Whether you’re renovating to sell or renovating your dream home, here’s our top five things to mull over before you pick up the sledge hammer!
One thing to keep in mind - remember renovation is a long term investment; your decisions made now will have important consequences down the track.
If you don’t plan on selling your property right away, you are making a lifestyle investment rather than an investment for a profit. This means that instead of buying the cheapest bathroom fittings or painting in neutral colours that potential buyers like, you are able to splurge on what you really love and what you know you will continue to love over the next decades.
Here are five things you should always remember whether you’re renovating, whether for profit or love.
Have a clear strategy
Plan ahead and set yourself targets. A timeline that you review at least every few days is a great way to stay on track. If you’re renovating for potential buyers, make sure you’re up to speed on what buyers really want.
Don’t forget about the Council
Getting council approval can take some time so it’s best to get a start on it early. Requirements differ from council to council but you will have to complete a formal development application for the property and you will also have to put forward proposals and building plans.
After you’ve presented this to the council you have to wait for approval, so don’t spend too much money and get ahead of yourself before being sure you can proceed as planned.
Be realistic about your budget
Over-spending is a real concern for renovators and very easy to do. That’s why a budget is vital in your renovation planning.
Make a list of all your needs and wants; this should include everything from your door knobs to how much you are going to pay for your trades. It’s always a good idea to have a contingency in your budget of at least 10% of the total budget to cover any unexpected surprises.
Take charge and save money
If you want to save a little bit of money you can be your own project manager, or at least have a go at completing some of the tasks yourself.
Project managing means you will be organising and co-ordinating all the tradies to make sure everything goes as planned. However, it’s essential to be realistic about your skill level and the time you will be able to dedicate to the project, otherwise those savings will go out the window.
Whether you’re just giving the lounge room a face lift with some paint, or kicking off a grand scale renovation, you should always compare quotes. Shop around and make sure you get the best and fairest deal.
Don’t forget you are the boss so if you want to make sure you are hiring the best people for the job you can ask for testimonials from previous clients or to have a look through the contractor’s portfolio.
Good planning can be the difference between a positive renovation experience and a negative one. If you do it right, you’ll be rewarded with an amazing home you love coming home to every day or a handsome profit come sale day.
For more tips and tricks visit the blog section of the Naked Real Estate website.