Embarking on a home renovation project is an exciting, ambitious, and utterly nerve-wracking experience. After all, a whole host of factors could either make or break your dream home, many of which are entirely out of your control.
There are, however, ways you can pull off a cost-effective and aesthetically successful home renovation. Read our beginner’s guide to find out how.
Shop Around For Builders
It’s difficult to say how much a renovation will cost. In fact, the most a builder can do is provide an estimate, of which the end result may vary significantly.
Nevertheless, comparing estimates is still the best way to find a good deal on a new home design. Round down the best builders in your area into the top three operators and grab a quote from each. Not all estimates are going to be the same, so it’s crucial to factor in other aspects, such as whether plumbing or electrical work will be included.
Plan Your Budget And Timeline
Much like any large-scale project, a home renovation requires a significant amount of planning to pull off. First up, you’ll need to establish the following:
- How long do I envisage the project to take?
- How much money am I prepared to spend?
- What will I outsource and what will I do myself?
Next, it’s time to draft a preliminary budget based on your preferred estimate and the materials involved. As for materials, now is the time to get in contact with different wholesalers to negotiate a reasonable rate. Although your contractor may offer this service for you, it’s often cheaper to do it alone. Various software applications can make the entire budgeting process easier for a nominal fee.
As for your timeline, work closely with your builder to determine a suitable timeframe. Remember, pressuring them to rush the job could result in poor quality workmanship. Smaller jobs might only last a few days, while more significant projects could take several months.
Sort Out Your Finances
You’ll need cash to pay for a renovation, so ensure you’ve got enough liquid assets on hand before you get the ball rolling. Remember to add an extra 20% for unexpected expenses.
Other things to consider are the effects your renovation will have on your home and contents insurance, whether you could be eligible for additional government rebates, and securing a good value mortgage, if necessary. Another critical aspect to consider is renovation insurance. If things go pear-shaped, you could irreversibly damage your home, which isn’t generally covered under home insurance.
Get Your Paperwork In Order
Contact your local council to double check that your renovation plans comply with local legislation. If your house is heritage listed, you may find yourself up against a mountain of red tape. Furthermore, there are other less known regulations concerning things like energy and water efficiency to consider.
You’ll need to ensure the contract between you and the builder is in order as well. Read the entire document and ask for clarification, if you have any doubts. Ensure you both agree on the following:
- The project scope which clearly outlines inclusions and exclusions
- The final fixed price for the project and a change order for variations
- Payment methods and due dates
- A warranty to cover you for damage caused by shoddy workmanship
Move Into An Alternative Accommodation
Many renovations require householders to temporarily relocate elsewhere. If that’s the case, try to arrange to stay at a friend or family member’s place to reduce costs. Otherwise, a hotel or Airbnb will also suffice.
By keeping these 5 tips in mind, you’ll be far better equipped to enter the world of home renovations. Remember to liaise closely with your builder, insurance provider, financial institutions, and loved ones for the best result. Alternatively, you can hire a design build construction company that will assist you in your home renovation process, from start to finish. Handing it over to a specialised and experienced team is a cost and time efficient method to make your home renovation an overall enjoyable experience.
