With home renovation shows in Australia being more popular than ever, more and more Aussies are interested in renovating their homes. Each project will be different, and each homeowner will have their own expectations. Some want to increase the value of their property, while others are more interested in customising their home simply to make it their own. For either situation, it is going to cost money and a lot of it.
If you are asking yourself, “How much is it going to cost to renovate my home?” well the answer is, it depends. The work that needs to be done, its quality, and materials as well as the amount of time you have, are all going to play a major part in the costs. House flippers and investors will have different considerations than those that are looking to renew or upgrade their homes. Either way, you are going to need to budget. Here’s what you’ll need to think about before you begin:
Ideal property value
For those hoping a renovation will increase property value, you will have to know that there is no tried and true way that will guarantee you a significantly higher value. What you can do is order a house valuation in Brisbane. Homeowners and flippers use this to assess their property and the surrounding market. A valuation informs you what is lending to your home’s market value. This could be its size, location, design, condition, features and more.
A common valuation method used for taxes, mortgage security and insurance, is the comparison approach. This determines house value by examining comparable properties. One type of comparable property is a superior comparable. This is a property that is similar to the valued house in almost every way. You can look at the differences between your house and the superior property to see what you can do to increase your market value.
Quality
It is easy to skimp on the cost of materials and labour, however, this can sometimes lead to very poor-quality results. This can be noticed by property valuers and prospective buyers. When a property renovation is for a personal home or rental property, you will need to consider long-term costs. If any work is improperly done, it may need to be later redone at a higher cost.
It is highly recommended to find the best contractors you can. If you are considering a D.I.Y. renovation, then you will need to know when you will need a professional to step in for certain tasks. This will include such things as electrical work, complex plumbing and the removal of mould or asbestos. This can save you from a lot of trouble down the line.
Renovation or improvement?
Sometimes a home does not need a large renovation project. At times simple home improvements can work wonders in revitalising a home. This can be simple work such as painting walls and built-in cabinets, installing new fixtures or upgrading appliances such as the oven and dishwasher. Home improvement is much more affordable than renovations. It also the much more d.i.y. friendly option. As always, be conscious of the quality of the products and materials you use so that your hard work can last as long as possible.
More from the professionals
Talk to a property professional to get more insight into the costs of renovations and what projects are worth the investment in your area. Professionals such as financial advisors, contractors, real estate agents and property valuers can give you advice that is more relevant to your situation and your home. For more about house valuations, call one of our specialists today.