Steps When Preparing Your Perth Home Renovation
When preparing for a Perth home renovation project, it’s important to ensure you are setting yourself for what you want to achieve, from the onset. Whether you are planning to renovate your own home, a long-term investment property, or a flip for profit property, the steps for renovating successfully don’t change.
There is plenty to consider, so to help speed up the process, we’ve put together the following steps to help you budget and prepare for your upcoming project, whilst also giving you guidance around selecting the perfect Perth home renovations partner.
Planning Your Home Renovation
You may already have a vision for how you want your home renovated and if not, there are plenty of inspirational sources available. Ideally, you would start with what it is that you are trying to achieve, be it enhancing family living, better use of unused space on your property, or simply maximising the value of your property.
Start by doing your research and seeking inspiration from other homes in your area and other local projects that have recently been completed online. Depending on the size and scope of your vision, for larger projects, you should consider engaging a professional renovation partner to help guide you through your vision and ultimately have a plan in place to succeed.
Seek out those renovation partners who go the extra mile before a build. As an example, when undertaking the Nexus Home Renovation Experience, you can expect expert advice and guidance even before you spend any money. Nexus will walk you through a range of expert suggestions and recommendations on how to create the space you need within your budget, identifying all of the costs and specifications upfront.
Whether meeting with an experienced team for a large Perth home renovation or proceeding alone, planning effectively will mean that you are ready to proceed to project budgeting.
Budgeting For Your Perth Home Renovation
Here are 3 tips to help you work out your renovation costs before you commit to finance or works.
- Decide on the scope of your renovation.
- Work with professionals to check your vision and budget.
- Add 10 – 20% to your final budget as a contingency.
The scope and size of your intended renovation obviously have a significant impact on the cost. By starting with a list of needs and wants you can adapt as you progress, because at some point during planning you will need to review the scope of your project within your budget, meaning you will need to prioritise some aspects over others.
Having a professional renovation team work with you from the onset or having them check over your plans, will assist in clarifying realistic budget allocations. If you have not already got plans for your renovation or extension, get them done before you finalise your budget considering they are crucial if you want to bed down your project costs.
The build costs may depend on factors such as:
- The type of renovation (ground floor or modular extension)
- The materials you want to use (e.g. Eco-Friendly materials)
- Your renovation partner
- Location of your site
Lastly, overspends are all too common on building projects and renovation experts recommend you factor in an additional 10% of your project costs into your renovation budget as a contingency. If your budget is too tight and only allows for exact figures, it is possible that you might find yourself in an unfeasible position.
Ensuring that this is mitigated is largely dependent on choosing the right Perth home renovations partner.
Reviews are a great indication of customer outcome and process satisfaction.
Researching and Choosing the Right Renovator
Researching can save you money and as we have all undoubtedly experienced, selecting the lowest price can save you money initially but it often leaves you worse off.
In the case of renovations, unfortunately, this can be experienced as soon as upon project completion, or in the months or years to follow. Choosing a renovator with the right experience and reputation can see your project effectively time managed, with suitable materials and quality craftsmanship delivered – all of which enhance one of your key goals from the onset, which is to increase the value of the property.
Renovations are all about coordination, and a quality renovator has the project management skills to achieve your goals. An experienced project manager will be able to advise you on mistakes they foresee, advise on budget-friendly alternatives, give you a clear indication of the timeframe for certain works, and overall help you avoid making mistakes that have been experienced before.
Checking client reviews and project testimonials is an excellent way to gauge the quality and past customer satisfaction. Take a look at our Nexus Homes Group Google Reviews for a sample of our Perth home renovation experience with our long list of happy customers.
Preparing For On-Site Construction
Once at the stage when on-site construction begins, it can often be recommended that you relocate for a period if possible. Even with access to a functional kitchen, bathroom, and ample living space, it is worth speaking to your builder as this can affect the build process and the cost because works may be affected.
Whether staying on-site or not, mindset is important given any type of home improvement can be disruptive. This is particularly the case in a long-standing family home, and things may feel out of sorts as the project begins and takes shape.
A few tips for homes that are being renovated is to try and clear the space and cover surrounding items for protection. Even adjacent hallways and rooms are worth covering as dust can really travel. Renovators will clean and clear the site at certain stages, but these tips will hold, nearby and other areas of the house in good stead.
“Another option is to consider a modular build with your materials built and assembled off-site before being installed onto your premises. This is something our Nexus team specialise in to introduce more convenience during projects, so it’s worth checking out our article Modular Extensions – A Growing Perth Trend for a closer look at the benefits.”
– Matt Keogh (Nexus Director)
Preparing for a Perth home renovation with on-site construction can save money and time.
Exploring Financing Options For Your Home Renovation
Sourcing funding for your home renovation in advance can help you work out how much you have to spend, so you are able to stick to your budget. There are several ways you can fund your renovation, depending on the size of the project and your available funding, which can include the following.
Use the Equity in Your Home
Equity is the difference between the value of your house and the amount you owe on the loan. Equity builds over time through your home value rising or having reduced your relevant loan balance. This is probably the most common way people borrow money when they want to renovate, and one potential problem is that the cost of your renovations may be higher than the available equity.
Take Out a Building & Construction Loan
Similar to a home equity loan, a construction loan allows you to draw funds from a loan progressively as your invoices arrive. You will not be given the full loan amount upfront but in staggered amounts.
You may have the option to borrow additional funds on your existing home loan without having to take out a separate loan. The big advantage of doing so is benefitting from a lower interest rate compared with some other loan types.
Redraw or Refinancing
You may have access to any additional repayments made on your mortgage, which you are able to use for your renovation. Otherwise, renovations are an ideal opportunity to review your home loan and check whether it still suits your needs.
Considering A Perth Home Renovation Project?
When it comes to delivering exceptional Perth home renovations for our valued clients, our experienced team of designers and builders can take you through your options.
If you’re in need of our services, feel free to contact us to begin discussing your upcoming project today.