractors. A successful renovation is built on understanding and managing potential risks.


In Conclusion Done right, renovations can significantly boost your property's value. But it's essential to be informed, insured, and prepared. Dive into your next home improvement project with confidence and reap the rewards of a job well done.



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