Top renovation tips for your home
AS INTEREST in property grows, the obsession with renovation follows. Television shows such as The Block and House Rules capture hundreds of thousands of Australian viewers, and US shows such as Masters of Flip and Flip or Flop convince us that major renovations are a simple matter of knocking out a wall and applying some fresh paint.
And there are a slew of glossy magazines that also feature beautiful and successful home renovation stories. It looks tantalisingly easy – right? But when it comes to actually renovating from scratch, is it as simple as it seems?
Here are some tips for successful renovations and making sure you don’t fall into any of the major traps waiting for you when you embark on your first renovation!
1. Buy in the right suburb
Some suburbs are more suited to renovations than others. Look for suburbs next to those that have already boomed or suburbs with high price variance.
2. Buy the right property
Ensure that the property you purchase will benefit from a renovation overhaul and won’t lose you money in the long run.
3. Buy for the right price
Research other properties in the area and plan out how much the renovations will cost before purchasing to ensure that money isn’t lost in the long run.
4. Crunch the numbers
Understand how much you should invest in a renovation project before beginning. As a general rule, your budget for cosmetic renovations should be around 10% of the property value, without including stamp duties, legal costs, resale costs and finance costs.
5. Know your renos’
There is no point doing cosmetic renovations on a property that requires structural work. Given that 95% of Australians embark on cosmetic renovations, it’s imperative to understand what will add value and what won’t.
6. Understand value
Internal walls, updating kitchens and bathrooms and changing flooring will add more value to prospective buyers than insulating ceilings or tiling a bathroom. Renovate your home with potential buyers in mind.
7. Invest in good tradespeople
Delays in the renovation will cost you time and money. Ask around for good tradespeople and treat them well.
8. Educate yourself
As disappointing as it may be, watching every episode of The Block won’t make you an expert. Read books and websites, attend property seminars and talk to those in the industry to gain as much knowledge as possible.
For more information about property purchasing or finding an agent, visit reiq.com.