Today being the first article from me, I thought we would start at the start…How to plan a successful renovation!
In all the years I have been renovating, I believe the planning phase is the most important part of the whole renovation and therefore needs discussing! I would even go so far as to say that most of the “issues” that arise during renovations could have been avoided if the planning phase was on point.
When you are planning to do a renovation, there is a system that you should use! I use this system with all of my clients and even, on my own properties. It is so important that the renovation is planned well before any work commences. Don’t forget… time is money and money is time in property!
So how do you plan a successful renovation and what’s the system?
First up, know your reason for the renovation
What is the intention for this property you are about to renovate? Is this property going to be rented or sold? Or, are you planning to move in and call it home? The answer here will very much impact everything else.
TIP: If you are doing any form of investment property have your house valued to assist with the budget you will be working with. This will ensure you don’t over capitalise in your renovation!
If you are renting it out, you will need to be mindful of doing a renovation that will attract the right tenant and that will withstand the tenant lifestyle. A good example of this is with spraying. Spraying tiles is great for a quick, cost effective and visually appealing renovation. However, spraying the floor tiles, will likely leave you disappointed as the tenant will not be aware (or mindful) of how to treat a sprayed floor! Equally, if you are selling the property, you can use shiny laminate bench tops that look amazing but need to be looked after as they are prone to scratching. In a nut shell, consider who will be living in your property and this will be answered in your reason for doing the renovation!
Secondly… Research Research Research!
You need to know what comparable properties in your area are selling for renovated AND… what people are expecting to see! This goes for tenanting and for you moving in! After all, you only know what you currently know, so by doing your research and window shopping like a pro you will find so many options you probably didn’t even know existed!
In doing your research with your reason in mind, you will develop a works list that I like to call a wish list. I call it a wish list because it will be budget permitting, not necessarily everything you had hoped to do.
Then… Budget Baby!
This is a Biggy! So many people just allocate a figure and think they will do their renovation within this budget…NEWS FLASH… It simply doesn’t work that way! Honestly, it is not even keeping to a budget that is important it is also knowing how much you should be spending.
For example, if the property needs a new kitchen and flooring throughout and you only have $5,000 to spend… then you are probably not going to be able to achieve the renovation within your budget. Also, you will probably find that that $5.000 will not bring a return on your investment visually OR financially!
So how do you set a budget and work to it?
It can be made quite simple but you really need your planning phase to be done well. Adding ideas or things or, changing strategies as you go, will hinder achieving a successful budget.
I highly recommend as previously mentioned, to get your property valued if it is an investment. I do this because this information will tell you what your maximum budget should be. This takes the guess work out for you. Obviously if it’s your home that you are renovating, then you get to set the budget according to what you want done.
Regardless of the reason for your renovation, I find that spending a fair amount of time window shopping and taking pictures with price tags on products, helps when it is time to work on your budget. This is will allow you to interchange products AND trades, to find the right combination to fit your overall budget.
TIP: Make sure whoever you hire to work on your renovation is licensed and insured AND make sure you see the proof. This is serious and you should embrace this practice as soon as possible if you are doing renovations!
Lastly… Learn to Schedule
Make sure you map out what is happening and when, this really helps with seeing the big picture of the renovation and can even help you see where you have forgotten things. I like to think of it as a working document that is used to keep the renovation running smoothly.
This information is GOLD for anyone who is planning on doing a renovation. Of course… there is more but I feel if you start here, you will have the right foundations for your renovation from the get go. Following a good planning system and making sure you really are ready before you start, will improve your chances of completing a successful renovation, on time, on point and on budget. Happy Days!
If you want to know more, head over to Perth Renovation Projex on Face book and have a look at the 5 Day Mini course video series where I discuss this in more detail. https://www.facebook.com/perthrenovationprojex/
Good luck and… make sure you have fun too. Just remember, once the serious stuff is done, the rest is for fun xxx