No owner builder likes to uncover an unexpected and costly surprise during a renovation and while there could be some unavoidable curveballs that get thrown your way during the renovation, there are a few things to look out for that could protect you from overspending on your next owner builder project.
Here are a few things to look out for before you renovate your next home or investment project:
Find out if there is any damage hidden from the naked eye
It’s a staggering statistic that less than 40% of people invest in a property inspection before they purchase a home or property. As an owner builder, you should always make the commitment to a property inspection including a building a pest inspection from a qualified and experienced professional. While you may be in the know with your building experience, a dedicated property inspector has in-depth knowledge of a range of infestations of pests, is aware of any stumping issues and structural faults and could also point out any asbestos and damp that could be lurking in the property.
A building and pest inspection is particularly important if you are buying and renovating in a new area that you are not familiar with or with unique styles of homes which all come with their own unique considerations – such as terrace houses in Sydney and Queenslander style homes.
Determine if the property is structurally sound
If you are an owner building looking to renovate an older building, you should be aware of any structural issues ahead of signing on the dotted line. While there may be plenty of cosmetic updates that can be easily renovated, a structural issue with a property can be a huge risk and renovating older buildings can be a nightmare for relatively new owner builders or builders without the experience necessary for an in-depth renovation.
Be aware of any permits required for the local council
Do a quick check to see if the council supports renovations and what the approval process is like for renovations and new builds in the local area you are looking to buy into. If the council in the local area sees that you have undertaken unapproved works they could ask you to rip out the whole renovation so getting approval and understanding what the fees are for council approval is important and could save you some headaches in the future.
Are materials readily available for the renovation?
Some materials for properties can be expensive, and for older properties they may not be available at all, so consider this ahead of buying to renovate. If you need to purchase, import or specially order materials that end up blowing your budget is the renovation worth the effort? Consider your materials in detail to ensure as an owner builder you are buying well and your costs won’t be gobbled up with materials.
What will it cost to live nearby and is there accommodation available?
Building and living on site for owner builders and their families can be a nightmare, and if you are undertaking a massive renovation you may need to consider living nearby during the duration of your renovation. In this case, you will need to budget for accommodation for the duration of the build and whether there is a suitable rental property that will suit your family in the local area that won’t break the budget. While staying onsite is a great cost saver, based on the renovation you may not have this option so be aware that living offsite for a few months could significantly drain your budget.
Prospective NSW owner builders and QLD owner builders now have the option of undertaking an online course to get their qualification quickly and simply online.
If you’re passionate about renovating and looking to become an owner builder we have the qualification to suit your needs. We offer a fair trading approved certification via an online owner builder course that is suitable for NSW and QLD residents. To find out more click here to discover everything you need to know about becoming an owner builder today.