Home renovations can be exciting as well as very stressful so it’s best to leave your emotions at the door to ensure it’s a money maker and not a money pit!
The Dragon Group have come up with some top tips to point you in the right direction as mistakes can be costly and could affect the sellability of your property.
- One of the common renovation no no’s is that people often over capitalise. Spending more on your renovation than what the completed project will add to your home value. Bathrooms and kitchens are the biggest offender as pending on the finishing can go in the tens of thousands.
- A rule that a lot of advisors out there say is to use a fixed percentage of the value of your property to avoid over capitalising, this could leave you overspending or not enough.
- The age of your home will dictate the amount of funds needed to invest. Older homes tend to cost more to update than recently built homes.
- Not having a contingency fund can be a massive mistake. Things that are hidden out sight like waste systems, drainage can really add up if a problems arises.
- If your renovating in a buy to let project think twice before including a swimming pool as it’s a big ticketed item and the costs of maintenance is ongoing and can be troublesome.
- Try not to over modernise your property. Stripping original features out of traditional properties can take the character away and can take the uniqueness away when it comes to sell.
- Converting that garage into that much needed extra bedroom is an easy option but useless you replace that garage space with something like a carport there won’t be too much value added.
Our Construction manager Paul John Jefferies (No. 64798S) is a Sydney based Master Builder with over 20 years building experience. So if you’re in the lookout for an experienced master builder call us for a no obligation chat (02) 9939 2550.