A home renovation should be a positive experience as, theoretically, it’s improving the value and appearance of your biggest asset. But more often than not a reno doesn’t go as smoothly as you’d wish.
As well as being dirty, noisy and expensive, work can be hampered by bad weather, unreliable tradesmen and other problems that bring chaos.
Thorough research and planning before the work begins can minimise any delays and expenses, turning a potentially stressful experience into a valuable, long-term investment.
1. Rules and regulations
Research the specific building regulations of your local government area before you start renovating so you’re not hit with any costly surprises or extra unforeseen charges.
Some councils have regulations that are designed to maximise sustainability or reduce the risk of bushfire and flood damage.
Other councils have design rules to maintain the character of certain suburbs or localities.
Prior research won’t necessarily change the bottom line figure, but it will make the full cost evident before the renovation begins.
2. Smart budgeting
There are many variables that can affect a finely tuned renovation timetable so it’s wise to assume something may go wrong.
Weeks of wet weather can delay a project significantly, causing added expenses further down the line.
If the specific tradie you wanted is unavailable, you may need to book someone else who charges more or takes longer to complete the job.
Having a bit of spare money tucked away will ensure you don’t have to skimp on quality or cut corners.
Renovating is always a risk but make it a calculated and informed one by knowing the value of other homes in your area as well as the value of yours before and after the renovation.
There is no point paying big dollars for something that won’t add any value.
Real estate values, like any other market, experience highs and lows. Not even the experts can say with full certainty when markets will peak.
If the real estate market is flat you may want to consider whether the timing is ideal for a costly renovation or if it’s more prudent to wait.