Good Renovations Start With Good Planning
Renovating can be rewarding. Both personally and financially – adding value to both your property and lifestyle. However no matter whether you have major improvements or a simple do-it-yourself project in mind, it’s worth doing the job well. And it all starts with knowing what you want to achieve with your renovation.
Each year thousands of home owners undertake renovation projects. Some are motivated by the need to add space. Others just want to restore an older home to its former glory. And in some cases, home owners choose to renovate in order to maximise their property’s value ahead of a sale. For investors, renovating may be an opportunity to improve the value of their asset.
Taking the time to think about your reasons for renovating and what you want to achieve will ensure the end result meets your goals.
Increased living space – Changes to your family or lifestyle can create the need for more living space in your home. Finish a basement, add extra bedrooms, or add a home office or shop.
Avoid the costs of moving – If you like the area or home you live in, renovating rather than selling up and buying elsewhere may be a cost effective solution. Expenses associated with buying and selling can add up to thousands of dollars. It’s money that can go towards your renovation.
Improve return on an investment property – Renovations may mean enjoying a greater profit on sale or being able to charge a higher rent on a rental property.
Increase your property’s value – A well-designed, well-executed renovation may add significant value to your property. It’s an opportunity to grow your property’s value regardless of how the overall market is faring, and in this sense a renovation can also be a great investment of your time and money.
Achieve a higher sale price for your property – Renovations can make your property easier to sell – and you could potentially secure a higher sale price with a renovated property.
Restore an older home – Many older or un-renovated homes are hidden gems just waiting to be polished. Renovating these homes can be extremely rewarding.
Make your home more energy efficient – Adding insulation, installing new windows and doors and a whole range of other improvements can reduce your homes energy consumption.