What to do when your renovation is on hold… because of cash-flow – Part 1
This topic has been on my mind for MONTHS to write to you about! I’m glad I’m finally sitting down to share some advice and direction for you if your project has stalled for this reason.
So many in our community experience delays with their renovation getting started for a variety of very common reasons… Reasons that have been around long before Covid was ever a thing, but the current climate has certainly exacerbated things, with material costs on the rise and contractors being in high demand.
I know how you’re feeling, believe me. The moment you start to realise your plans can’t happen as soon as you’d like them to can be particularly tough because reasons are largely out of your immediate control. You start to feel frustrated and impatient before your project has even started… it can get you down, but it certainly shouldn’t hold you back from progressing your renovation plans.
My aim is always to help you experience less stress during your renovation and get you feeling pumped and empowered even through the tough times. That’s why I decided to write this two part series for you...
The two common reasons why renovations get put on hold:
There are two common pitfalls I want to prepare and support you with in the likely event you experience either. I want to show you what you can do to keep your project progressing if either of these eventualities are happening, or happen to you.
1. Your renovation gets put on hold because of cash-flow (Part 1)
2. Your renovation gets put on hold because contractors’ availability sucks! (Part 2 – coming soon)
You might be experiencing some of these pitfalls now (and believe me, you aren’t alone if you are! Most of the projects I have open at the moment have struggled with these blockers at some stage).
Here’s what I’m offering up to you as a possible solution…
Part 1:
What to do if your renovation is on hold… because you don’t have the money to begin work on an area of your renovation right now
OR:
Quotes are coming in higher than expected and you’ve had to pause:
This common ‘blocker’ is close to my heart because money is the main reason why Neil and I couldn’t go pedal to the metal to start and complete our personal 1930s house renovation all in one go. We have phased every single area to give ourselves time to acquire funds in between…
Naturally there have been times we’ve felt frustration and impatience and thought to ourselves “we wish we could just have a big chunk of money and get it done!”… but my experience of this personally and professionally have outlined that actually there can be some benefits to not having the full funds available now, and phasing your renovation.
Consider this…
When you have a whole property to design, you have a lot of decisions ahead. The renovators that have full finances secured will typically want their projects done all in one go, as soon as possible. This gives them less time than you to design and make decisions overall.
Not always, but sometimes, having less time can cause compromises, a lack of cohesion or regrets if you speed through decisions full steam ahead. Unless you have prior experience or you’re being guided by a professional, common mistakes can be hard to avoid when you speed through decisions.
So ultimately, when time is on your side, it’s possible you’ll be better prepared and get a better finish.
The renovators who have full finances secured will typically spend less time living in the property too, and therefore may not understand the unique light, space and charm the property has as they race into their planning. This could lead to possible oversight, misjudged planning, and possible regrets.
I’m not saying there’s a right or wrong way to approach a renovation, but what I am saying is that if you don’t allow enough time to prepare for this huge, often complex project to the right level of detail, you risk compromises and costly regrets.
Whichever camp you’re in, whether you’ve got all the funds available to do everything in one go now, or you don’t, the level of detail you prepare in advance of your project starting will determine the success.
So what do you do when your project has hit an impasse because of finances? Is there a way to keep your project progressing regardless?
Absolutely.
What you don’t see behind the scenes at Fifi McGee, is the level of detailed planning and the long, structured conversations that go into each project prior to having the available funds for the work.
Take my current client as an example, too. Caroline doesn’t have the cashflow for a new kitchen yet (we’re designing her living room currently) but she wants her house to flow and she knows she will be buying a new kitchen in the next 3 years. Not having the funds now hasn’t stopped us marching ahead deciding layout and design details. In fact, it’s helped Caroline understand how much she’s going to need to save or borrow… and it’s inspiring for her to see progress happening now, not later.
Whether you have the money readily available or not, it’s essential to use your time wisely…
Spend time investigating costs. Weigh up what’s possible and for what price so you can make informed decisions. All projects need to do this no matter what the timeline, but the more time you have to understand costs, the better prepared you’ll be for unknown costs you may run into later.
Meticulously design the layout, lighting, electrics, joinery details and even all the styling, well in advance. On those days you’re fed up with things being on hold, give yourself a wakeup call... Do you realise the sheer amount of decisions you have ahead? Get to work! You can get ahead and keep your project progressing by making those decisions now not when work is underway. This approach prevents a lot of missed opportunities and regrets, but also allows you to enter into the build phase a lot more clued up.
Give yourself time to change your mind! You don’t get this luxury when work is in full swing (without it costing you ££s, at least) so use any delays to really understand your property, your wants and needs for every room and challenge your decisions to make sure they’re right for your future. This extra time to carefully plan is a blessing.
Students join our home renovation course specifically to prevent common setbacks but in the event your funds aren’t in place yet, the course keeps renovation plans progressing.
What’s promising for your specific situation is the unmeasurable benefits the course will bring to you as you plan this renovation for the first time. You see, students typically join the course for the practical guidance we give them on budgeting and preventing costs spiralling, but they leave with realisations they never expected, like...
Far more enhanced layout plans that better suit their practical needs
Unique ways to finance their renovation, it’s got them thinking outside the box
Opportunities to spread their money more wisely without compromising results
It can feel like a huge problem when you can’t progress your renovation because of money, but take it from Neil and I, there’s so much you can be doing now to keep your project progressing which will get you ahead and directly impact the finish of your home.
I hope this has given you some considerations for how to spend your time before work begins, and if you like the idea of getting some support with your plans as you wait I urge you to take a look at the home renovation course and the home design course which will help you progress your projects in the interim.
Thanks for reading and being here, we’re so grateful to you for reading the support we share on our blog, and we’re striving to make it more and more useful for you!
Here’s the link again for our How to Renovate a House online course (next enrolment opening this Thursday 13th–16th January)
Here’s the link for our Home Design Lab program (next enrolment opening will be 20th-23rd January)
