Thinking of renovating your home?
While you may think you’ve got it all figured out after watching several home improvement shows and tutorials on YouTube, it’s not always as easy as it looks. Sure, you may have bought all the tools and materials you need, but it’s the things people often don’t talk about that you have to watch out for.
Before you get started on your home renovation, here are some things you should keep in mind.
image source: lendi.com.au
From finding outdated plumbing and electricals that need to be replaced to paying for a hotel when you realise you and your family can no longer live with the constant racket, several unexpected costs that can pop up during a home renovation.
If you are planning to undertake the work yourself, then it may be a good idea to call out an experienced carpenter to help you figure out the best way to tackle the project. While this may involve a call-out cost, you will likely save a great deal of money in the long run by avoiding costly mistakes in the process.
If you want to avoid running out of money halfway through the project, then take the time to work out your budget beforehand carefully and then include a 'cushion' in case you're faced with a huge unanticipated bill. Somewhere between 10%-25% of the total costs of your project should be enough, but it's always better to be safe than sorry.
You may need a permit or council approval
Most local governments will let you make small alterations to your home without council approval, but it is recommended that you always check first as you may need to obtain permission and inspection by the relevant authority, even if you do not need building or planning approval.
Improvements don’t always add value
While you may think that installing a pool will instantly add to your home’s resale value, that’s not necessarily the case. To improve the likelihood of recouping your costs, stick to renovations that offer the best return-on-investment, such as kitchen or bathroom upgrades.
You may be better off hiring a professional
Remember those unexpected costs we mentioned before? Well, these could turn out to be so high that hiring a professional to do the work could work out cheaper in the long run. That is why it’s so important to work out the costs before you commit.
Take the time to do your research and be sure to get quotes from a few different tradespeople, so you have a better idea of what you are working with. Be honest with yourself and think carefully about your skill levels, how long it would take, how long you’re happy for it to take, how interested you are in the work, and how much energy it would require.
It’s not just about knowing how to do the work, but it’s also about having all the necessary tools and equipment; you may end up needing to rent things out which will add even more to the costs. Be realistic and factor in all the pros and cons before making your decision.