When Is It Time To Renovate Your Home?
There’s a lot to consider when deciding whether or not to renovate your home; from how much you can afford to spend, to how much you should spend – and where.
Many people tend to put of renovation until they have to, which is always a good time to start planning, but before you notice your windows looking a little tired and that little damp patch in the corner of the room gets any bigger, save yourself some time effort and money before things start to get out of hand.
Inspect your property for signs of fatigue
Some of the first signs that your home may need a renovation may be when you start to notice your paint looking a bit tired. Whether inspecting around the exterior of your property or inside, keeping on tab of your paint work will help to keep your home looking fresh and clean. A regular cleaning around the home in those very hard to reach spots will pay dividends in the future, as will regular inspections in the attic or basement if you have one.
Whilst keeping your house in check with little paint jobs here and there will help keep your house looking neat and tidy, you may be putting off the bigger jobs until later. By making an investment on your home with a large renovation project you will be able to greatly improve your homes atmosphere, as well as add value to the property in the future.
Should I renovate?
Just because you can afford to renovate, doesn’t make it the right decision. You should consider all the pros and cons before committing your time and money:
- Re-locating can be more expensive than renovating. Avoid all the stamp duty, agency and legal fees that come with moving by re-modelling your home to suit your changing needs.
- Invest in quality fixtures and fittings that will last.
- Added resale value.
- Potential to overspend and overcapitalise.
- May be temporarily inconvenienced or move out of home while works are being completed
What should I renovate?
If you don’t plan on selling you property straight away you are making a lifestyle investment rather than an investment for a profit. This means that instead of buying the cheapest bathroom taps or painting in neutral colours that potential buyers like, you are able to splurge on what you really love and what you know you will continue to love in 20 or 40 years!
Many people choose to renovate their homes with an extension, attic conversion or re-purposing an unused garage or basement area into a rumpus room for the kids. The most popular rooms to consider are:
- Deck or patio
- Extra bedroom
- New flooring
- Painting design
Homeowners increasingly want flexible designs that are adaptable for their changing needs. Keep in mind low maintenance living spaces and multi-purpose rooms are still all the rage.
Australia is rapidly adopting alfresco living and dining. Sydney’s weather allows this style of living. This can be achieved through extending the lounge and dining outside onto a deck and utilize retractable awnings as extra cover and to add ambience.
Be smart before you tackle a big renovation task.
There are many reputable builders and painters in Sydney available to give you an estimate of costs when it comes to renovating your home. You will be able to create plans to assist you in envisaging what you intend to build, as well as get a feel for the materials used for construction.
Do your research. Speak to your local real estate and trusted builder to gauge whether a renovation will add value to your property. If you are renovating with consideration of selling in the short to long term then there is always the risk of over-capitalisation. To make sure you don’t overcapitalise (when you spend more on a house than what you can sell it for) it’s a good idea not to spend more than 5% of the purchase price on renovations.
Interest rates are stable for now. The Reserve Bank has as expected decided to again leave official interest rates on hold at its second meeting for 2014. Rates have now been steady since the decision by the Bank in August last year to cut rates to a 60 year low of 2.5 percent. This means banks are more willing to lend for alterations than in previous years.
Don’t forget about council! Dealing with council can sometimes be a daunting task, however there are some quick and easy ways to freshen up your home and re-purpose rooms to make your home work better for you and your family. Remember, painting doesn’t require council approval and it can have the biggest impact.