Plan, Research and Renovate 

by Brett White 

Any type of structure gets old, that’s a fact. But there are properties which, with the right planning and research can be renovated to meet the standards of becoming a modern structure. 

Property Renovation is getting more popular every year, fuelled by a slower market and all the reality TV’s shows now airing in this space. It could be due to planning to sell the house or because of the changes and events in our lives. At some point our family structure can change and grow, and the two-bedroom house that we purchased 10 years ago might not work and just like the other things in life, what suits and works today may not be as useful and convenient for you tomorrow. But renovating your home may not turn out the way you planned and imagined the outcome to be. So, before we deciding to renovate, let’s consider some of the risks and benefits of renovating your home. 

Benefits: 

• Comfort 

• Not having to move is a big one.  Plus it’s always a good feeling to have fresh new furniture or fixtures and not have to deal with old or broken taps and light switches, and maintenance is heavily reduced without the worry of anything breaking soon since it’s been updated or replaced if needed. 

• Eco-Friendly 

• Eco-friendly modifications can help you save in the long run. This can include things like low-flow shower heads and taps. Energy efficient appliances will cost more than their regular counterparts, but the cost will be compensated by the savings over time.  

• Increasing the value of your home 

• Home renovations done right should increase the value of your property, and when done professionally will increase your equity.  If you are looking to sell, the property will appeal to more buyers as there will be less work to do and it will show that the property has been properly taken care of. 

Risks: 

• Overcapitalisation 

• Sometimes we might get carried away by renovations that we step out of our budget and overspend. Spending money in the right place is the key to a successful renovation.  This could affect the return on investment if you are planning to sell the property in the future. 

• Time 

• Making sure you are accurate on the time it is going to take to complete your renovation is really important.  Renovations can sometimes take much longer as what was originally planned, and this can lead to multiple factors that will increase your costs. A good example is the rent you’re paying if you shift out during a structural renovation.  

• Inconvenience if remaining in the property 

• Living in a property under renovation is always a big ask.  Depending on the type and extent of the renovations, you need to be prepared to be without a properly functioning kitchen or bathroom, and accepting of the dust and mess it can create during the renovation phase 

There is never a black and white answer to whether renovating or moving is the best way to go, and it really depends on what your ultimate goal is, and what your current property has to offer.  Speaking to a local real estate agent to get an idea of potential values is always a great idea, and best of all this is a completely cost and obligation free service.