Is 2026 the year you’re going to renovate, transforming your home and adding thousands of dollars to its value? And, if so, are you a little nervous of what lies ahead? That’s totally understandable.
Renovations are considered in a variety of situations. Owners wishing to upsize or downsize will see a renovation as a way to maximise the value of their property. Many agents will tell you for every dollar you spend you’ll get two back.
First-time buyers who have found a fixer-upper will also do their sums to see if the asking price and the cost of a prospective renovation makes sense. Likewise, a landlord will often consider a renovation as a good investment.
One of the most common debates in real estate is whether it’s smarter to undertake a major renovation or simply move to a larger home.
Upsizing to a bigger property can come with significant expense. Equally, there are very few renovations that have ever stayed within budget.
Cost overruns are more common these days because of consistent price rises for building materials and the cost and availability of labour in a tight construction market.
Setting a budget for any renovation is probably the most important step in the process, together with picking quality contractors who are prepared to work side by side harmoniously.
The industry is infamous for architects and builders falling out, which is a nightmare for the client. To avoid any on-site acrimony, you should know exactly what you want to achieve as this will minimise interpretations and the possibility of disputes.
Sometimes, it pays to hire your architect as the project manager. While that is an expensive option, this will likely produce the best possible result for a major renovation.
While you may focus on the big picture and the outcome you wish to achieve, you should be aware of the significant work a renovation can entail. Here are some key pieces of work required:
Wiring and plumbing– In most cases, your builder will need to “open” the walls to run cables, plumbing and ducted air-conditioning pipes. Electricians can “chase” wires by cutting into existing walls, but that’s messy and expensive.
Carpentry – Installing new floorboards, skirtings, mouldings and trims around new windows and doors requires a good carpenter. They’re essential if you want to install fixed cabinets, bookcases or breakfast nooks.
Fix your fixtures – The cost of any renovation will rise substantially if you want to move items such as baths and toilets, or dishwashers and stoves. While you don’t want to compromise your vision, think carefully before deciding to rip everything up and start again.
New windows – Adding or enlarging windows requires the skill of experts. Poorly installed windows will be the source of leaks that ultimately will damage the structure of the home. New windows are surprisingly expensive, so be sure to itemise them in your budget. They’re not a rounding error.
Paint or wallpaper? – This may seem like a decision for later on. However, it’s good to be clear about how you want your renovation to look. Both tasks can be done by a skilled DIYer. However, if you’ve spent a large sum on the construction, we’d recommend you dig a little deeper into your pocket for a professional finish.
Exterior focus – It’s feasible to work on the outside of your building at the same time as you renovate the interior. It’s often a good idea to install new gutters as part of a strategy to protect your home from water damage. Floor it – One of the last major pieces of work is the installation of new flooring. You want to make sure this is done at the end of the project to prevent damage to the boards or carpets. Once done, install pre-painted skirting boards.