Whether you’re planning a renovation for profit or you simply want to transform your home or office, you need to plan thoroughly for the project. If you are completely new to the process, don’t hesitate to refer to a construction glossary. You’ll also find the following tips helpful.
Set some goals
What are you renovating for and what are you hoping to achieve? These are two main questions that you need to be able to answer for every single renovation change that you make for your home.
How many bedrooms and bathrooms are you renovating? You have to think ahead because renovations cost a lot of money. And you need to consider your future plans. If you intend to grow your family, you need to make space for new members early on. The renovations that you might make for a potential future family right now could go a long way to helping you sell the property if you decide not to have a family in the end.
Make sure to allocate a good chunk of your budget towards unexpected expenses.
Secure the necessary permits
If you intend to extend your property in any way, you need to make sure that you have permission from the local council. Some renovations require development applications or assessments, and you must process them early on. Depending on your council, you may be able to fast-track the approval of your applications.
Stay realistic about your budget
The one mistake that people often make about their renovations is not budgeting correctly. Get all the quotes that you need in writing from at least three different contractors or builders and be clear about what these do or don’t include. You have to do this if you want to make sure you don’t have any hidden surprises later on.
You can always expect to pay at least half of the costs on materials and around 30 to 35% on the labor cost. You also need to cover costs for GST, fees, and taxes.
Understanding the full breakdown of the renovation expenses will help you prevent getting ripped off. It will also ensure you’re on the right foot with your budget.
If you happen to be short on cash, make sure that you speak to a financial advisor before you start any type of project or sign any contracts. You need to know that you can afford the changes going ahead.
Get the experts on board
One key set to ensure a successful renovation project is to work with the right contractors on board. You can use the Contractor Glossary we mentioned earlier in this article to speak to different contractors.
Check the credentials of anybody that you choose to hire. If you’re on a budget and you are willing to travel through the shops and the Internet to find the right materials yourself, that’s great. But even then, you’d still need a contractor to guide you through the process.
Try not to over-capitalize
When you choose your renovation planning, you need to make sure that the decisions that you make don’t affect too many people in the home. So if you’re planning to renovate and upgrade your bedrooms, you want to know that everybody is going to have a place to stay while that happens. Some experts recommend spending less than 10% of the value of your house on renovation.
Staying prudent with your renovation plans helps ensure you don’t compromise your financial health.
