Renovating your home is a great way to add significant value to your home, if done correctly. Maybe you are not looking to sell but instead want to keep your home. In this case, renovating is a great way to increase your standard of living.
Sydney has many outdated homes that are constantly being renovated. If you are considering renovating your home to add value or increase your standard of living, make sure you avoid these renovation mistakes.
#1 Decreasing Your Homes Value
Most people renovate their home to add value. However if you are inexperienced at renovating you may decide to renovate the wrong room or do things in a way that remove value.
If adding value is your goal when renovating your home, make sure you get a valuation before your start. Ask the valuer what rooms or parts of your home are already of value and what are bringing the house value down. Focus on these opportunities.
#2 Disrupting Your Personal Life
Depending on your renovation plans, your project may require weeks, months or even years to complete. Also be mindful that the quoted time of the entire project may be increased if unforeseen issues come up.
There are always things that are out of your control such as bad weather, product delivery delays, unavailable tradesmen etc. For this reason you should always account for extra time. To be safe you could double the quoted time or at least add an extra month. Do not start your renovation project if this total time will impact your own life and other commitments.
#3 Going Over Budget & Running Out Of Money
Another common renovation mistake is going over budget. This comes back to creating a plan and sticking to it.
Every part or item in your renovation project is going to add cost. Be mindful of this and don't spend all your budget on the initial plans. Unforeseen issues such as delays or running into unexpected repairs along the way is bound to happen.
Make sure your initial costs are about 30% under your total budget so you have some money to play with for these unexpected costs as the renovation goes on.
Also remember that bank loans may be able to get you out of a tight spot but you will have to pay back with interest.
#4 Ignoring the Houses Positive Aspects
Every home has aspects that make it unique. These could be heritage listings, antique fireplaces, classic timber panelling, skylights, etc. Make sure you take these into consideration when planning your renovation. Do not remove something these positive aspects, instead try to make them a centrepiece. This is a great way to add value and character to your home.
#5 Making Mid Project Changes
Making changes mid project can add significant issues. Not only can this increase costs, but it can add delays too.
Sometimes changes are necessary due to unforeseen circumstances, or technical problems. But try to avoid it. Proper planning ahead will prevent mid project changes.
#6 Bad Timing
As mentioned before you do not want to impact your personal life or that of other occupants in your home. Choosing to do outside renovations in winter for instance may result in many days when no work can get down due to rain. Or if you your child has their final exams, renovating their room is not the right time.
By not taking the time to plan your renovation you will most certainly run into issues.
#7 Trying To Do it All Yourself
Some tradesmen are required by law, such as electricians when working on power and plumbers when working with water or gas.
However many people try to take on tasks such as painting themselves. They may think they can save some money on labour costs, however in the long run by leveraging the professionals you actually get a better job done in a shorter time frame. Plus if there are any issues they will come back to fix it.
If you make issues you may end up needing the professionals later. This will result in wasted time, money and effort. If you just requested them at the start it would have been much better.
At the end of the day something are best left to the professionals. You can still save money if you organise all the tradesmen yourself or you could leave it to a builder and have them manage it all.