Table Of Contents
Advice for home improvement
Home improvement projects can be daunting whether you are renovating for profit or making a renovation for your home. Renovations can be very taxing; it requires a great deal of planning and meticulous execution to get things right. In this article, we will be guiding you on how to plan your renovation projects to save yourself from unnecessary headaches.
Guide on planning for a renovation
Step one: Outline your goals
A goal drives every renovation project. It could be increasing the market value of the building, renovation to prevent moving out, renovating for profit, or renovating to restore an old building. All these are genuine goals, and identifying your renovation goals will guide you on what to do during the renovation.
For instance, if you are renovating to increase the market value of the building, you need to speak to an active player in real estate to know the kinds of features to add to achieve that goal.
Step two: Sort out your development application
Before going ahead with any renovation, you will most likely need to obtain a development application and assessment approval. The process differs from state to state, but you can hasten the approval timeframe for this approval.
The best way to go about it is to talk to an expert, local government staff, a state planning authority, or an independent building consultant. Ask them what you need to submit to get your request approved on time and follow through with the process.
Step three: Compare pricing
Invite at least three renovation companies to submit quotes for the renovation. They will have to visit your building, evaluate the amount of work, and submit their quotes. Go through the quotes and outline all that each of the firms can and cannot do. You may decide to spend half of your budget on materials and the other half on labour costs and taxes.
Don’t forget to set aside some money for emergencies, such as local government permits and storage. If you discover that the amount needed for the project is less than your cash at hand, you can speak to your financial advisor about the cheapest way to raise finances for the renovation.
Step four: Hire experts
If you are not a building expert yourself, you need to hire the services of some experts to assist you with some parts of the design. For instance, you may need an architect to help you deal with a complicated building. A building designer can help you with the design for more superficial structures, but you have to ensure that the design conforms with the building.
Many builders now include project management tasks into their job descriptions, so make sure you understand what their services will entail. Finally, an interior designer will give the building a perfect finishing touch, but they can be expensive. So, make sure that you do a price vs. value comparison before choosing one.
Step five: Avoid overspending on the renovation
Experts believe that you shouldn’t spend more than a tenth of the value of a building for renovation. For instance, if the market value is AUD 1.5 million, you shouldn’t pay more than AUD 150,000 for the renovation.
While factors such as how long you will live in the building and the number of persons that will live there are all essential to consider during renovation planning, care must be taken to avoid overcapitalisation.
Step six: Carefully plan on value increase
Even when your main goal for renovating a property is for expansion, the renovation should still improve the market value of the building. For instance, installing high or medium-range appliances will increase the value of your property.
Experts advise that 10-15% of the market value of the building should be devoted to improving the kitchen and bathroom areas as these two have the potential of instantly increasing the market value of the house.
Step seven: Buy quality materials
Stick to quality materials for your renovation. While it may sound like a waste of money in the short term, the gain in the long run far outweighs the pains of increasing your budget for materials. Consider factors such as durability, environmental sustainability, sound insulation, fire resistance, moisture resistance, and others when shopping for your materials.
Step eight: Decide on the design
When renovating a part of a building, your goal should be to ensure that the refurbished part conforms with the existing structure. Your interior design ideas should also blend with the internal and external parts of the building. So, you should have these in mind when choosing materials for your walls, windows, doors, and roofs.
Look at the entire building when choosing a style. This will guide you in settling for a style that blends the renovated parts with the existing features of the building.
Step nine: Keep track of the project yourself
Even if you hire the services of a project manager, you need to keep track of everything happening during the project. You need to keep track of all purchases, task schedules, and deadlines from the start date to the end. If you are not hiring a project manager, you need to assume that duty and keep track of daily activities.
When planning, allow for a 10 to 20% allowance to take care of the unforeseen activities. It is also essential to know the builder’s insurance policy to determine whether it covers the whole building or just the part they will be working on. If you notice any issue, contact the home renovators and have it resolved as soon as possible.
You need help with your renovation project
A home improvement project requires meticulous project planning and execution. It is not a DIY activity except if you are experienced in such projects. If you are not, it is best to hire a home improvements company that will work with you to understand your goal and plan how to achieve it while adhering to your budget.
