In an article from Mortgage News it says that if you turn on the TV, on most nights you’re almost certain to come across at least one ‘reality’ home improvement or renovation program. As exciting as they might make renovation look, real world renovation can be tough, not just on your back but on your bank balance as well. So, before you get carried away by the glitz and glam on your TV screen, consider the following tips & questions.
Plan ahead – while it doesn’t make for entertaining TV, some fastidious planning is always involved in any successful renovation project. Before starting out on a project, know how much you can afford to spend, which rooms you will renovate, how expensive the project will be, how long it will take and who will help. In fact, before you even think about picking up a hammer, be sure to know where, or at what you are swinging it.
Is it in the budget?- Creating a realistic budget at the outset of the project is perhaps the most important element of a successful renovation. A well-crafted budget will allow you to prioritise work and materials, to determine the overall scope of works, and importantly, to avoid the dreaded ‘reno’ blow out. Include all the material costs, labour fees and additional expenses such as pest control provisions in your budget. And don’t forget to allow for costs you didn’t anticipate. While the results of those TV renos might look remarkable, spending too much on finishing touches that don’t add real value can be a fast track to serious over capitalisation.
Pick and choose- TV renovation projects have it all, from the back yard makeover to knocking down walls left, right and centre. In fact, any extensive project is not only likely to cost a tonne but may also be difficult to carry out. One easy way to minimise your expenses and maximise your profits is to only target the most important rooms in the house. Generally speaking, the kitchen, bedroom and bathrooms are the rooms that most impact comfort levels, and the overall value of the property, so be sure to prioritise your project plan in favour of these rooms. Finally, always remember to shop around, whether you’re in search of light globes or looking for a landscaper to add the final touches. You won’t regret it when it comes to selling time.
If you’d like to talk to John, he can be contacted on 0749722081 or 0410433919. You can also email him at jwhitten@ihl.net.au or look him up on the net www.ihl.net.au. John Whitten is a credit representative (CRN 399796) of BLASSA Pty Ltd (Australian Credit Licence No 391237).
