Prolonged periods at home have probably inspired your thinking about how you might improve your property to add to its value.
You wouldn’t be alone. During the Covid-19 crisis, hardware shops have reported record revenues as we apply our spare time to some do-it-yourself home improvement, even without the promise of a sausage while we shopped.
Completing odd jobs around the home always feels good, but it’s the larger-scale work that will deliver dividends in terms of improving your property’s value.
Properties that have been recently renovated and offer all the conveniences expected of a modern home are at the top of every buyer’s list.
So, with real estate prices powering ahead despite the pandemic, this is a great time to consider upgrading your home and then maximising its value with a compelling sales campaign.
- State the goals of your renovation. Are you seeking to enhance your lifestyle and enjoyment of the property, or do you want to increase the value of your home and then sell?
- Deciding which renovation will offer the best payback can be daunting. It’s a great idea to talk to real estate agents like us who work with buyers every day and know which features command a premium.
- Build a project plan, and outline which tasks you are prepared to complete and those that should be handed off to a professional.
- Use the plan to build a budget. Scope the cost of materials from the internet and get quotes from tradies.
- Build an additional 20% into your costs for contingencies – you never know what might go wrong, or problems your renovation might reveal.
- Go or no-go, that’s the question. At this stage, you’re going to know your investment and whether you can either afford it or want to spend that amount of money.
- If you’re a “go”, then finalise quotes with your contractors and establish some deadlines. Break your project into stages, as this will give you a better opportunity to keep track of the builder’s work. Each stage must have a finish date applied to it.
- Before signing on the dotted line, check the licences, insurances and references of your tradies.
- Be clear on the payment schedule and the work that should be completed when payment falls due. Don’t pay for work that has not yet been completed and sighted.
- Decide whether you’re going to stay in your home while the work is carried out. The scale of the renovation should determine whether this is necessary. If it’s line-ball, you can bet the builders will want you out of there. (And don’t forget to build any extra accommodation costs into the budget).