A few things to consider before you renovate your home!
Firstly, think about what it is you want from your renovation. Are you trying to add space? Are you trying to avoid moving costs? Do you want to maximise the value of your property or are you trying to add value to your investment property so you obtain more rent? Whatever the reason there are things that you need to consider and hopefully this information we are providing will help. Sit down and take some time to think about what you want from the renovations and make sure the end result will meet your goals!
If you are trying to avoid the costs of moving, and you love the area that you are living in, then make sure that your renovations will have lasting benefits that will suit your lifestyle and the needs of your family. Otherwise you may still have to consider moving later on down the track.
If you are thinking about selling your property immediately after you renovate, then make sure you consider the current trends and design the renovations so that they have broad market appeal.
If you are thinking about getting a return on your investment, and trying to increase your rental price, then make sure you take into consideration the things that will most likely appeal to your tenants. Otherwise you can run into the trap of overspending and not achieving goals.
Why not have a chat with your local real estate agent and make sure that the renovations that you have planned will increase the value of your property or at least meet the value of the renovations. This is very important if you are going to consider living in your property for the next few years.
If you are wanting to increase the value of your property to get it ready to go to market then make sure you consider other peoples tastes by selecting neutral colours that will appeal to a broad market. Why not take a look at some display homes for inspiration?Now it’s time to assess your budget and look out for all the costs involved. Taking into account all the costs at an early stage can help you avoid any unnecessary costs. The last thing you want to do is throw your budget into chaos and have yourself scratching around for extra money.
To help set you up financially and to discuss how much you can spend, without breaking the bank, discuss your plans with a mortgage broker. We can discuss your options and talk to you about refinancing your home loan so you can start planning your renovations. Mortgage brokers work with a variety of lenders and we will always make sure we get you the best deal and right finance options to suit your lifestyle.
SHOULD YOU DIY? Taking this approach can save on several costs but can also have some downsides. We all love to tackle things ourselves, around the home, but DIY work can be difficult and you really need to know your limits. Make sure you recognise your abilities and only take part in the projects you know that you can complete around your home to a good standard. Things that may seem simple can actually be a lot more complex than you think and you may also have to buy expensive tools to get the job complete. Calling in a professional to fix your failed attempts can often be more expensive than having the right person their the first time.
Time also needs to be a factor. Doing it yourself can also take a lot more time than having someone else do it for you. And also remember, that if a job is not done correctly this can have a negative effect on the value of your property. So before you take the plunge make sure you weigh up all the PROS and CONS.
SOME THINGS TO DO BEFORE YOU START? Think about what will add value to your property. Will it be the kitchen, bathroom or your outdoor area. These are generally the first things people look at when they are buying a new home. If you are not sure what can add value then talk to a local real estate agent and get a free appraisal on your property.
And then for the fun part you can start creating a mood board, collecting samples and drawing up designs for your new home. Scour magazines and books. You can also look for inspiration on Pinterest. Search for the latest trends or step out an visit some home opens and display homes! Pick on or two items that are really important to you and mould your design around these.