Don’t be fooled, those home renovations we’re used to seeing nightly on our small screens are not real life; big or small a home renovation costs both time and money. So, before you decide to take a sledge hammer to your kitchen wall this weekend, grab a cuppa and go through our list below to see if you’re ready to renovate!
1. Have a plan
A renovation takes care and planning. Having a detailed plan from the get-go will help keep you on time and most importantly on budget. Setting out a clear agreement with your contractor/s before you start is going to put your mind at ease and you’ll know how your renovation process is going to happen before it even begins.
2. Be realistic with your budget
The most common and stressful aspect of any home renovation is spending well over your budget. Running out of cash can stall work on a partially completed bathroom or kitchen for months leaving you feeling incredibly frustrated and stressed with your almost-complete-but-not project.
Be realistic and build in a contingency for each aspect of your budget. Look at your needs versus wants; for example, you really need a roof over your lounge area, but buying that bespoke leather lounge suite and 80-inch super TV screen could take a back seat for the time being.
3. DIY – a great idea until it’s not
The great kiwi ‘do-it-yourself’ attitude is fine until you realise you’re in way over your head. It’s not admitting defeat to enlist the services of the professionals to do the job, rather its money very well spent. Taking your ideas to the experts and getting quotes from more than one person or company will give you piece of mind and a clear indication of budget as well as an understanding of the timeframe involved in your renovation project.
4. Don’t avoid the issue
Particularly in older homes, once you start tearing into walls and pulling up floorboards you’re likely to encounter something that wasn’t expected. It’s critical to address and rectify any potential electrical or plumbing issues at that point and not ignore them. If your renovation work doesn’t meet building code requirements it could well end up coming back to haunt you when it comes to selling your house. It might be a frustrating cost up front but it will save you money and angst in the long run.
5. Overcapitalising
The general rule of thumb is to spend no more than 25% of the value of your house on major renovation work. Look to focus on key areas like kitchens and bathrooms and research what’s on the market in your neighbourhood currently. Also, consider calling in a property expert like an agent or valuer to discuss your plans, they’ll help you to determine what your project’s cost versus potential gain in sale price will be – and if they don’t add up – don’t do it!
To speak with all the experts about your home renovations, visit the Auckland Home Show, 6-10 September 2017 at ASB Showgrounds, Greenlane. Buy your tickets now!
