Renovating your forever home vs. renovating for profit.
When it comes to renovating there are two different approaches you can take depending on if you are renovating for profit or if you’re renovating your forever home.
If you are planning on staying in your home for a long time, the money you spend on your renovation is more about creating spaces you love. Whether it be an oversized bedroom suite or a fantastic entertaining area, the spaces you create in your forever home are for you and those you love.
This is where you can have fun with paint colours, finishes and tile choices. You choose what is going to be best both functionally and aesthetically for your home. And if someone else doesn’t like it? Who cares?! It’s your home and as long as you are happy with your choices that’s all that matters.
On the other hand, if you’re renovating for profit, before you even start planning your renovation, you need to do some research. Who lives in the suburb? Families, empty nesters, retirees? This is a big factor in determining what your renovation project needs. Families will be looking for things like more bathrooms, more bedrooms, kitchen with a view of the backyard and properties that are fully fenced. Empty nesters on the other hand will be looking for properties with higher-end fittings, 2-3 bedrooms, perhaps a home office space and a more low-maintenance yard.
Then your next step will be determining your budget. When renovating for profit, you should usually aim to get double of what you spend on your property investment. And think about where you should spend your money. Spending a bit of money on the façade of the house, even just to repaint the exterior, will make a house look more maintained, implying to buyers that the rest of the property is also well maintained.
Updating the bathroom and kitchen is also worthwhile. This doesn’t mean you have to spend thousands of dollars to strip out a whole kitchen or bathroom and start from scratch. Simple fixes include new paint, new bathroom and kitchen fixtures, new light fittings and door handles. In bedrooms and living areas, usually a new coat of paint and new light fittings may be all you need to breath some new life into the property.
When it comes to your forever home, your budget is up to you. Spending a few extra dollars on the kitchen splashback or on some eclectic tiles for the bathroom will be worth the money if they spark some joy (as Marie Kondo would say!). Remember, your forever home is forever so spending a bit more to get it just right will be worth it. If you don’t have all the money upfront, consider what rooms you will be using the most and do each room or area up in stages as you can afford it.
And finally, we recommend investing in a competent building team – this goes for both your investment and your forever home. Yes, we may be biased, but ensuring you have a professional team in place means you don’t have to do things such as organising and scheduling multiple trades and ensuring that they all turn up when and where they should. It also means you have a team that have done all these things many times before – they will get the job done quick and at a high standard. Not to mention that they will be aware of obstacles or problems that you may not even have considered yet and will probably have multiple solutions up their sleeve to ensure your vision is achieved.
So before you pick up that sledge hammer to remove what could possibly be a load-bearing wall, give us a call – We’ll gladly help you create your forever home or make you a little bit richer!
Ready to get started? Give us a call on 0412 679 990 or email email@example.com.