Every once in a while, you may want to spritz up your home. But renovating can be a time-intensive and expensive process. Here are four renovating mistakes you can avoid.
4 Mistakes to Avoid when Renovating for the First Time
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1. First Things First – Finance
Renovating your home for the first time is expensive. You need to be prepared for expected as well as unexpected expenses. Which is why it is always advised to add 20 percent to your budget as a precaution.
If you are still paying your mortgage, this article guides you on how to use your mortgage to finance your renovations, along with your savings.
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2. Approval from Council
You may not know this when you’re renovating for the first time. Any kind of renovation work, even if it’s just painting the outside of the house, you need to sign a contract that gives you approval from the council to start your renovation work. This article from Allianz gives you all the details for contracts that need to be signed.
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3. Do It Yourself?
This is usually not recommended. A lot of DIY stuff is not covered by your home insurance. Be sure to check your policies before starting the job yourself. By doing it yourself, you may be making a big renovating mistake.
It can be risky and time-consuming. It does give you flexibility and full control over the project, but doing it with contractors, designers or architects would prove beneficial in the long run. And you will still have control over the project, but with advice from experts who know what they’re doing.
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4. Hire a Professional!
Ninety-five percent of homeowners cannot imagine what their furniture would like in their homes. Which is why getting advice from an expert is worth every penny. You get the right colors, the right shades along with the safest ways to complete renovations in your home.
- Architects give the best advice for extensions in your home or any related big projects.
- Contractors take control of the project. They give you quotes on expenses and oversee activities.
- Designers work on the aesthetic of your place.
They work side by side to turn your dream home into reality while avoiding the possibility of making renovating mistakes.
For more detailed information, view this guide on Home renovation in Queensland.
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If you’re weighing up the options about whether you should renovate to sell or just sell your place as is, then there are a few things to take into consideration. The major consideration, obviously, comes down to your bottom dollar. If you’re considering spending $100,000 on a major renovation, then are you confident that your property will sell for well beyond $100,000 more?
Helping us uncover whether or not your investment is worth renovating is one of Calibre’s Licensed Estate Agents, Simon Hughes. Simon’s background is in architecture with over 20 years experience. Simon has a long, glowing record of successfully guiding clients through the process of building & renovating their homes.
“Because every property is different, some homeowners will need to spend money on their property in order to maximise a sale, while others won’t. This will not only depend on the condition of the property, but also on the condition of your local real estate market as well.” Simon tells us that “Sellers should start any consideration of renovation with research. Seek the advice of a good real estate agent with knowledge in your local market. They will be able to offer advice on these different levels of investment to determine what will be cost effective in your particular situation. It helps to have an agent who is well versed with your local competition and the state of the local market.” So here they are, Simon’s Top 7 things to consider when deciding…
Should I Renovate To Sell?
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1. Return On Investment.
Never spend more than you can recoup. This might seem obvious , but it can be a real trap when sellers are not aware of the market.
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2. Look For Profit.
Any renovation should be done for profit. Otherwise, why bother?!
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3. Areas To Prioritise.
If you decide to renovate, prioritise areas of the home that make the most emotional impact on buyers. Big expenses should go into kitchens, bathrooms and functional all weather outdoor areas. However, it is very important to stick to a budget. These areas have many components and it is very easy to over capitalise.
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4. Minor Defects.
Minor defects like cracks and dents should be repaired. If they are not, buyers wonder what potential problems lay beneath.
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5. DIY
If you are considering DIY- do it well. Bad painting or shoddy workmanship can be a major turnoff for buyers. A fresh coat of paint is a powerful renovation tool and can lift a home. Be careful to pick contemporary colour schemes that appeal to the widest opinion of the market.
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The cheapest renovation you can do is to clean your property. Clean your windows, walls and floors and de-clutter.
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7. First impressions.
Any improvements that add to street appeal are usually beneficial. After all you want to maximise the number of potential buyers walking through the door. So first impressions count. Paint the front door, tidy the gardens, mow the lawn and paint the fence to maximise street appeal.
While there are many things to consider, you should always start with some research before you decide to renovate to sell. Compare your property with others in your area. What do they have that you don’t? Properties that sell, look and function better than comparable properties in the same market. They also meet the needs of the property target buyer and offer excellent value in the eyes of the buyer.
Quote provided by Licensed Estate Agent –
Simon Hughes
0402 038 082
simon.hughes@calibrerealestate.com.au
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If you’re in the market to purchase real estate, deciding whether to build or buy an existing home is typically your first point of call.
A recent Canstar article discussed whether to build or buy an existing home in Brisbane. It revealed that it was in fact cheaper to buy an existing home than to build a new one. Obviously, there are many considerations involved in the decision making process. It generally depends on a lot of factors as well as individual preferences. The type and size of the home will play a part, as well as the location that you want to live in and, of course, your budget. With so many factors in play, it is impossible to know with certainty. There are, however, 5 things that you should consider in making your home buying decisions. Helping us discover these 5 important factors is Licensed Calibre Real Estate Agent, Simon Hughes.
Simon is a member of the Calibre Real Estate sales team and has also been a self employed architect for over 20 years. Simon has designed homes for many local families in The Gap, Ashgrove, Bardon and all the inner west suburbs. He has a long, glowing record of successfully guiding clients through the process of building a home, and is aware of the similarities in the often stressful process of buying and selling real estate.
Simon tells us that “Building specific knowledge that falls squarely in the realm of architecture can be an invaluable benefit in any real estate transaction.”
So, here they are, tips from the Real Estate & Architect expert, Simon Hughes…
Top 5 Important Factors To Consider : Should I Build Or Buy An Existing Home?
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Tip # 1 : Time Costs Money
Building a new home takes time and time can cost money. The Australian Housing and Urban Institute (AHURI) says it can take up to 7.5 months on average to construct a new home. Since the year 2000, the construction time to build has doubled. When you add design time-frames and the Development and Building approval process, this can push out to 12 months and more. In contrast, buying an established property can take as little as 30 days from signing the contract to the date of settlement and moving in.
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Tip # 2 : The Elephant In the Room ($$$)
Once again, time costs money ! If it takes 12 months or more to move into a new build, costs like rent over that period are additional expenses that will need to be taken into consideration. In addition, financial holding costs and professional fees from architects, engineers, surveyors and town planners can be substantial and are often not required when buying an established property. Building costs are increasing year on year. Building material costs keep going up and home building has become more complex due to increasing compliance with new building codes and energy efficiency standards. In most capital cities, including Brisbane , land costs are at a premium, and this has a major impact on the desired location and the overall costs to build.
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Tip # 3 : Location, Location, Location
Buying an existing home usually means buying into an established neighbourhood. This means that you know what you are getting with respect to existing public transport, schools and shopping facilities. Should you desire to live close to the city, vacant land, if there is any available, is rare find. Land costs alone can be comparable to the costs of established homes. With strict interpretation of local councils Demolition Codes, land within the inner city precincts are almost non existent, and therefore at a price premium. Sellers of established homes generally are less concerned with replacement costs than they are with returning a profit on investment.
If living close to the city is a necessity, buying an existing home may be the only option, and as a result, the home renovation sector is booming, with buyers wanting to live in preferred locations and altering their homes to suit their lifestyles. Renovations done well, can add instant value.
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Tip # 4 : Added Extra’s
When you buy an existing property, things like the landscaping, pools, fences and driveways are included in the sale price. These costs are additional extra’s when building from scratch and are often underestimated by new home buyers, or not considered at all. If you have been to a plant nursery lately, you will quickly appreciate the dollar value of the established trees and plants in your back yard. These extra’s fall squarely into the sector of the unknown in building a new house.
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Tip # 5 : Fear of The Unknown
When you buy an existing property, you know what you are getting. You can walk into it, around it, touch it. It means that you can immediately identify potential defects and items that may show up in a pre-purchase building inspection. You can with some help from your real estate agent get information on the sales history of the area. This will typically give you an insight into capital growth potential. When you build, you wait 12 months and live in hope that all your expectations are fulfilled. I wonder what they are going to build next door ? Did we get the design right ? Will it suit our lifestyle ? Did the builder do a good job? What went wrong with that and why did it cost so much?
Quote provided by Calibre Real Estate’s Residential Property Specialist –
Simon Hughes
0402 038 082
simon.hughes@calibrerealestate.com.au
In the end, the decision to build or buy an existing home, will come down to personal needs, preferences and desires. The best decision you can make is an informed one .
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