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Plan For Success: Pre-Renovation Checklist
Whether you’re tackling a DIY home renovation project or calling in the experts, knowing what you’re getting yourself into can help prevent costly mistakes and keep stress levels to a minimum.
The following tips can help you prepare for what’s ahead.
Know your goals
Deciding beforehand what you want to achieve is the key to a successful renovation. For example, if your goal is to increase the selling price of your home, take the time to research and get advice on which types of renovations will provide the most payoff for your investment. They may not always be what you think.
Set a realistic budget
Whether you’re dipping into your savings or refinancing your home loan to fund the renovations, it’s important to be realistic about what you can achieve based on your budget and resources.
Does your kitchen really need a complete overhaul, or would it be enough to replace the old benchtop for now? If your budget is a limiting factor, remember that you can make improvements in stages.
Do your homework
When it comes to renovations, too many home owners end up wishing they’d done their homework first. Little details such as the number and placement of electrical outlets can make or break the success of your renovation, so take the time to think it through and get advice from the experts.
Choose the right contractor
As many home owners have discovered the hard way, there’s nothing more important than choosing the right contractor for your job. So, ask your friends and family for recommendations, and take the time to carefully compare your options.
Also, always do your due diligence by asking for references and insurance policies. You may even want to consider getting a simple contract drawn up that sets out the job, a cost or hourly rate, and any guarantees or warranties.
Plan for inconvenience
Some home owners may underestimate the impact renovations can have on their homes and so fail to set in place adequate contingency plans. These plans may include protecting your valuables from dust and dirt, and organising somewhere else to work or take the kids during the day to avoid the noise and disruption.
Set aside extra funds
Even the best laid plans can go awry. Construction delays, material shortages and budget overruns are a common occurrence with renovations, so you may want to set aside an extra 20 per cent of your budget just in case.
Remember to have fun! It can be very exciting to see your vision become a reality as your home transforms before your eyes.
Don’t let your renovations turn into a financial nightmare. With proper planning and research, you can minimise unnecessary strain on your budget and patience, while ensuring your hard work pays off in the long run.
Home improvements on the horizon? iSelect makes it easy to compare home loans to help cover the cost of renovations. Start comparing home loans now, or call 13 19 20 and let one of our qualified mortgage brokers help you find the right home loan for your needs.