When do you know if the time is right to think about home renovation?
If you are a homeowner, then from time to time, you may consider doing a certain renovation for your home so that you can offer a facelift to your home. People’s choice, style, and also technology keeps changing and hence many people prefer to give a modern appearance to their home and go for a renovation of their home.
However, the cost involved for such a project is the first thing that comes to mind whenever you think about renovation, and hence unless you have a sufficient budget available, you should never go for any renovation.
Also, you will need to have some extra reserve cash to meet unexpected expenses. That will help you make sure that your project does not come to a grinding halt because of a lack of funds.
Be prepared for unforeseen expenses, but you can eliminate most of the unexpected situations by planning your project carefully with your roofing contractor. Remember that the labor costs will depend on the number of days that will be needed to complete your project.
Why do people go for their home renovation?
One of the topmost reasons why most homeowners go for their home renovation is for adding a certain value to their home so that its resale value will increase. However, many people in Australia also go for renovation to have a better lifestyle and upgrade their outdated fittings so that the home looks more modern.
The following are a few of the perceived reasons for renovation:
Increase property value
If the renovation is done thoughtfully then certainly it can add value to any home. Typically, most of the renovation if done properly can add value to your home by 10%.
Maximise resale price
In case you are planning to sell your property shortly then doing a very careful renovation can surely boost your property’s sales price. However, if your motive is only to sell your home and not live there for a few more years then you have to consider such renovation that should appeal to many prospective buyers.
If your family is going to grow in the near future or you are planning to retire and create a certain home office or planning to create additional space in your home then you may have to take a major modification in the structure of the building too.
Often people may add a few rooms or additional bathrooms for increasing the functionality of the home.
Often people think that selling a property and relocating to a certain new location can be too pricy and also risky, especially if you planning to hire a professional removalist company. Therefore, they prefer to renovate their existing home to suit all their needs and that becomes a much more economical choice.
Always set your home renovation budget
Before you really start your renovation project, it is always necessary that you must set your budget. Therefore, it is necessary to first list down all the necessary modifications to be carried out and make an estimation for each of these modifications. It is necessary to do a little research to know the realistic cost needed to take up each activity.
You must try to get quotations from at least 3 different contractors and study their proposals very carefully. Also, you need to consider the charges for:
- Building inspectors
- Flooring Companies
- Other specialized tradesmen e.g. carpenters, plumbers, and electricians
You must know the budgetary cost of each of them and also add about 10 to 20% as a certain unforeseen cost that can always be there in such projects.
How to estimate your cost of home renovation?
The following are the ways to make an initial estimation of the cost of renovation:
- Prepare a very detailed list of all activities needed for all renovations. Try to be as specific as possible
- Do research to find hourly rates prevalent in your area, and also the cost of various materials needed for the renovation. You may also take guidance from a certain home advisor.
- Add the total cost and then include a further 10-20% that may be needed for any rework or repairs etc.
- Talk to any contractor to ask them to submit an accurate quote.
How can you save some money while going for your home renovation?
- Never be in haste and push too much to your contractors to complete the project. Often such rush jobs may end up increasing your renovation cost.
- Try to compare offers obtained from different contractors
- All complex jobs must be given to professionals, and wherever possible consider DIY if you are confident
- Go for durable materials and source them in bulk to get discounts.
Any kind of home renovation can be pricy however if you go in a planned manner then you can save several dollars. Going for such projects without any proper planning may end up exceeding your budget.