There are many reasons why you may want to renovate your home or investment property. They say that you need to spend money to make money, so when it comes to increasing the return on your investment, renovating property that you already own is a smarter way to increase the value of your assets.
If you are looking at it through the lens of property investment, then by renovating, you can add and fix up areas of your home to add more value to it. If you are also looking through the lens of improving the home you live in, then there are smarter and more financial savvy ways to add value to your place, while curating the home that you desire.
Whatever the reason you have decided to renovate your home, you will most likely be looking at how you can add value to your home while spending the least amount of money possible and there are many ways you can achieve this.
If You Do Not Plan To Succeed, You Plan to Fail
How many times have you heard that adage? As cliché as it may sound, the saying rings true when it comes home renovation. If you do not have a clear plan and budget set out for your home renovation, then the chances of costs blowing out of proportion are high and without even realising it, you may be out of pocket a lot more than your investment may eventually return.
Setting out your budget, having in writing exactly what you want renovated and seeking out various quotes for materials, services and anything else you need to ensure you are getting the best price for quality materials. One thing to remember though is to remember that you should leave room for about a ten-fifteen per cent increase in budget, but not much more. That way you allow room for additional details, just in case renovations take a little longer or something that comes up- for example any rewiring etc.
Having a plan will also help you keep on track, not get distracted and if you are hiring any professionals for work, you can negotiate and narrow down the right professionals for your budget.
Quality Over Quantity
You have your plan set in place, you are ready to go but now you must decide on materials and professionals who can carry out your renovations.
For example, if you are getting a deck installed or replaced, paying for cheap materials can cost you more down the track. Investing in composite decking, a stronger and more durable type of material, rather than a cheaper wood that may be less at the beginning will mean that the decking will hold up better over time.
Weather in Australia, especially in places like Melbourne, can be extreme and will subject your deck to rain, storms, heat and other harsh conditions, which is why investing in composite decking in Melbourne or composite decking in other places around Australia is always a smart idea.
Composite decking is denser, stronger and can withstand more punishment, so that means your deck will last longer over time, saving you money in the future. The example can be applied to the professionals you hire to do the job as well. Even if you are doing a lot of the renovations yourself, there is most likely parts of the renovation where a professional is needed. It can be tempting to hire people who are giving you the lowest quote, but before you jump at the lowest quote, it is worth doing your research to see whether that the professional is reputable.
If you are hiring someone to install your composite decking in Melbourne, at the end of the day, it is worth hiring somebody who will do a better job with your composite decking for a little bit more money than paying for somebody to a job that may not hold up or will need to be redone down the track.
Is It Worth the Trouble?
If you are looking at renovations as a way to increase your investment and add value to your home, before you dive down the rabbit hole and get caught up in the excitement of your renovation, first ask yourself it is truly necessary.
Once you start planning a renovation, you may see other areas of the home that may need renovating, but it may not be in your best interests to undertake renovations right at this time or to the extent that you want. While renovating can add value to your home and may bring you more return on your investment in the future, if you are not in the position to invest in a renovation then it may not be wise to go ahead or go-ahead to the full extent.
The beauty of renovating rather than purchasing or building a brand-new home is that you can take your time. Install your composite decking this month and wait six months to renovate the bathroom. Two years down the track, knock down that wall and extend the lounge room.
You would not just hire anybody to install composite decking in Melbourne tomorrow without doing in research, so do not just jump into any new project without doing your research. Investing in your investment is one thing but putting yourself backwards now is not the way to get ahead in the future.
If you are thinking about a home renovation; do your research, invest in professionals and quality material and take the smartest route to make sure you save the most money as possible.