While the thought of renovating a house may be daunting for some, it is a surefire way, in most cases, of not only making your home more livable it but can also make selling the property profitable. That’s if you’re prepared to put up the money and deal with the stress of renovating.
If you’re intending to renovate for profit, there are some tricks and traps to be aware of before taking it on.
Know your market. The completed project should not only suit your needs but be spot-on with future buyers.
Make sure your house is structurally sound before you start. Have it independently inspected because termites, rot, old wiring and old plumbing could easily add $25,000 in unforeseen extras.
Make sure your design concept is top-notch – do not compromise on this.
Make sure the working drawings are detailed and accurate. This will minimise costly variations.
Don’t use expensive fittings and fixtures.
Make sure your builder and subcontractors don’t substitute your pre-agreed building materials with cheap alternatives – this could significantly reduce the quality and safety of your property.
Your construction system must be economical. Decisions about brick veneer, lightweight materials and framing all have major cost implications.
Your room sizes should be efficient – this is more valid nowadays as we all move towards a more environmentally sustainable culture. Your rooms should aim to maximise natural light and ventilation whilst minimising the use of energy.
Try to obtain a minimum of three prices for all works. This could save you thousands in the long run.
Your contract should have a “liquidated damages” clause, which penalises the builder for time delays.