Making the decision to renovate your home can be intimidating especially when you intend on tackling most of the projects yourself and are not even sure where to begin.
A homeowner starting a new DIY project should plan on taking twice as much time and up to three times as much money as originally budgeted, due to common DIYers mistakes. Read up and learn from others DIY mistakes to ensure your DIY renovation is as successful as possible.
Why are you renovating?
It is really important to know the reason you are undertaking a renovation. Perhaps you’re looking to increase the value of your home before you sell, or maybe you’re making changes to adjust to your family’s needs?
This decision is crucial in knowing what work to undertake, which materials should be used and what areas of the renovation need to be performed by skilled tradesmen.
Set a realistic budget
Setting a well thought out, realistic and affordable budget is key to a successful renovation plan and avoiding financial pressure and stress that can occur with a renovation budget. Track your spending daily if possible, to stay focused and accountable. Regular tracking will provide a clear picture if your budget is blowing out and where amendments can be made to lower other upcoming costs. Always include a contingency in your budget as renovations have a tendency to blow out.
No two renovations are ever the same and more often than not an unexpected cost will turn up along the way that has not been accounted for in your budget. Don’t Panic! Deal with the surprise as best you can, readjust both your budget and timeframes accordingly and move forward.
Set a realistic timeframe
Manage your renovation as a project and prepare a project timeline that is realistic and takes into consideration your current work and life commitments. Set goals and desired finish times and keep good records of not only expenditures, however also projected timeframes, contact details for tradespersons etc.
By staying on top of your project including all documentation, invoices, tradespersons and the like, you will find your renovation plan will run much smoother than an unplanned chaotic project without set goals and end dates.
Spending too much… Be aware
Be sensible about choices for fittings, materials and the like. Do you really need the most expensive choices when a lower cost item will still look great and function perfectly for a home you plan to live in or sell? Alternatively, do not pick the cheapest option on a high-end project as this will devalue the renovation resale if selling.
A great option can also be mixing a range of different materials and finishes, (i.e. mid – and high- range or low – and mid-range materials), to create a look that will be pleasing to potential buyers, if you are considering selling post renovation. Knowing your reasons for renovating is key in making wise choices on where to spend for the best resale value if selling, or which materials and finishes fit within your budget to provide the most comfort for you and your family if you are not planning to sell.
Always get a range of quotes from different places and service providers. That way you can budget accordingly and know the basic industry prices in your area. The more knowledge you gain the more room you generate for negotiation as well.
It’s great to know where you can save money and also where you CAN let yourself splurge a little more in the different areas of your home. Check out one of our previous blogs: Where to save and where to splurge when renovating.
Beware of Your Limitations and know When to Enlist Professional Help
If you have a few DIY projects on your renovation list, consider starting on the smaller, easier ones to give you confidence before tackling the bigger and tougher tasks. Seek knowledge from skilled professionals if you can, (you may even ask to work beside a skilled professional at first to reduce their costs and increase your knowledge on how to perform the task). The simple fact is that most professional skilled tradespersons have the high end tools and skills to perform many of the renovation works in a much faster and professional finish than a DIYer ever could achieve.
There is no way a DIYer can match this kind of experience either. So whilst it may be a fun challenge to undertake some of the renovation yourself, we recommend you avoid doing renovation jobs you have no qualifications for or no idea how to go about. This is sound advice to avoid the DIY job ending in disaster!
DIY work isn’t for everyone, which is why Your Property Profits exists! We sit down with you and make a plan from the start to understand your expectations from your renovation project and make suggestions of how we can bring you the most value to your property so you can sell for more.
Not only is it less stressful, you can guarantee that we’ll use the best in the business, with partnered contractors that we use every time with stunning results, to ensure you maximise your sale price with the bonus of no upfront costs.
If you’d like to find out more about our services, please get in touch. You can give us a call on 0411 648 908.