Tips and tricks for renovation success
Are you part of the renovation revolution?
According to Master Builders Australia economics manager Matthew Pollock, home renovations are on the increase, with a renovation boom expected.
But, what if you’re a renovation rookie?
How can you avoid costly mistakes when upgrading your home?
Here are some handy tips to make sure you don’t mess up when undertaking a renovation
1. Have a plan!
Thorough research and planning is essential prior to starting your renovation. Get acquainted with Excel and begin a deep and meaningful relationship with a spreadsheet. Map out timeframes, carefully plan, calculate realistic budgets and track and manage expenditure. Renovation expert Cherie Barber offers a handy renovation rule to live by when budgeting – try to spend no more than 10% of the current value of your property. Design is also important and costly to change at a late date. Invest in good design planning before you begin.
2. DIY is not always the best and cheapest option
Understand your limitations. Unless you are a professional, some projects are not for you. Painting – yes. Building a deck – probably not. When attempting to DIY without the skills and experience, it’s likely to take you three times as long to finish and time is money. What’s more, without the proper tools and equipment, expect to pay to hire the materials you need. And finally, it’s possible that an amateur job won’t look very good and may devalue your property.
3. Look for ways to retain and recycle
Save your budget and retain as much as you can, rather than gutting the whole house and starting from scratch. An outdated kitchen can be spruced up with new cupboards and handles. Switching to downlights and remove old light fittings creates a slick, modern look. Try specialist tile paint to revive old, ugly tiles.
4. Spend time coordinating trades and order of works
Be organised and meticulously plan and coordinate trades and materials (back to that spreadsheet again!). Make sure the right materials are on site when required and that trades are coordinated correctly. Labour is expensive and it will severely damage your budget to have trades on the clock unable to work because the materials aren’t there or the previous trade hasn’t completed their work.
5. Consider hiring a project manager
Remember, you are new at this. Project managers are especially skilled in coordinating renovation projects and can help to keep your budget on track and meet all the required deadlines. Weigh it up – it might be an expense to outlay now but it’s a cost-effective safeguard against the budget blowing out because of inexperience with planning and scheduling.
6. Choose carefully when selecting trades
Quotes can vary significantly but the cheapest is not always the best choice. Get at least two or three quotes for each trade and carefully compare the scope of works. Ask for recommendations from friends and family and check online for reviews.
Paying for your renovation
You’ve got the plan, you’ve got the budget and you’re deep into that spreadsheet … but, how will you pay for your renovation?
Renovations vary in terms of size and cost. A small cosmetic upgrade is going to cost significantly less than a major extension with structural changes. Depending on these variations, there are a number of options for renovation finance, including:
- utilising the equity in your home
- taking out a construction loan (major renovations)
- using a line of credit
There are a multitude of reasons for renovating. Including adding more space to accommodate your changing needs or creating a more suitable home instead of moving, which is costly and stressful.
Renovations have the potential to provide a profitable return on your investment and can be an excellent choice, combined with the right research and strategies.
Financial planning ahead of any renovation is important, so let us help get you started.
Contact us to chat to one of our experienced financial advisers about your renovation finance options and get ready to renovate!
