Buying a home is a monumental decision, marking a significant milestone in life. However, it can become stressful and challenging, especially if the purchased property doesn't meet expectations.
A Finder survey revealed that 34% of Australian homeowners regret their home purchase, with 44% expressing they wouldn't make the same choice again. Common regrets include buying at the wrong time, overpaying, choosing the wrong location, or investing in a property requiring extensive work.
"If you find yourself discontent with your home or simply want to enhance its appeal, renovation might be the solution. After all, renovating allows for reinvention and the opportunity to tailor the home to your family's needs," advised second mortgage loan provider Shane Perry of Max Funding.
To help you with your renovation project, we have prepared this guide that provides some practical tips, advice, and examples on how to renovate a home you just bought.
How to Plan Your Renovation
The key to a successful renovation lies in meticulous planning. This not only helps you avoid pitfalls but also ensures your efforts yield the desired results.
Here's a step-by-step guide to planning your renovation:
1. Set Your Budget
Determine your renovation budget before commencing any work. Utilise online calculators or consult professionals to estimate costs. Include a contingency fund for unforeseen expenses and decide on the financing method, whether through savings, loans, grants, or other sources.
2. Choose Your Design Style
Develop a clear vision for your renovated home by exploring design inspirations from magazines, websites, or social media. Create a mood board aligning with your personal taste, lifestyle, and the existing features of your home.
3. Hire Professionals
Unless experienced in DIY, enlist professionals such as GAP designers - building designers, builders, electricians, plumbers, and painters based on the project's scope. Seek recommendations, compare quotes, review portfolios, check credentials, licenses, and insurance, and sign a comprehensive contract outlining the project's details.
4. Obtain Permits
Ensure compliance with local regulations by obtaining necessary permits before initiating any work. Familiarise yourself with building codes and standards to guarantee a safe and legal renovation.
How to Avoid Common Renovation Mistakes
Renovating a home poses potential complexities and risks, making it crucial to sidestep common mistakes. Here are some pitfalls to avoid:
● Overcapitalising
Prevent overspending by researching your home's market value and comparable properties. Set a realistic budget aligned with your neighborhood's standards.
● Underestimating Costs
Avoid financial surprises by obtaining detailed quotes from contractors and incorporating a contingency fund of at least 10% to 20% of your budget.
● Compromising on Quality
Invest in quality materials and services to prevent subpar results. Prioritise reputable and experienced contractors with positive reviews and references.
● Ignoring Structural Issues
Prioritise stability and safety by addressing structural issues before focusing on cosmetic aspects. Conduct thorough inspections and follow professional advice.
● Changing Your Mind Too Often
Stick to a detailed plan to prevent delays, confusion, or extra costs. Communicate any changes clearly to contractors and be prepared for associated expenses.
Enjoy A Renovated Home That Meets Your Demands With GAP Designers
Renovating a recently purchased home can be both rewarding and challenging. Balancing budget, design preferences, timeline, and future plans is essential.
Enhance your home or retail space with the expertise of GAP Designers Pty Ltd. As a dynamic firm specialising in Residential and Retail design, we bring extensive experience to the table, having successfully crafted new homes, units, villas, townhouses, and Granny Flats and executed alterations and additions to existing homes.
Elevate your space with our innovative designs. Contact GAP Designers today to turn your vision into reality.