Renovating your property is a great option to increase the value of your property at lower cost (done properly) and greater financial return in future, not to mention create living spaces your neighbours would envy and you would love!
In our current economic climate of rising costs, we have seen more people considering home renovation instead of going down the sale or new build path. So, we’ve put together a “Top 10 checklist” that can save you time and money, plus peace of mind.
Decide on the scope of your project and get ideas from friends, magazines, internet, design stores etc. Consider future proofing your property and home, something that is very relevant in the world we live in today. You might want to invest in a key lockbox, something that can give you peace of mind when contractors need access. Start making some decisions around who you might use to turn your dreams into reality, and who will manage the project.
Something to consider is that if you’re going to renovate in stages, you can still live in your home whilst renovation is underway, however if it’s a complete renovation, you will need to consider shifting out.
Set a realistic budget, then add at least 10-15% on top for unexpected expenses that can crop up as you go along. For example, you may want better quality fittings, or you might discover additional “fixup” costs along the way (especially in older houses). During the renovation, make sure you get quotes in writing, and agreements in place BEFORE any works take place. Top tip: Making changes as the reno progresses can become costly. Have a set plan and stick to it.
Get your timeline tight as overruns can be costly. For example, you may have to borrow money, and the longer a build takes, the more interest you’ll have to pay. Also, if you have to shift out and rent a house, you’ll pay more money. Be very clear over timeframes with contractors but allow some flexibility as changes happen along the way.
Use the expertise of a designer or architect to draw up your plans and be specific about your design ideas. It’s your home after all!
Get contractor/s involved as early as possible. They have practical experience that can save you thousands. Even small changes can save BIG bucks in the long run.
You’ve heard the saying “Expect the unexpected”. There will always be hidden problems, so be prepared for this. A good builder should give you at least one update per week throughout the reno. It can be very stressful when faced with delays or changes but try not to “sweat the small stuff”. Consider your mental health whilst the reno is in progress.
Pick finishes that add value, not just cost. Yes, balancing your personal taste with choices that add value can be tricky, but getting in experts to help with trends, design choices, and practical solutions can really help.
Of vital importance is the location of your property. Is the house on a sloping section? Are you in a suburban area, right in town, or rural? Is the surrounding geography a consideration? The Council may need to be involved, so consider using a build management company that can navigate the often tricky council process.
Consider a Build Management company to take care of all the little details. This can save you the hassle, time and money.
Ensura Building Services is a locally owned company that services the Northland and Auckland regions for residential (private and insurance jobs) and commercial renovations.