It feels like you can’t turn on the TV without seeing a home improvement show, but don’t be taken in by their simplicity.
Upgrading your home is far more complex and usually more expensive than TV pundits lead you to believe. When they even bother to price the items of a project, the labour costs are often conveniently forgotten because they can be 50% of the total expenditure.
Tradies don’t appear out of nowhere, and gardeners won’t just magically appear with half a forest for the backyard.
So, if you’re a first-time buyer who’s looking for a bargain to renovate, here are a couple of observations: 1.) You’ve got a great strategy; 2.) Be prepared for hard work before you enjoy the incredible satisfaction of creating a wonderful home.
You’ll learn an incredible amount about property ownership if you purchase a renovator’s delight and set about a major renovation.
Here’s a quick guide to your first successful renovation:
- Create a budget you can afford. Your budget is actually the most important thing you can build. Most renovations cost more than you think. What starts as a modest project can quickly escalate. So, be disciplined. Experts recommend you keep aside 20% of the project’s cost in case of problems.
- Ignore TV shows – Nothing will put you in a world of renovation pain more than believing the pricing you see in reality TV shows. Labour costs are a fundamental reality and rarely rate a mention— budget for the real world.
- Quotes come in writing – Always insist on receiving a quote in writing rather than believing a verbal estimate that might be contested or ignored later. When the invoice comes in, you may find yourself with a nasty surprise.
- Expertise counts – If your budget will stretch, call in the experts. An architect, lighting consultant and interior designer will transform your project. And given you’re investing in your most significant financial asset, consider the dollar value they might add.
- Advice vs Opinion – Friends will offer their ideas and opinions, and architects and contractors will provide advice. Be sure to know the difference. Ultimately, the decisions are on you.
- Focus on you – Unless you want to flip the property, then remodel for your lifestyle. If you’re a shower person, save yourself the expense of a tub.
- Minimize your role – Hire a general contractor who’ll coordinate sub-contractors for the entire project. Avoid the hassle of organising tradespeople. One bad apple will throw out your timeline and cause friction with the others.
- Stop and shop – Avoid buying materials from multiple suppliers all over town. That quickly gets very confusing, especially when it comes to delivery schedules. Ideally, purchase from only one or two suppliers.
- Be tactile – Don’t rely on the internet when you shop. Taps can look amazing online but turn out to be cheap and nasty when you open the box. Go to each store and literally touch the items you want to buy. Ask for swatches of cloth, buy tester cans of paint, and take your time with all your decisions. And keep a record of everything you decide upon so you can refer to it later when you need to do repairs.