The prospect of renovating your home can be daunting. It is a significant expense regardless of what the economy may be doing at the time. These are some things you should consider and keep in the back of your mind as you approach your home renovation planning stages.
1. What Is the Purpose of Renovating at This Time?
This seems simple enough, but there are times when homeowners lose sight of why they wanted to renovate in the first place and end up feeling like they are hemorrhaging money. Is it because your bathroom is cramped or you are planning to have children? Are you lacking storage space or have a room you want to convert because someone has moved out? Staying focussed on your reason for renovating will not only inform your budget, but will help you determine whether it is the right time to renovate.
2. Take a Good Look at Your Home
Consider your home’s current state and condition. Are there repairs or other items that need tending to more urgently? It can be demoralising to put off a renovation you want to do in order to undertake one that you need to do, but prioritising will save you a lot of heartache in the long run, and may even save you from having to do unexpected emergency repairs at a later time.
3. Think About Finances and Costs Realistically
Most homeowners underestimate how much home renovations are going to cost. Sometimes it’s because of wishful thinking. Other times it’s because they didn’t do their research. In order to develop a realistic budget, you need to have a realistic understanding of what is required for a renovation as well as how much you are able to handle financially. Do your homework – compare costs, list out every permit that will need to be obtained, and assess whether you can or need to refinance or have access to a further line of equity.
4. Remember That You Are Not “Better Homes and Gardens”
You don’t need palatial additions or extravagant remodelling. If you are like most homeowners, there is a limit to the time and money you can dedicate to renovating. Stay the course in light of what you decided in Tip Number 1. Don’t be swayed by trends – save that for decor. When it comes to return on investment and longevity, pragmatism should reign. Avoid re-renovating in the future because you didn’t consider that the design might get outdated. Also say no to over-renovating.
5. Have a Cushion Instead of Cutting Costs
As mentioned earlier, most homeowners under budget. As with other smart commercial endeavours, factor in any reasonably foreseeable cost fluctuations or issues and try to reserve extra funds. Do not cut costs on materials or workmanship. In most cases, doing so doesn’t save money in the long run as you may find your home in need of unplanned or early repairs if the quality of the work is subpar.
6. Don’t Be Afraid to Consult the Experts
At JLG Projects, we’ve had the benefit of more than 15 years in the industry so we are happy to help you manage your expectations and to assist you in your planning stages. We want you to make informed, realistic choices so that your renovation is as painless as possible and achieves your objectives. Give us a call at 0422 072 074 and let us help.