Budgeting Tips for a Home Renovation

 

It is getting too expensive to move, hence the soaring popularity of renovating throughout the country.

According to a recent survey of 2,017 Australians by finder.com.au, one in 3 homeowners, or 34%, have renovated their property. This is equivalent to over 3 million homes.

 

Renovation Costs
Using data from the Australian Institute of Architects, here is a price comparison to understand the actual costs of different home renovations, at “basic,” “standard” and “high” levels, depending on the cost of designs, materials and labour used.

Data revealed that the most expensive project is attic conversations, costing from $52,464 for a basic budget, to $91,597 for a high-cost undertaking. The small budget requirement goes to bedrooms and laundries, each priced below $10,000 for a basic facelift.

 

Renovation Basic Cost Standard Cost High Cost
Bathroom $20,962 $38,696 $54,804
Bedroom $8,948 $13,786 $18,612
Kitchen $23,264 $42,017 $69,738
Room renovations $10,514 $16,586 $22,648
Garage (extension) $15,131 $28,076 $39,987
Interior plastering $25,220 $28,897 $32,536
Laundry $9,172 $15,466 $21,752
Ensuite $16,618 $25,544 $31,692
Attic conversion $52,464 $66,073 $91,597
Floorboard restoration $10,856 $27,689 $44,518
Roofing (tiled) 18,860 $23,690 $28,492
Room extension(ground) $38,475 $62,767 $83,865

 

When setting a budget, it helps to know what the average cost of your renovation is, though it is almost impossible to forecast the actual renovation cost.

In most cases, the costs of materials and labour may be higher than you expected, or something unplanned may occur.

The one thing you need to avoid is to have cashflow issues in the middle of your renovation, or to sacrifice something that is in the plan, so allocate at least an additional 15% for unplanned expenses.

Experts recommend including some DIY to save money.

These could include minor projects that don’t require professional tradespeople such as painting, landscaping and small cosmetic changes, including replacing doors and handles.

Do your assignment
These days, time poor people commit the mistake of getting only one quote. It is important at least three quotes to make sure you get the best price and the right person for the job.

Renovation can add value to a property, but how much? The value is determined by how extensive the renovation is.

For instance, building an extension, such as another bedroom, will likely add more value than doing cosmetic changes in the kitchen. However, the kitchen is the heart of a home, so it can also increase substantially more value.

Between 10% and 15% can be added to a property’s original value by a well-planned renovation. This is particularly true if you intend to keep the property for at least five years.

It is also recommended that you speak to a property specialist about what the market wants. Knowing the market trends and what buyers are searching for can also help you identify what makeover job will add the highest possible value to your property and at what cost.

If you’d like my personal opinion, call today and book your appointment.

Eucalyptus Sheets, Is It the Next Hottest Thing?

Imagine sleeping in beautiful sheets made from the most iconic tree in Australia – the Eucalyptus. Bedding crafted from this material are breathable, hypoallergenic and possess a super luxurious feel.

Aside from being rich in anti-fungal, antiviral, anti-inflammatory and antibacterial properties, Eucalyptus can potentially be an effective sleep aid.

Upon discovering these benefits, the founders of The Beach People, Sisters Emma Henderson and Victoria Beattie, got down to exploring the eucalyptus textiles for their new line of beddings.

Working with eucalyptus is very interesting as it is one of the country’s multitude of amazing native botanicals. The tree is being grown sustainably as part of efforts to lighten our carbon footprint on this earth, a pursuit that the sisters are very passionate about.

The bed sheets are made from Tencel Lyocell, a fibre produced from the wood pulp of eucalyptus trees, which are propagated on specialised tree farms.

Compared to a majority of man-made cellulosic fabrics, Tencel is made from recyclable, eco-friendly solvents.

No pesticides or irrigation were used, and the manufacturing process utilised less land and water compared with cotton. Consumers need not worry that it is bad for the environment.

When melded with good cotton, the resulting material is a durable, comfortable and wrinkle-free textile with a silky feel. It is very breathable as well as hypoallergenic.

The line of beddings is available in three beautiful colours inspired by Australian gum trees. The colours are described as light oak, which is a gorgeous light sandy tone; ghost, the perfect sheet; and midnight gum, a deep and rich charcoal colour.

 

To find out more about Emma & Victoria and their incredible range click here https://thebeachpeople.com.au/pages/our-story

 

Agent Advises Homeowners to Sell First Then Buy

Second or third home buyers could be committing a huge mistake by buying first then selling in the current state of the property market.

Homeowners should stay away from a situation where there must get a certain sales amount for their current home to be able to pay for their new home purchase.

I have come across people who couldn’t finalise the purchase of their next home due to their failure to sell their house first and as a result lost their 0.025% deposit.  Not to mention their excitement to sell, purchase again and make a move.  Nobody likes loosing or having to hand over money for nothing.

No person has the same situation, but if you’re not cashed up, I would usually advise to sell first and then decide what to purchase depending on how much you got for your property.

 

Tips for Taking Advantage of an Open Home Inspection

Can you trust yourself to make the right decision if  you were only granted thirty minutes to decide whether a property could be your potential new home?

In real life, that is roughly the amount of time the majority of people spend actually inspecting a home before purchasing it.

Sounds absurd doesn’t it?   But given our hectic schedules, this is reality for most buyers.

Experienced house hunters may be able to determine in a short amount of time whether a property is the right one, but those who are less experienced may not find it easy, making them vulnerable to making the wrong decision.

Here are some tips to help you make the most of the time you have when inspecting a property:

Prepare a checklist:-
I recommend creating a list of features that you absolutely must have. This will give you a clear understanding of what you’re looking for, making it easier for your spot the right property.  Prior to conducting a viewing, check the listing and take particular note of what you don’t know. Focus on these details at the open inspection.

Avoid rushing
Unless the property is in high demand and you are in fear of missing out, visit the property during the day, at night and during the middle of the week,  This way you get to observe the different light levels, traffic in the street, and who your neighbours might be.  Ask the sales agent to arrange a private inspection and let them know that you want to take your time.

Hire professionals
A pest and building inspection is important even if you think a property looks to be in sound condition.  Other professionals to consider pre-purchase is an electrician who will check the wiring of the property and even a plumber for any possible defects.

And for those buyers planning a renovation I would strongly recommend an interior designer or architect rather than a builder to conduct a walk through to discuss the best changes and provide a rough estimate of costs.

Think of these services as an investment rather than a cost. Not only will they offer ideas and great solutions but they could save you big dollars in labour, materials and time!