Eight top tips for renovating

Rapidly rising real estate prices have seen many people choose to renovate their existing home to their requirements rather than try to ‘upgrade’ to a new property.

Renovating affects not only your living space, but your time and your finances. You’ll have a plan and consider each step carefully. Here are some quick tips to help you.

1) Always look for bargains. Shop around. Keep your eyes and ears open for supplier sales and auctions. Surplus stock from cancelled orders can often be picked up for 50% retail price.

2) Interview tradespeople. When choosing a tradespeople, always ask for references or go on the recommendation of a trusted acquaintance. Shop around for the most cost-effective quote but remember, it won't always be the one that looks cheapest on paper.

3) Is the renovation really necessary? If you're renovating for a quick sale, check that what you are planning will add value to the property. Traditionally the best places to spend money on for this purpose are the bathroom, kitchen and garden.

4) Consider engaging a design professional. Depending on the size of your renovation, it may be worth consulting an architect, for assistance with Schematic Design (positioning); Design Development (building materials); Contract Documentation (drawings, specifications, liaising with authorities); and Contract Administration (ensuring the project turns out as envisaged). 

5) Contact your council. Check how your land is zoned, whether any special controls apply and ensure you’ve obtained the correct permits.

6) Make living arrangements. If you’re not able to find alternative accommodation during the building process (which you’ll have to factor into your budget), you’ll need to mentally prepare yourself for living in a construction zone.

7) Organise your budget. Cost everything before you start - and add at least 10% to your calculations for unexpected. Two considerations should affect your budget - how much you can afford and what you can spend on the property without over-capitalising.

8) Access to funds. If you need funds to complete, you may be able to use the equity in your property to fund the investment. Speak to one of our qualified consultants who will be able to help you out with this.