Renovating brings up lots of enthusiasm, excitement, and, at times, fear. Here is part two, where I often answer frequently asked questions I hear when I speak with people.
Money is one of the most popular topics I chat about; the question I get is how do I stop myself from spending too much when I am renovating?
The most important thing is to ensure you don’t overcapitalize. By setting up a budget, you have a precise number or set of numbers to work within that you can monitor. When you are out shopping, sticking to a budget keeps you in control when it could be tempting to overspend on beautiful fixtures or finishes that catch the eye. Having a clear budget means builders won’t be able to talk you into doing more work than your finances allow.
A detailed feasibility study lets you and tradespeople know precisely how much a job or product will cost. It’s best to do a feasibility study based on today’s costs to avoid surprises or disagreements. Knowing what stock is available will assist you in managing delays if products do not arrive on time. Materials such as timber may have gone up in the past few months, so researching prices will give you a clear indication before you create a budget.
Check in each week with milestones, so you know if your budget is on track or not.
Other questions are what do I leave in, and what do I replace? The fear around these questions can stop people before they start renovating. People can look at a room in their home, keep procrastinating, and not take any action.
Start by examining the components themselves, working from the front to the back of the property. Next, you look at the top, the bottom of the property and check out the walls and floors. What do you notice about the condition?
Are they good enough to leave as they are? If the budget allows, could you tear down parts of the property? Ensure you prioritize any repairs, especially if it is something that people will notice. Make a list of these jobs as a priority.
Never go into a renovation project full of excitement as you rip everything out and leave it on the footpath. By taking time to examine what the property's condition is like, you can save time and manage your emotions too.
Lastly, what rooms can be renovated that add the most value to a property? The two most popular rooms are the kitchen and bathroom. Kitchens are the heart of the home, where families eat, get nurtured, and spend time around. Kitchen renovations do not have to be extensive; you can think about improving the cabinetry, adding new tiles, or refreshing it with paint by taking your time.
Bathrooms are the oasis of the home, where people want to feel calm and relaxed, so creating a room where people can feel rejuvenated and refreshed will generate more emotion and connection to your property.
Emotions are what trigger people into associating themselves with owning your property. When you go to market, considering what the demographic wants creates the best conditions for profit out of your renovation
If you have questions, visit https://renovateandrealestate.com.au/contact/,
fill in the form, and our team will be in touch.
You can listen to our latest podcast episode below:
This blog was written by the RARE team
Team RARE are passionate about renovations, interiors and
sharing our favourite DIY tips and tricks with our community.