Being an optimist when renovating is a great thing, especially for the DIY and creative side of the project. Yet, when it comes to the budget, being realistic will help you complete the build without breaking the bank. While your plans for renovation may be endless, your back pocket might not be. It is wise to create a sensible renovation budget that is within your means. Keep in mind that issues will inevitably arise. To compensate for these issues, tack on at least 20% extra to your budget. As much as you tell yourself it will all go smoothly, something will always pop up. Although your budget may not be able to stretch any further, you can always look at cheaper options on certain items such as taps and sinks, so you can allocate further funds on other items for example. Making the most from your budget will come from being able to allocate your funds in the right places to add the greatest value to your home.
Speak to other people in your network (friends, family members, work colleagues) who have recently renovated their home. They will be able to tell you what areas of the renovation cost more than expected, allowing you to (hopefully) avoid making the same mistakes when it’s your turn. People who have completed renovations before will be able to give you an understanding of what to expect; yet, although you have been told the tricks of the trade, you will still encounter rollercoasters along the way.
Doing your research also includes finding the right contractor to complete the works, the right finance and the right price to pay for renovation items. Know exactly what you want and then make a plan to achieve it. This is part of the research process where you can collect ideas on styles you like and also get pricing on various parts of the renovation – giving you an overview of all the costs of the renovation.
Yes, a modern house is going to look great for 5 years, but is it going stand the test of time? Make sure you find the balance of updating and modernising the home without taking away from its character. You may also like to consider not only renovating for yourself but also the future buyers. When it comes time to sell, how the home fits into the streetscape and how the new renovations combine with the old home will all impact the price you can sell it for. Usually, the new updates will increase the value of the property, yet if the changes are distasteful, you may see no increase in value.
Looking to renovate? Pioneer Credit has a team of Home Loan Specialists dedicated to finding you the right finance, whilst you focus on renovating your home!Make an enquiry today