Renovating your home
Are you looking to make your renovation dreams a reality? Well, with a lot to consider – from how much you can afford to spend, to what you would want to renovate, to sourcing quotes and liaising with suppliers – home renovation can seem a bit overwhelming.
Before you get started, check out these points that provide the basic information necessary to renovate your home.
Why should you renovate?
A few homeowners renovate their properties to add to the value of their property, so that they get better returns when they sell their property or higher rents when they rent out their property. However, many homeowners are also renovating their properties to repair, replace or even modernise an outdated portion of their home.
What should you renovate?
You should have a clear idea of what you would want to renovate – this includes the parts you would want to change completely and parts you would want to only repair. You could also make a note of things you would only attempt if the budget allows you to do so. Kitchens and bathrooms are always good places to start and can have a huge impact on financial returns and lifestyle.
Setting a budget
Once you have an understanding of your renovation needs, you will need to come up with an estimate of your expenses. Preferably take quotes from more than two different experts in any field – be it building inspectors, plumbers, painters, architects, carpenters, engineers, and electricians etc – to ensure that you get the best quote.
Planning your renovation in phases can help you achieve your plan without too much financial pressure. If you are a DIY person and have the skills, take up a few small projects yourself. Always remember to keep a spreadsheet of expected costs against expenditure to keep the budget on track!
Keep in mind that you may have to incur hidden costs in the form of council fees and permit fees. Allocate an emergency fund of no less than 20% of your budget so you are prepared for any unforeseen costs that may crop up.
Financing your project
Once you get an idea of what you’re renovation venture is going to cost, you should be in a position to understand how much financial support you’ll need from outside. Your bank, a mortgage broker or any loan provider could give you the best options to fund your renovation.
You may need to contact your local council to get information on the renovations that would require council approval. A planning permit may also be required to confirm that the intended renovation meets the necessary legal requirements. There are a few services like electrical, sewage, gas and plumbing where approval is necessary from the concerned authority. If the property is a ‘heritage’ or located in a conservation area, it would need council approval.
It is important that you do all the renovations under the supervision of an approved and trained contractor. Do not attempt to do your own plumbing or electrical work. This can be both dangerous and illegal!
Once you have renovated your home, do not forget to update your insurance policy. There would be a few clauses that come into effect once you renovate your home.
Renovating your house is stressful, but can ultimately breathe new life into your living space. Knowing what to expect can help dispel your fears and make you better prepared for what’s to come.