Considering a full renovation project? First off, be aware that it’s quite an undertaking. Ask yourself whether you’re ready because it will involve a huge upheaval to your day-to-day (and your pocketbook!).
Disclaimers are out of the way, if you’re set on this exciting venture, don’t tear down the walls just yet. Before you start your home renovation project, consider the following aspects first.
Learn to Renovate on a Budget
Home renovations can get expensive in a real hurry. In Australia for example, the average cost for a full renovation hovers between $60-70,000. Before you start hiring expensive contractors, consider whether you can benefit from these tricks to renovate on a budget:
- Do not be afraid of DIY. There are plenty of people who underestimate their DIY skills. But there are lots of tasks you can complete without paying out of pocket. Installing cheap light fixtures or giving your walls a fresh coat of paint, for example.
- Keep an eye out for bargains. Contractors will go for retail pricing because that’s the easiest option. But you need to save money, which means refreshing those online deal pages, sniffing around for coupons, and jumping on sales.
- Focus on ‘big ticket’ rooms. If you want to increase the value of your home, you’ll get the best bang for your buck in the kitchen and bathroom. But be aware that they also tend to be the trickiest projects!
Pick the Right Builder
Choosing your contractor is one of the most important relationships of your life, almost as crucial as your life partner. Exaggerations aside, do not underestimate this step. The process may get excruciating but do not settle for a builder until you’re 100% happy. The rebuilds you do should last for 50 years or longer.
The ideal scenario is to have a personal recommendation from a friend or family member. Failing that, ask for references. Look at previous examples of their work, ideally in person. And of course, find reviews online.
Go for a wide range of quotes. Shop around and once you think you’ve found the right company/contractor, book them. The best ones tend to get extremely busy and lead times can be long.
Do Not Compromise!
Or at least, not on the important parts. If you are investing in a renovation, it will be expensive no matter how you slice it. Understandably, you will want to cut costs where possible, but be sensible about this.
Do not, for example, go for the cheapest materials. Or the least expensive tradesperson. It will probably mean spending just as much (if not more!) fixing issues in the long run.
We recommend setting a few non-negotiables right from the start. This will take the emotion out of it and should your project not fit within the budget, consider pulling the plug and saving a little extra.
Be aware that your budget will never be big enough, no matter how carefully you plan. Add 20% to your estimates, giving you a good buffer in case anything should happen.
Do You Need Permits?
Before you commit to anything, check whether you need a permit first. That new, larger kitchen may look beautiful on your 3D home software, but your local council may have something different to say.
In Victoria, for example, you may need a permit to build a new extension. Failure to obtain the right paperwork can have expensive consequences, such as being forced to take the entire extension down! This happens more often than you may think, so tread carefully.
Do Not Rush Big Decisions
Our final piece of advice is to take your time. Your home renovation will involve a set of major decisions, some of which can make or break the project. Do not rush, no matter how much external pressure you may face from builders or salespeople.
Remember, this project will ideally add value to your home and make it a more pleasant place for you to live. That’s why you need to plan carefully, set a strict and realistic budget, work on a tight timeframe, and make your decisions after a balanced evaluation.
Once you’re there, go for it. Most people do not regret doing a renovation, even with the stress involved. Once you look around at your new home, you’ll realize it’s all been worth it.
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