Liz Wilson from Wilson Financial brings us her financial tips exclusively for The Newsport.

This first article in a two-part series explores the pros and cons behind renovating your home...

Renovating your home? Consider the pros and cons before embarking, with these quick tips.

Do Your Research

• Take some time to research your local area.
• Discussing the benefits of renovation with local real estate agents for properties of a similar size, aspect or age of your own may help you decide what type of projects work best. The cost of shouting a good local agent a coffee and picking their brain will be priceless.
• Request a Property Profile Report for your area and access data to help you make the best decisions about renovating.
• To discover what really works, look at the properties in your area that have sold, not those that have simply been listed for sale but aren’t moving.

Don’t overcapitalise!

• Assess whether you can achieve your goals without over capitalising on the investment.
• Ensure that the cost of the renovation project does not outweigh the value it adds to your property.
• Remember the KISS principle and “Keep It Simple, Stupid”.
• Do you need LED lights everywhere and top of the range shower fittings for a cheap rental? By all means use quality products that will last the test of time, but don’t go overboard.

Budget it first

• Do your homework and know your total project cost prior to beginning.
• Be realistic about the budget you set and stick to it like glue.
• Cost it out, including the labour which can easily blow out particularly if you haven’t planned sufficiently and make changes as you go.
• Use a labourer that will charge by the hour, we find it works cheaper.

What Projects Are Best?

• Knowing which projects provide the greatest benefit is the key to successful renovation.
• Depending on the property and its appeal, do you simply need to create a lovely outdoor space, or put in an ensuite.
• Prioritise and be prepared to overlook unnecessary jobs.

Biggest ROI

• Consider the biggest return on investments by industry specialists.
• Kitchens and bathrooms are what people look at first if they’re going to buy our house. You could do a facelift by simply painting, refinishing the surfaces, or upgrading the appliances.
• Spend wisely.

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