Completing a significant renovation, whether it is a loft conversion, a wraparound extension, or a full internal remodel, brings a massive sense of relief. You likely just want to put the kettle on and enjoy the new space. However, before you get too comfortable, there is some dull but vital admin to sort out. Ignoring the paperwork and protection side of things can leave your finances exposed, especially after injecting so much capital into the property.
Here are four steps you need to take once the builders have left the site.
1. Secure Every Warranty and Certificate
Don’t let the contractors disappear without handing over the paperwork. You need a complete file containing Building Regulations completion certificates, electrical safety sign-offs, and warranties for structural elements or new boilers. If you try to sell the house in five years, missing these documents will cause significant delays. Furthermore, if a defect crops up six months down the line, having the warranties to hand makes resolving issues with manufacturers or builders much more straightforward. File them away immediately while they are fresh.
2. Recalculate the Rebuild Costs
The most common mistake homeowners make post-renovation is assuming their old insurance policy is still sufficient. It rarely is. Premiums are generally based on the cost to rebuild the property, not its market value. With high-spec finishes and additional square footage, the cost to reconstruct your home has likely spiked.
A standard estimation often misses the mark. You require a detailed reinstatement cost assessment to capture the full scope of the works. This calculation, formally known as a buildings reinstatement cost assessment, factors in expenses that standard valuations miss, such as demolition, site clearance, and professional fees. You need reinstatement cost assessments for accurate insurance coverage. This ensures your policy reflects the true cost of restoring your home to its original specifications, preventing the financial disaster of underinsurance.
3. Establish a Maintenance Routine
Just because the structure is brand new doesn’t mean you can ignore it. In fact, new timber settles, plaster can develop hairline cracks, and new mechanical systems need bedding in. Set up a maintenance schedule right away. This involves clearing new guttering systems, checking flat roof seals, and servicing the boiler annually. Catching a small snag now stops it from escalating into a damp issue or structural fault later. Planned preventative maintenance is the best way to preserve the building’s health and value over time.
See also: A Complete Guide to Selling a Home with Tenants and Keeping the Process Stress-Free
4. Review Valuations Every Few Years
Construction prices do not stay static. The price of materials and labour fluctuates, often rising faster than general inflation. A valuation that is accurate today might be woefully low in three years.
Industry guidance suggests updating your assessment every three to five years, or whenever you make further changes. This is the only way to ensure your coverage keeps pace with the economic climate. If you don’t review these figures, you risk a shortfall if you ever need to make a claim.
Nobody enjoys the administrative side of a build, but it is the only way to secure the money you have just spent. By sorting the paperwork, ensuring your insurance valuation is accurate through professional assessment, and keeping on top of repairs, you ensure your home remains a solid asset rather than a liability.
