Think before you renovate
Renovating a house is not for the faint-hearted. It can be time-consuming, effort-intensive and often expensive.
Before starting a renovation project, make sure you have addressed these questions.
What exactly do you plan to renovate?
This question sounds easy enough, but you might be surprised at the ripple effect renovating one room can have on the home.
You want any improvements you make to be seamless and fit in with the design of the original home.
You will also need to determine how involved the renovations will be. Are you planning a small upgrade to one or two rooms, or something more extensive, such as an extension?
You will need to establish a rough timeline of how long the project will take and whether you can live in the home for the duration. If not, you will need to figure out where you will stay during this time.
What is your budget for this project?
Establishing a budget from the outset and working to it is key.
How much money are you willing (and able) to spend on this renovation?
Does this money cover your wish list or do you need to readjust your expectations?
Over-exerting yourself financially is risky. Be realistic and work to your budget.
You can always stagger the project and get to some less crucial items down the track.
Will your renovations add value?
Improving a property’s capital value is often a driving factor behind the decision to renovate.
If your plan is to renovate so you can sell your house at a better price, then you need to be strategic about what features and additions you choose.
A REIWA buyer’s agent can help you identify what renovations should be carried out. They will carry out due diligence on your behalf so you don’t overcapitalise and help ensure your renovations fit in well with the neighbourhood, street and original design of the home.
As well as being able to determine the end value and research sought-after features in your area, they will also contact your local council on your behalf to make sure your renovations adhere to local regulations.
On the flipside, if you plan to live in the home long-term and your primary motivation is to improve your personal living experience, then you have more freedom to make changes that suit your unique preferences.
Will you engage a professional or is this a DIY project?
Whether you engage a professional designer and builder to oversee this project is likely to depend on the size and scale of the renovation.
If it is a big job it is probably smarter to use a professional such as a buyer's agent to ensure the best people are on the job.