Many DIY and reality shows have made renovating look glamourous, but before you tear down walls, you need to consider whether renovating is the right choice for you.
Many DIY and reality shows have made renovating look glamourous, but before jumping into the deep end and tearing down walls, you need to consider whether renovating is the right choice for you.
There are a lot of considerations to think about that will affect both your personal life and your bank account. So what questions should you ask yourself before beginning? Find out below.
What are you prepared to sacrifice to finish the renovation?
Depending on what you want to achieve in the end, the renovation could possibly take over your life for the next few months or years. Unless you want to live in half-finished rooms for the next few years, you need to have the right attitude so that you finish what you started.
Are you willing to sacrifice going out every weekend so that you can spend the money on renovating? Are you willing to get up early and work every weekend to finish the project? Would you be OK with dust and dirt everywhere and tradies walking through your house every day? There are just some of the things you will mostly likely have to sacrifice when renovating your property.
Are you mentally ready?
If you are renovating your own home and choose to live in it while doing the renovations you need to be prepared for the headaches that will inevitably come up. There will be times where electricity and water may be turned off, which can make day-to-day living difficult.
Even if you are not living in the property, you will need to be mentally prepared for the possible problems that may arise. Going over budget, accidentally putting holes in walls or discovering pipes that aren’t meant to be there can all cause extra stress and if you are not mentally prepared, it will only hurt you down the track.
Are you financially ready?
When it comes to renovating, it pays to be over-prepared with the finances. Going over budget is a common occurrence for renovators and this is often due to poor planning.
Before knocking down the first wall, you need to consider the costs of the whole renovation and also plan for emergencies. Get several quotes from different builders and suppliers to ensure you are getting the best deal on work and building supplies. But also make sure you budget for unexpected costs so that if these surprise costs do come up, you will not have to stop renovations.
Did you know that you can fund your renovation using your home loan? Some lenders will allow you to top up an existing mortgage so that you can borrow the funds to cover the renovations and then this will be included in your mortgage repayments that you are already paying. If you are interested in funding your renovations with your home loan then you can speak to the team at State Custodians by calling 137262 and they can go through your options with you.
Is it worth renovating the property?
Unfortunately, renovations are not always possible for some properties. Underlying problems such as foundation issues or bad construction techniques could mean that it would be more worthwhile knocking down and rebuilding rather than renovating. Although there are some issues which can be fixed, sometimes the cost of the required repairs can often outweigh the benefit of renovating the property.
To ensure you do not overcapitalise on a property, spend time beforehand having the property inspected and speaking with experts about your options.