Renovation budgeting and costs

Renovating can often be more expensive and stressful than many people expect.

• What do you have to work with?

  Avoid unexpected surprises that can blow out costs and project timelines and get a complete picture of the house you’ll be renovating.

  The time you invest in preparation and planning at the start will pay off in the end.

  Don’t just look at the layout, but also inspect the wiring, plumbing and structural elements like foundations, walls and roof.

  Consult professionals such as building inspectors, builders, engineers, electricians and plumbers, to give you a better understanding of the property and advice on more complex renovation ideas.

• What is the right amount to spend?

  Don’t end up with the ‘best house on the worst street’.

  Be careful not to overcapitalise and spend more than the property will be worth, particularly if you plan on selling in the near future.

  It’s important to be realistic about the value of your renovated home.

  Understanding the property prices of your local area will help you weigh up whether your renovation plans are too costly.

  It’s also important to keep a close eye on costs during the renovation process to avoid blowing your budget.

• What are other buyers looking for?

  What features can you add to appeal to what the type of buyer in your local area is looking for; a bigger kitchen, an extra bedroom, a new entertainment area?

  Get advice from real estate agents and look at the style of the other houses in the neighbourhood as a guide.

  Over-personalising your renovation can also make selling it more difficult.

  Not everybody has the same needs or tastes as you, so it’s important to bear this in mind when planning how the renovation will look.

• Finance your renovation

  Our Home Loan Advisers can help you choose from a variety of renovation finance options available, depending on the size of your renovation, how you plan to carry it out, and what type of loan you may already have on the property.

  Please call us on 13 11 82 to arrange a Home Loan Adviser to contact you.

  Alternatively you can apply for your home loan online.