Welcome! A renovation has been on your mind for months, maybe years and you’ve been doing plenty of research. You’ve scoured the internet, devoured magazines, saved Pinterest pins and shortlisted builders! After all that hard work, you decided to take the leap and get that reno done. But, surprise surprise! People who have done renovations before will tell you that overcapitalizing is something you need to consider. It has happened to them or their friends and it is hard to be immune to it. After that ominous remark, your reno project seems to have hit a dead-end! Is that it? What is overcapitalization anyway? Well, simply put, while trying to get more ‘bang for your buck’, you end up putting in more buck! Now that we’ve established what overcapitalizing is, let’s look at a few ways of avoiding it.
Face it, not all research is useful. Think of researching for a simple sponge cake recipe – your research, if it leads to you making a delicious cake, is intelligent. But, if you end up sitting on the couch for half a day wondering which recipe to follow and you’re confused about the ratios, that research was not intelligent. In fact, it was useless and confusing. Similarly, when you are researching your renovation, the result should be a confident you who knows how to plan, how to choose the builder and what would be an approximate budget. You shouldn’t be feeling like a headless chicken by the end of your research. Some topics you should be researching include: how to plan for a renovation, how to budget both time and money for a renovation, what to renovate, styles, designs and builder.
Living or selling?
One of the first questions that need to be answered. Are you going to be living in that property? Or are you renovating to sell? If you are taking up the renovation project so you can sell for a profit, then you’ll be better off renovating the entire house and bringing it to a certain standard instead of over-spending on a single room. Go for standard fittings and attachments that are neutral colors and will look good. You might have a unique taste in aesthetics, but not everyone will share the same liking. Look for low-cost, durable fittings and furnishings. Standard, durable, low-cost fittings and furnishings are easy to find saving you time and won’t result in a hole in your pocket.
If you are renovating for your own use, then you can be unique but remember, going ballistic about it and getting obsessed with it can result in a huge money and time drain. If you have parents living with you, or a young family, you can also factor in some elements of comforts or accessibility in your design and style.
Find. The. Right. Builder. Many people go with builders who are cheap. While all seems fine at the outset, costs creep up along the way, slowly adding on the budget and finally ending up being more than you could chew! How to avoid this? Check the builder’s creds – put your research skills to work and check their website, reviews, previous projects, standard inclusions and professionalism. If the builder is just agreeing to everything that you say, then there is an obvious red flag. An experienced builder will give you a job schedule and will be able to tell you whether your expectations are realistic or not.
Design and layout
Whether you’re doing a significant renovation to your home or just removing a wall, the design and layout need to be considered. Work with a qualified and experienced builder to get the layout right. Remember the layout must be practical and functional. The wrong design and a poorly planned layout can result in expensive delays.
Designer fittings and appliances
Avoid these at all costs. Though they do look tempting, designer fittings and appliances do not add much value, and all they do is drain your hard-earned money. Plus, if your fixtures and furnishings are moderately priced, then designer-ware will look out of place.
Plan a budget and stick to it
Depending on whether you will be selling or living, you should be able to decide what areas you will be renovating, what décor you will need for later and the kind of renovation (cosmetic or structural). After that, once you’ve consulted with your builder, you should be able to nail down a budget. Make provisions for any miscellaneous costs that might come up. Once your budget is ready, stick to it. It doesn’t do you any good if you keep changing your mind when the project is underway.
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Not sure where to start?
Whether your heads swarming with ideas or you simply just don’t know where to start, Swan River Constructions are here to help! Request a FREE phone consultation and one of our friendly registered builders will be in touch to answer any of your questions. 08 9284 7778