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I’m renovating for my growing family
If you’re renovating your family home and are planning to stay there for a period of time, you should take into account how your family and lifestyle will change over the years. For example, how many bedrooms and entertainment areas will your family be wanting in 5 years from now?
I’m renovating to sell
If you’re looking to sell your home in the coming years, you’ll be seeing renovation as a way to increase the value of your home.
What is the best way to add value to your home?
As the kitchen and bathroom are the main spaces buyers look at when purchasing a house - they’re considered to be the best investments to increase your selling price.
The most important part of the renovation process is confirming your budget. Make sure you can financially support the entire project while preparing for the unexpected with a buffer budget. You should also take into consideration any extra living expenses you may encounter during the renovation process. For example, you may need to spend extra money to buy takeaway food if you’re unable to use your kitchen. When you start chatting with potential builders you should communicate your budget with them, and they will be able to recommend the best options for this budget.
If you’re looking to increase the value of your home before selling, we recommend seeking a property valuation from a local real estate agent to get a more accurate understanding of your home’s current value. The Newcastle house market is constantly changing so we recommend seeking an up-to-date valuation even if you only got one six months ago.
From there it’s recommended that you put 10% of your property’s value toward your renovation. For example, if the house is valued at $600,000, you should work with around $60,000.
NSW Fair Trading advises that you should request quotes from at least 3 contractors to compare pricing and deliverables. When comparing these quotes ensure that they include all of the work you’re wanting to be completed so that you can make accurate comparisons.
A builder quote should have a clear outline of the scope of works they’ll be completing and the associated provisional costs (including labour and material expenses). Your quote should also be presented within a professional document with all of the relevant builder information, including their licence number and accreditations. Be on the lookout for quotes that don’t provide a detailed breakdown of costs and/or if the pricing looks too cheap - this could mean they’re compromising on quality over price or have misunderstood the requirements of your renovations.
DON’T ACCEPT VERBAL QUOTES - Any quotes or estimates should ALWAYS be in writing!
When making a decision on the builder you’re wanting to hire you should take these factors into consideration:
Should I go with the cheapest builder?
While costs are important – a cheaper quote doesn’t always mean you’re getting the best value.
This is why it’s always recommended to take their reputation into consideration. As mentioned above you can.
Being aware of timeframes and starting dates is important in planning and preparing for your renovation.
Ask the builder what their schedule is currently like. If they have a busy schedule this could affect how long it takes for your renovations to start or take.
If you’re renovating existing rooms, in particular bathrooms and kitchens you should consider how long you can live without a bathroom or kitchen so that you can make other arrangements if you’re wanting to continue living in your home.
You should also take into account any external factors such as life events that may come up during the renovation process and could cause extra stress on the situation.
