It is a tremendous task to renovate any property, whether you are aiming for profit or are creating the home of your dreams for your family. It is often the case that properties ready for refurbishment are described as 'in need of modernisation.' This can include anything from installing a new kitchen to replacing outdated systems. A renovation or addition can increase the value and comfort of your home while improving its energy and water efficiency. The renovation of your home, no matter how small or large, requires a great deal of attention. The good news is that if you set yourself up well with a clear plan, you can certainly save yourself some headaches. Thorough planning can also help keep costs within budget and the project on time. Here are our tips to plan your renovation.
Do your research
The best way to be prepared for something as complex as renovations is to do your research. This can include checking for any renovation restrictions that may apply to your property. It's not a good idea to speculate about the approvals you'll need. If you're unsure, contact your local council, strata planning authority or get expert advice and services. Depending on your project, you may need to consider research other factors such as any noise disruptions or restrictions, waste disposal and any hazardous material handling (such as asbestos). It may also be a good idea find out more details about your home and the age it was built in. Aim to preserve any period features of your property and take the approach of repairing existing features to ensure you do not undo any well intentioned mistakes that could affect the condition of the building. It is also best to determine early on if the project is financially viable by thoroughly researching costs and budget.
Know your goals
Knowing what you want to accomplish with your renovation is essential, generally your goal is to add value to your home. Being aware of your goals will allow you to plan for the appropriate action to get that done. For example, if you have sustainability goals, ensure they are reflected in the detailed plans and specifications that are submitted to council/strata for construction approval. Setting your goals will allow you to have an idea of what you want at the end of the project which will help you and your renovation team through the entire process.
I want to improve my current property
The renovation should still meet your needs in a few years. It is important to think about the number of bedrooms, bathrooms, and living space you will need in the future, especially if you have a growing family. The number of bedrooms and bathrooms required will depend on the number of residents and the number of children, as well as the length of stay.
I want to increase the value of my property
Contact your local real estate agent to find out what kind of homes are in demand in the area and what you can do to improve your home. Identifying similar properties nearby that have sold will give you an idea of the home's maximum value, so you know what your return on investment will be after renovation.
I want to renovate for profit
In order to renovate for profit, it's very important not to overcapitalise. This is when the cost of renovations exceeds the value added. The best way to avoid this is to make strategic choices. Choosing smart, small choices over large, risky ones is recommended. By renovating an old property and bringing it up to date, you can transform it into the home of your dreams. It is important to plan your budget accordingly for some areas of your home that add the most value. When reviving an old property, remember that structural problems can often be hidden beneath the surface. Set aside a good chunk of your budget for any surprises you may discover.
Set your budget
Careful budgeting is a crucial part to planning your renovation. Sticking to your budget will determine how efficient and cost-conscious your project is. Being realistic about what you can afford will prevent issues along the line. Get quotes from multiple vendors and be clear about the services and rates as well as what each includes and excludes. Remember to include additional costs such as storage, council permits and finishing touches like furniture and other decorating elements. Ensure you set your budget and decide what level of works you are happy to take on. If you are dissatisfied with your present budget, talk to your bank or financial counsellor about extending your current home loan, refinancing your mortgage, or obtaining a construction loan.
Enlist the experts
With a clearer idea of how your makeover will turn out, you can start looking for professionals in areas where you may want more support. Hiring professionals is vital because you want to guarantee that the work is of good quality and that they will complete the task according to your specifications. Asking for recommendations from relatives and friends is a great way to start looking for reliable contractors. When selecting those who will assists you on your renovation journey, find a business that has expertise with similar projects to what you are searching for. An architect can help you design the exterior of your property or if you are dealing with a difficult building, whilst a draftsperson can help you write up your designs and ensure they conform with building and planning standards. A qualified energy assessor can evaluate your property and advise you on the best and most cost-effective methods to increase energy efficiency.
As with any investment, there are risks but good research and planning will stack the odds in your favour. With these tips as a guide to help you get started on the right foot, it's your chance to transform your property into the home you've always dreamed of while also increasing its value. Your renovation plan will help reduce your stress levels while keeping the project within budget and on time.