Planning a home makeover?
The 4 worst myths renovators can get caught out on
Ahome makeover can be hard, but it can be harder still if you take the wrong advice. Here are the four worst, and most persistent, myths that renovators are likely to come across:
Renovating will add value
It's not unheard of for people to have their property valuation decrease since doing their renovations. It is important to know that not every renovation is a profitable move, which is why banks want to know a bit more about your renovation before advancing you the funds. If your renovation is executed poorly, the overall standard - and value - of your home will drop, even if the layout might work better,
Another risk is over-capitalising on a renovation or opting for a high-end look when the rest of your house isn't anywhere near that level. A stunning luxury kitchen is everyone's dream but it may bring into focus the areas that do need work.
Doing it your self will save money
Choosing to do all the work yourself can save you money, but not if you lack the skills - or time - to do the job properly. I've seen the disasters that can happen when important steps are forgotten or ignored. For example, one clients had installed their own toilet tiles, but hadn't sanded the floor properly, put down the right amount of screed or use spacers. The adhesive lifted the tiles due to the uneven floor and then they had to start over with a tiler and new tiles.
Similar scenario to above, if you have unfinished work or poor quality execution you may need to pay someone to come in and re-do it for you which will cost time and money. Another classic example is when people buy flat pack kitchens and then have to hire a builder to put it together because the componentry is too complex. Most kitchen companies include the install in their price and you know you will get a professional outcome.
Tradies put large margins on products
The price of materials does fluctuate from trade to trade but you should expect a 10-20 per cent margin on most products. Remember, that the profit on a lightbulb or plumbing pipe that they supply is part of their livelihood and to expect them to rely solely on labour as their main income is unrealistic.
If you supply the materials yourself, you'll lose the warranty your tradie offers as they haven't supplied the product. Check with them first if you do this. If you are concerned with how much materials are costing, have a discussion with them and they might be able to find an alternative supplier or a product that sits more in your budget range.
A quote is a fixed price
Most people who haven't been through the renovation process tend to overly fixate on the quotes and expect that to be the final price for the job.
Professionals will price to their best ability and generally come pretty close, but there are costs that evolve on-site that may not be foreseen, such as a floor that needs to be remedied, or a wall too far gone it needs to be skimmed before painting or just simple delays with other tradespeople, which means one trade might need to come in multiple times.
In this instance, make sure you have the credit capacity to fluctuate about 8 per cent. Before accepting a professional, have a transparent conversation with them about extras. If there is a variation, ask them to submit it to you in writing with the price instead of just getting them to do the work. That way when the final bill comes in you have no surprises and you can maintain that relationship for future work.