Renovations can be incredibly rewarding, however like anything they do need to be nurtured in order for success.
Here are my top tips for keeping on top of your renovation:
1. Focus on the finance
Know your finances and create a budget for your renovation. Whether you’re renovating for profit or pleasure, it can be easy to underestimate the costs involved.
Hidden costs in renovations are common, so you need a contingency to cover them. You must commit to sticking to your budget right from the beginning. Make sure to factor in costs such as purchase price, stamp duty, insurance and Real Estate agents fees. And don’t forget about the costs involved for demolition and site clean-up. If you’re renovating with Mr Renovator or Mrs Renovator then make it a date night, grab a glass of wine and go over anything that is outstanding. Trust me, it will save you the heartache in the long run! Do a weekly check in with your finances.
Renovations aren’t just about ripping down walls and adding a lick of paint to the walls, it requires paperwork and permits. You will need to sort your planning permissions early and commit to keeping the paperwork associated with quotes, invoices, contracts, payments and product warranties, filed and ordered. You’ll be able to refer to anything you need mid reno and your accountant will appreciate it.
Consider recording as much as you can online – spreadsheets are your best friend.
3. Establish how tradies want to be paid
Get clear on how your tradies want to be paid and when! This will help you better manage your finances and keep tabs on your expenses along the way. Tradies will love you if you are organised and pay their Invoices promptly.
4. Communicate with your builder
The best way to get the results you desire is to communicate with your builder. Find out what fixtures and fittings you need so you can be organised in advance and the renovation flows smoothly. Open and clear communication with your builder will ensure for an easy and successful renovation.
5. Plan, Plan, Plan
Have a detailed scope of works and renovation plan that you can refer to consistently to prevent things from going off track. It will keep you and your tradies accountable during the renovation process, sticking to your time and money framework.
6. Make a decision and stick to it
Don’t change your mind mid renovation. Just don’t! All of your planning will go out the window. Budgets will most likely blow out and you could have yourself a renovation nightmare. There is nothing more frustrating for a builder, than having to pull apart something that he/she put care and attention into completing. You’ll pay for it. Stick to your plans.