How do you ensure that you don’t end up over-capitalising your renovation?
There are a number of traps when you are planning a property renovation, but if you follow these four golden rules, you should be able to avoid the worst of them.
1. Design for the market, not yourself
You may have a sense of style and significant flair, but your tastes may not suit everybody. If you are renovating your property with a view to maximising your profit before downsizing, you need to pay attention to what the market wants and try to keep things simple. Avoiding flashy colours and designs will not only save you money during the renovation process, it will ensure that you have more interested buyers when it comes time to sell.
2. Have a clear budget
Too many people approach their renovations with no understanding of their budget and they often underestimate the costs involved. The most cost-effective time to change your budget is when it is on paper, not when you are knee-deep in plaster and paint. Having a prepared budget before you start work can help you avoid making impulse purchases.
3. Have a masterplan
If you tinker around the edges of your property, you won’t be able to see the forest for the trees. The best renovations work together to create a cohesive look and style. If you spend $20,000 on a new kitchen and then it doesn’t match the plan you have for adjoining rooms, you can undo all of your good work. You don’t need to do all of the work at the same time, but if you have a masterplan for the entire house, you can make sure all the elements work together to create a stunning outcome.
4. Carefully consider the floorplan
Designing a new floor plan is arguably the most important element of any renovation. This is a crucial first step, and one you should do before you even look at getting quotes, contracting tradespeople or swinging a sledge hammer. Mark out your proposed layout using masking tape on the floor, pin up bed sheets to represent new walls or stack up boxes to represent furniture or a new island bench. Where possible, try to create two living spaces and an alfresco area.
What renovation rules do you follow fastidiously?