Liz Wilson: Renovation Tips
Monday September 16 2013
Liz Wilson: Renovation Tips
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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