14 Sep 7 things to know before renovating your home

Let’s talk home renovations. First 2020 brought a housing boom, and now 2021 is bringing a home-renovation boom! The recent trends show first-home buyers are more likely to buy ‘fixer-uppers’, but older homeowners are also spending big on DIY home renos’.

Across Australia, in excess of $1 billion is being spent monthly on home renovations, compare that to 2019, where the average monthly value was about $680 million.

No matter if you are new to the home renovation game or a seasoned player, here are 7 things to know before you take the plunge and renovate your home!

 1. Decide what you want out of your renovation

This is all about your big picture. Your big picture needs to guide the process, this will inform your preparation, budget, and pretty much everything else in this list.

In one article, high-end architect Luigi Rosselli suggested people across Australia aren’t just renovating the standard kitchen and bathroom, but more and more people are wanting to create a better work-from-home environment. Rosselli said, “It is a combination of gyms, spas and saunas and steam rooms – you name it!”

What do you want out of your renovation?

Questions to ask yourself:

• What are my goals for this renovation?
• Am I renovating with the plan to stay here long-term?
• Am I renovating with the plan to make a quick sale?

Your answers to questions like these will form your foundation in this renovation process.

2. Preparation

We now have the big picture in mind of what we want out of our renovation, so where to next? Book the contractors? Seek council approval? Get pre-approval from your broker? Well, not so fast, friend.

Without a solid plan, many homeowners dive into the renovation process with no clue of what to expect or a plan to guide their steps. Without preparation, the home renovation process can be full of disappointments because unlike building a new house, you aren’t starting with a blank slate.

Here’s the beautiful thing, you being here and reading this is helping you form a plan for your renovation. Use the following steps to help put your plan together and continue to do other research to fully prepare and plan the creation of your dream home.

3. Realistically assess your budget

Are you ready for the shocker? Renovating is expensive! You and I both know it.

Formulating your budget for this exciting yet costly endeavour is vitally important. The sooner you can begin getting quotes and estimates the better it will be for you to get that budget underway.

It’s no use guesstimating your costs, if you’re doing a big renovation or extension, you will need plans and designs that you can get proper quotes on.

Those who have renovated before often suggest adding at least 10-20% to your budget for anything unexpected that pops up in the process – this contingency is something that all good renovators put in place.

4. Consult the experts

The local council, experienced builders and architects are among the experts that can be helpful throughout the process.

Your local council

If you’re planning a DIY renovation, contact your local council to learn about any relevant regulations that you need to be aware of.

Experienced builders

For bigger jobs, you will want to keep in mind the structural integrity of your existing home, to ensure your house can support the work you have in mind. Experienced builders and qualified building inspectors can advise on this.

If you’re engaging a builder, they should also be able to guide you through the council process to get planning and building approvals in place.

Architects and project managers

Architects traditionally act as project managers. You can also engage the services of a specialist project manager if you’re not going to oversee it yourself.

While it can feel time-consuming, interviewing multiple contractors is the best way to ensure you will get what you want and that you won’t end up paying too much.

Get chatting, be teachable, get learning, and then make your decisions from there.

5. Be Specific About Design Ideas

It is great to hear ideas from the contractors and experts you meet with, but it can also confuse things if you do not have set design ideas that are important to you.

Narrowing down design preferences before meeting with too many designers is helpful. Get inspiration from Pinterest, home decorating magazines, websites, and showrooms. Getting your head around what you want from the renovation will help you avoid being persuaded into the designer’s personal ideas too much, this will also be important as you’re not working to your designer’s budget, but your own!

6. Be Realistic About Your Timeline

Your renovation will take longer than expected, so be prepared and make accommodations to avoid frustration.

As you have already gathered, so much of the renovation process happens behind closed doors – preparation, budgeting, and planning your renovation timeline is the less glamourous side of renovating but vital to a successful renovation.

We all love the thought of getting things quicker than expected, but I’ve heard it said, ” good things come to those that wait”. Sometimes you may not have a choice in the waiting, so it is important to be realistic with your timeline.

Staying in close communication with the builders and suppliers of goods can be a good way to keep your finger on the pulse.

7. Expect the Unexpected

We’re not trying to sound like a renovating Jedi-master, but all homes hold secrets, in the walls, under the floors, and elsewhere. A renovation can bring those to light.

The unexpected can be mitigated to a certain extent by following the previous tips in this article. If you are consulting with the builders and other professionals they can do their best to ensure nothing is going to rear its head during the renovation process. But if it does, as professionals they can guide you on the best actions if the unexpected occurs.

If you are looking to join many other Australians in beginning renovations on your home and you need help with finance contact us today. With flexible terms and fixed or variable interest rates, we can help you find a personal loan that suits your needs. Experience finance in an exceptional way, contact us today.