Renovating before a sale or immediately after you’ve bought a property can be a great investment, but it requires careful planning and detailed execution.
These are not projects that should be rushed. You’ll have plenty of money on the line, and your selection of design, materials and contractors will be critical to a successful outcome.
The most popular areas to renovate are the bathroom and kitchen, which can add substantial value to your property.
See advice about the value you can create with a renovation. Real estate agents understand buyers’ current preferences and we’ll be able to guide you on the features and fashions that will command a premium price.
We can also offer a guide on a reasonable budget and help you ensure you don’t over-capitalise and spending more on the project than the dollar-value it will add when the time comes to sell.
We may also be able to introduce you to some good contractors.
Below are some tips on the steps you should take to prepare for a renovation. They should minimise your inconvenience and help constrain costs. Please do not hesitate to call me if I can be of further assistance.
- Take your time – In building more than almost anything you’ll ever do, you’ll find the devil is in the detail. So, go slowly and plan carefully. Give yourself a timeline that allows you to seek advice from an architect or builder, as they will make positive contributions.
- Fittings and furnishings – These are important to the final outcome and fulfilling your vision for the project. Make sure you’re really happy with your choices before proceeding.
- Quotes and time – Seek a minimum of three quotes for the work. Be clear and consistent with each contractor, or you’ll find the estimates are impossible to compare. Ensure they quote not just the cost but the amount of time required to complete the job. If it’s a significant renovation, you might negotiate a penalty for broken deadlines.
- Who’s the boss? – The buck needs to stop somewhere. Couples will no doubt say they’ll make decisions together, but it’s not that easy. For example, who will be the first contact for a contractor when a problem arises or a decision needs to be made quickly? Share the vision of the project, but nominate who’ll deal with day-to-day issues.
- Do you want to be a project manager? – Managing the work is different from making decisions as the owner. Project management is a tough gig and is best handled by an experienced professional. If you want to take it on yourself, be prepared for an intense experience.
- Should you stay or should you go? – Deciding whether you wish to live on site during the construction phase is critically important. Usually, builders like you out of there. But it’s your decision. If you do find temporary accommodation, build this into your project budget.
- Don’t fade – Renovations can be exhausting, and it’s easy to lose your focus on the details. If and when you feel this is happening, take a breath and stay determined to last the course. That way, you’ll achieve the dream home you’ve planned for so long.