How To Manage Home Renovation Costs

Choosing A Builder

Do you plan to build your own home? Perhaps you’re looking to renovate or extend your existing home. Either way, there are many ways to make the right and wrong decisions when choosing a builder.

Get some advice

When choosing a builder, a good place to start is by asking any family and friends that have hired a builder to construct their home or renovate.

Licences and insurance

Whether you’re going through a home builder or you’re designing your own home or renovation works with help from an architect, it’s important that you choose a builder that is licenced, registered and insured.

You should be wary of builders that either refuse or don’t make it clear upfront that they are legally permitted to be involved in building and construction. Some builders’ licences or registrations may have simply expired or some may have had their licences revoked but are still involved in the building industry.

Experience and skills

Really question whether they have the skills you need. If they only have experience in renovations and extensions, they’re not the right choice for your home.

How To Choose The Best Home Renovation Loan?

Setting up your new home or redecorating an old one can be as daunting a task as it is exciting. Especially when it comes to managing finances. Bigger tasks such as renovation, remodelling, complete furnishing, require higher funds. Also, you can use it to enhance your home in many ways such as tiling and flooring, internal & external plaster and painting, etc. However, this should not cause any hindrance when setting up your dream house.

However, before taking a decision, make sure you consider some essential factors:

Need – First and foremost is deciding what you will use the loan amount for. List down all the activities and purchases you wish you carry out for your house. This will help you set a fixed budget.

Eligibility – Once you have decided on a budget, you should check the loan amount you are eligible for. Depending on your credit score, you can also get suitable interest rates.

Interest rates – Apart from your credit score, the loan amount as well as loan tenure also makes a difference to your interest rate. You can also opt for a fixed or floating interest rate, depending on your capability of repayment.

Fee – Along with the interest rates, also compare the fee being charged. Different repayment plans have different fee. A high fee can significantly increase the repayment amount.

Repayment option – Choose a repayment option and amount most suitable to your needs and abilities. You would want to go for an option that doesn’t create a hole in your pocket in the longer run.

expert renovating tips to remember

From choosing tradies to setting a budget and nailing your floorplan, our tips from those in the know will set you on the path to a successful renovation

KNOW WHAT TO LOOK OUT FOR

“When shopping for a property to renovate, look for large spaces, lots of natural light and a back garden that faces north. Always have a building inspection done to confirm that the existing house is in good condition, and check that access for tradespeople is not too difficult.”

BEFORE YOU START

“Before starting a renovation, always check that the plumbing and electricals are up to scratch, and if there are any structural remedial works that need to be done, such as rectifying water damage or rising damp. They’re not the most exciting things to invest in, but it will help avoid costly repairs down the track.”

GETTING PLANS APPROVED

“To get plans approved quickly by council, make sure you know the rules and rationale for their existence. Design to meet that rationale and, if necessary, work the rules in favour of the right design.”

DIY DEMOLITION

“If this is a home you plan on selling in the future, look at recent sales and comparable renovations in the area to ensure you’re not overcapitalising.”

HOW TO CHOOSE THE BEST RENOVATION SPECIALIST FOR YOUR HOME RENOVATION

Your home renovation will be the biggest project that you are likely to undertake in your life.  Choosing the best renovation specialist for your home renovation is a crucial decision. In this article we will take a quick look at the criteria you should consider when picking a renovation specialist for your home renovation.

Extensive Experience.

Browse through a renovation specialists website, have a look at the projects that they have previously completed. Are there a reasonable amount of completed projects or only a few that have many highlighted pictures?  Make sure that the renovation specialist has successfully completed a variety of projects in the past. How long has the company been in business for? Do they have a long and proven track record of completing projects on time and on budget? Are they a reputable renovation specialist? Have a look at the reviews that mention their name. Are the reviewers happy about every aspect of the renovation? An established company with extensive positive reviews will be able to deliver the home renovation that you will love.

Compare Pricing.

Once you have a short list of home renovation specialist builders you will want to compare the prices that they quote. The temptation may be to go for the cheapest quote. However this is rarely the best thing to do. Calculator: The home renovation specialist that works with you on your budget is an ideal choice. The best renovation experts will be able to suggest cost saving measures and give advice as to where spending some extra cash for those special features will get you the desired outcome. An expert renovation builder will know how best to plan your home renovation to fit with your budget. If you want a champagne build, don’t go to a builder with a beer budget. Be realistic with your budgeting. Know what features are not negotiable and which ones you could do without.

Planning Time Frames

Having a clear plan of how your renovation will proceed is essential to remaining sane during a renovation. You will have a good idea when the kitchen or bathroom will be occupied and be able to plan around these eventualities. Have your renovator work on a plan with you. The best renovation specialists will have other jobs on too so you will have to negotiate a schedule that works for you both. Also remember that the weather may (will) affect your plans, so be prepared to be flexible.

Personality Match.

The last and possibly most important aspect of choosing a home renovations builder Brisbane is whether you can relate to one another. It is a little like choosing a partner.  This person is going to be in your life for an extended period of time and you will have to communicate about a wide variety of topics. Some of those discussions may be difficult. You should choose someone that you feel that you can trust on top of meeting all the other criteria. If you have a good clear relationship and you have been upfront about all of your expectations then you should expect the same from your renovations specialist

How to choose the right builder

When building a new home or undertaking a renovation, the most important decision you’ll make is picking the right builder. Choose well and the builder will bring your dream home to life, settle for less and you may regret it for years to come

Where to start

Brian Seidler, Master Builders Association NSW executive director, stresses how important it is to spend time doing research when selecting the right builder for a home building or renovation project.

“What builders want is detailed information about what has to be done. This is the most important thing for them to be able to accurately quote work and price. For example, engineering details and specifications for the concrete slab or footings are needed. An extra centimetre or two in thickness, or a different type of waterproofing product and process can add a significant chunk to the bottom line.”

Seidler also suggests going to the NSW Fair Trading website to see what information it has about your preferred builder. “See whether your builder has a licence to do home warranty work, that’s anything over $20,000. And whether they have any black marks, or a pattern of disputes with clients.”

What to look for

“Experience makes all the difference. Renovators should find out how and when the contractor got into business and how long the company has been around.”