Home Renovation – what to look out for
Whether it be the installation of a new swimming pool in your backyard, the construction of a new brick made BBQ, new cabinets in your kitchen or rearranging furniture in your living room, every once in a while a home gets overdue for a quick makeover. A new appearance gives both the residents of the dwelling as well as visiting guests a sense of freshness.
A renovation could mean you are getting your home ready as an investment property for a prospective tenant and want to make it a bit more marketable and cash in on the benefits of higher rent in return. Or you might just want to renovate your home for yourself and family.
Regardless of the reason why you wish to renovate, a full home renovation can cost a fair bit and to prevent yourself from ending up overspending, it is wise to think about what one wants to do well before going ahead and doing the renovation.
Exactly how much your home renovation ends up costing will depend on a few factors, including the size of your construction loan, the extent and magnitude of your project and the approach you pursue to getting things done. The smallest error in executing your plan will work against your interests, both financially and personally.
In order to avoid falling victim to a situation where you end up regretting the renovation in the first place, it is vital to avoid some common errors most home renovation enthusiasts end up committing at some stage.
It isn’t uncommon at all for enthusiasts to start ripping up carpet and knocking down walls, in other words turn their homes into a mess only to end up realising that wasn’t exactly what they wanted, or that it’s going to end up costing a lot more than expected in order to give their house the look they want. Not to mention of course that in case something went wrong, it might actually cost more to fix up the ripping apart of the house than the originally planned renovation.
This is why the significance of outlining in advance what needs to be done cannot be downplayed. One has to proactively devise a list of the things that they wish to see in the new look house, determine the costs associated with it and work out a strategy to get things done.
Always make sure you budget for your renovation. That way you have a definitive target amount to work towards rather than simply going on a massive spending spree like some do!
Planning in advance will also prevent you from ending up starting the process of renovations, only to end up realising that you have forgotten to install adequate lighting in a particular room or that you have placed an item where it does not belong.
Last but not the least, always make sure you are only plan and pay for things that you actually want. There is no point in decorating the house with things you neither need nor will end up appreciating in the long run. Just get the things that matter the most to you, that you feel you can appreciate in the long run.
At SwitchMyLoan.com.au we help you ensure you’re on a mortgage with the cheapest possible interest rate so that you can save up more and afford to spend freely on home renovations!
Call 1300 307 155 and start saving today!
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