However, not all upgrades are equal and the way one embarks on the process can set the course for the entire project - and have far-reaching consequences, even way down the line.
When planning your renovation, it can be very tempting to get a jump start on the more exciting tasks of picking new paint colours, fittings and fixtures but skipping the very first steps - doing your homework and making sure you have a clear idea of your end goal – could well be to your detriment.
Having a clear idea of your desired results will enable contractors to immediately advise about the possibility of achieving them and guide you if you need to consider alternatives and it will also enable you to establish a more accurate budget and timeline – and stick to them.
Establish the ceiling value in your neighbourhood
The best way to determine your return on investment and avoid overcapitalising is to get a better idea of the pricing of similar properties in your neighbourhood by checking out portals like Property 24 which will also give you previous sale prices of listed homes.
There’s no point spending money you will never recoup unless it’s a feature that will pay for itself in enjoyment for your family for years to come.
Research current trends
Some of the upgrades may be to meet your family’s specific needs and these will pay for themselves through use over time, but the elements you are upgrading to add value, should in fact, be in line with current trends.
The features most commonly at the top of prospective buyer’s wish lists are lots of natural light, interior living areas which merge seamlessly with outdoor living spaces, home offices and annexes or granny flats.
Older homes will always benefit from kitchen and bathroom and kitchen upgrades, new flooring if fitted carpets are faded and worn, plastering of a face brick exterior and enlarging small windows in living areas.
Work out a budget
Once you’ve done your homework, try to work out as precise a budget as possible and include a contingency fund for any unexpected costs. It’s also a good idea to allow for incidental costs like eating out while the kitchen is under construction or a hotel room for a night or two.
Critical appointment
If you are planning more than cosmetic upgrades, the selection of a building contractor is paramount.
There are a number of important attributes to consider, including their reliability, their ability to quickly assess a situation and find solutions when necessary and their ability to finish the job as close to the quoted and agreed upon deadline and budget.
It’s therefore essential to do a comprehensive background check. Ask about their completed projects and referrals from satisfied clients are a great source of information so do contact all available references.
It’s also important to find out how many other current projects they have on the go because if they are already juggling numerous clients, the chance of running over deadlines is almost certain.
Plan ahead
Depending on the scale of work, renovation can be very disruptive and you need to carefully consider your family’s needs during this time. What are their space requirements, will power and water need to be disconnected, are cooking and ablution facilities sufficient and can things be moved around if necessary? Ensure you have a concise schedule of work so that you can plan accordingly.
If possible, create a retreat where family members can escape the chaos, even if it’s just one room. And remember that you will need to store many of your possessions and probably tools and building materials, so if you don’t have a suitable outbuilding, you may need to hire a container.
Ensure you’re covered
Don’t forget to notify your home insurer of the planned renovation and find out if you need to amend your current policy or take out any temporary policies like site insurance for the duration of the project. Just because your contractor has public liability insurance, does not mean you are covered.
Common errors:
It’s inevitable that a renovation project will have its ups and downs but there are also a number of common mistakes that can cause considerable angst, incur additional costs or even scupper the project altogether.
Happily, most of them can be easily avoided if one is well-prepared and aware of the potential pitfalls.
1. Underestimating costs: More often than not, projects will inevitably end up costing more and take longer than you expected, so it’s prudent to add 20% to your total projected budget to cover all eventualities. If you do come in under budget then the balance is a bonus that you can put towards all those little extras you had your eye on or even a family holiday;
2. Making too many changes along the way: Even the smallest change not only adds to the project time but also costs money so avoid making any unnecessary plan changes along the way. And before you do implement changes, always confer with your contractor or designer about the potential implications before you make any decisions;
3. Working on too many areas at once: Working haphazardly will not only leave you feeling unsettled, it’s easier for errors to occur when you are working on multiple tasks at once. It’s also easier to become discouraged when it seems as though nothing ever gets completed and the project seems to be going on forever;
4. Neglecting to set a timeline: Work out a realistic timeline with your contractor with a corresponding list of materials that will be needed for each stage so that time and money aren’t wasted running around buying items at the last minute. If possible, try to avoid setting completion dates (especially for major renovations) near big holidays like Easter or Christmas;
5. Not getting up to speed with the local city council’s building regulations: Most structural alterations will require city council approval work can only commence once the plans are approved. The council can fine you or even stop work if you aren’t compliant. Also, don’t forget that homes older than 60 years could be subject to the special restrictions applicable to historical homes;
6. Not knowing exact measurements: Keep a list of all key measurements like window and door heights and room square meterage so that you don’t buy the wrong sizes or lengths of any materials, especially if they need to be cut to order. You also don’t want to end up with a sofa that juts out into the doorway;
7. Overestimating your DIY skills: The multitude of reality shows now on television make renovating look easy but don’t be fooled as you will have to live with the results of a poorly executed renovation.
As long as you understand the amount of work that needs to be done and how much of your own time you will have to dedicate to the project, it’s possible to add substantial value to your property and your family’s quality of life.
Renovation projects can also be a very rewarding experience because not only will you add value to your investment, if your approach is hands-on, you’ll also learn a host of new skills.
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