If you are about to renovate your home, it’s a tough decision whether you should rip it off like a Band-Aid or do it in small, manageable pieces.
Getting it done all at once could be the way to go, however, you will need to consider the inconvenience a renovation will bring, especially if you and your family are living on the premises.
Things to consider when you’re working through a plan for your home renovation project include:
- Time frame – when do I expect to get the job done, will it be a month, three months, six months or more – this will be an important factor as if you have to move out you will need to not only cover the cost of any mortgage, rates and bills for the property you are renovating but you will also need to factor in costs for living at a rental property if you are doing a major renovation and your family needs to move out.
- Budget – are you going to need all the money up front or will you need to pay some hefty deposits for trades? Consider this as once you start peeling back the layers of your property you don’t want to get in too deep and not have the funds for the renovation.
- Style – if you’re doing the reno project in stages over a period of months or years, do you need to purchase materials so that all the sections will match and not look jumbled? It’s important to be aware that if you have a kitchen that is one style and a bathroom that is reminiscent of a style popular a couple of years later your home won’t look polished and may not be appealing to buyers.
- Local property valuations – before you start your renovation, it’s important to do a look around at local properties in your area and get a feel for the value, as you don’t want to overcapitalise on your reno. Having champagne taste on a beer budget is one thing, but investing in a property that just won’t provide the return you need is going to send your costs spiralling out of control, and you’ll never make your money back on the property.
- Plan – if you don’t have a plan you’re never really going to have any idea of what you’re doing, so lay out your ideas and have a strategy, so you have a plan that flows. Disorganised owner builders are a dime a dozen, and there are plenty of reno projects that have started out with good intention to only lay idle years later.
Above all, if you are about to tackle a home renovation project be sure to plan and understand what your realistic budget is for the property. It’s always a good idea to be super conservative so when surprises to happen, and they will, you’ll be covered, and your renovation can continue without delay.
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