What should you consider when looking into home renovations?
After taking out a home loan and settling down in your own home, you may find yourself wanting something more. This could take the form of property renovation, which can help revitalise your home. However, approaching the renovation market can be overwhelming, especially if you've never undertaken anything like this before.
Here are some tips to help you identify renovations that are right for you and help you come out of the project with your budget and your sanity intact.
Take a look at your current situation
Reviewing your current home situation and figuring out exactly what is lacking, or what you want to change, is the most logical place to start. It is very tempting to jump right into the building and renovations, but this can lead to difficulties later on. Problems like the project going over budget, or plans needing to be changed substantially after work has commenced, are expensive mistakes to fix.
Take the time to sit down and make a comprehensive plan of the renovation project. This plan should set out specifications, the final goal, milestones, timeline, and budget tracking. It could also include contingency plans and emergency contacts. Having a proper plan on hand for reference can help you navigate the more difficult choices that will arise and keep the project on track towards successful. Remember that depending on the size of the renovation project, your home could be uninhabitable for weeks or months, so temporary accommodation will need to be factored into your timeline and budget.
It is a useful exercise to examine the reasons behind your decision to renovate. Are you hoping to increase the value of your home and sell it in the future? Are you simply personalising it to reflect your own style? Does it need more functionality to suit your lifestyle? The motivation behind your renovations will play a role in dictating the types of work you should look into.
Pay close attention to the kitchen and bathroom
If your end goal is to sell the property, make sure you pay attention to revamping your kitchen and bathroom. These two rooms are often the most scrutinised by potential buyers, making them crucial in the overarching plan to present your home and increase its value.
The kitchen is often one of the most lived-in rooms of the house, so creating a space that people want to be in is essential. Think about the overall aesthetic of your home and how the features of the kitchen can be tailored for a consistent design theme. Your choice of decor, right down to small items like taps and cabinet handles, blend together to create a whole mood and ensuring this all ties together perfectly is the aim of the game.
Consider renovating your backyard
An increasingly popular aspect of Australian homes is indoor/outdoor flow, something that should be considered if you're planning on selling in the near future. Creating a great outdoor environment can be a strong selling point and with summer just around the corner, it could be just the clincher needed to secure a sale.
There is a wide range of different things to consider when renovating a backyard. For example, installing a deck or revamping an existing one is a major decision. Attaching it to your main living area can create a great space for entertaining during the warm weather and a private haven to relax in.
Another popular backyard addition across Australia is a swimming pool. Installing a pool in your backyard, complete with safety fence and council compliance, can raise the value of your home exponentially and help you secure a greater return on the sale.
These are just some things to consider when it comes to renovations. Understanding your own motivations and discussing your finances with an expert are the first steps to take towards creating the home of your dreams.
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