For many, the process of home renovation can be an exciting yet daunting affair. If done correctly, upgrading and reconfiguring a space can be a rewarding experience. By keeping your goals in mind and judging your budget accordingly, it can lead to significant profit in the long run.
Listed are some great tips for those looking to renovate for the first time:
1. BUDGET BUDGET BUDGET:
Sitting down and planning an exact budget will do wonders for your renovation. In order to avoid the dreaded mistake of over-capitalising, setting aside an exact amount (usually no more than 5-10% of your house’s overall value for first timers) and allocating these funds towards separate areas will make this a hassle-free process. Getting a quantity surveyor on board to help give you an accurate estimate on all aspects of the job will also ease the stress.
2. BEWARE OF PASSING TRENDS:
While custom concrete may be a huge statement right now, you must ask yourself, will your design features still be a hit when it’s time to sell? Usually, people veer toward home renovation as a potential way to make great money by upping the resale value of their house. Choosing timeless interior trends will make sure your home is always hot on the market.
3. AVOID DIY:
Many first time renovators often think that by picking up the tools themselves they are shaving costs from their home renovation. Unless you have experience in building, trying to do the whole project yourself will actually add costs to your budget, especially if you are taking time off work to complete the process.
4. PLAN AND DOCUMENT CAREFULLY:
Renovating is exciting and people can easily get carried away starting their upgrades before sufficient planning has been done. Before you start any kind of construction, make sure every single element to your designs are documented and the budget is allocated. Start your research well in advance, make lists and look into every possible aspect from start to finish.
5. GO GREEN
Nowadays, there is a great focus on energy efficiency and having an environmentally friendly home. The green option can be more expensive than the regular one, but you’ll make up the price difference in no time through energy savings. These additions will be a great resale point in the long run.
6. RESEARCH RESTRICTION
Before undertaking a home renovation, look on your local council website to research any planning or site restrictions that may affect the design and scale of your project.
7. USE TRUSTWORTHY BUILDERS AND TRADESMEN
An experienced tradesman will be able to make your experience an easier one. They can advise you on budget-friendly alternatives, give you a clear indication of time-frame for certain works and help you avoid falling into mistakes many have made before you. It is always recommended to find a business through word of mouth. No knowledge is bad knowledge!
8. QUALITY IS KEY:
Cheap options may seem great when you are mapping out your budget, but they will most likely cause headaches in the future. While we don’t recommend buying the most expensive option either, making sure your purchases are good quality will mean you won’t have to continually repair them.
9. KITCHEN AND BATHROOM FOCUS
Kitchens and bathrooms are always a hotspot in home renovations and upgrading these will be great for eventual resale. By having these areas as a priority in your renovation, you will add great overall value to your home.
10. ALLOW FOR VARIABLES
Being practical and prepared will ease the stress if something goes wrong and your initial costs change. Having a buffer of at least 10% to account for unplanned expenses, inflation, and various problems that invariably pop up along the way is essential. If you manage to adhere to your expected budget, this money may come in handy to do more decorating work later.
Thinking of starting a renovation project? Our team at iBuildNew can help you! Contact us on 1300 943 640 or customerservice@ibuildnew.com.
Let us do the legwork for you.
- We’ll ask the right questions to better understand your needs
- We’ll create a recommended shortlist ideally matched to you
- We’ll answer specific questions or concerns related to home building, land purchasing or financing
Breanna Taylor
Breanna Taylor is a third-year journalism and PR student studying at Swinburne University in Hawthorn. She has a strong passion for interior design and a growing interest in property development and renovation.
1800 184 284
