7 hot tips for renovation success
Buying an older house and renovating it is a popular technique for investors to achieve quick capital growth. But deciding what to upgrade and what to leave as is can be a crucial factor in a successful quick flip or a renovation flop. Here are seven tips to help you make sure your renovation gets the best bang for its buck.
Buying an older house and renovating it is a popular technique for investors to achieve quick capital growth.
But deciding what to upgrade and what to leave as is can be a crucial factor in a successful quick flip or a renovation flop.
Here are seven tips to help you make sure your renovation gets the best bang for its buck.
- Employ a professional
A good well thought out design is the starting point, so engage a professional in this field.
Just as you would engage a real estate agent to sell your home or a builder to do the construction, a qualified architect can help you realise the potential in your home. This will prove to be a good investment in the long term.
Do your research. Know what you property is worth now and what it may be worth once renovated. That will give you some idea as to your budget and help you decide how much you would like to spend.
- Prepare a brief
Prepare a list or an accommodation brief for the Architect, regarding what you would like included in your renovation.
Discuss your budget and brief with your architect. An architect experienced in renovation work, will be able to give you a good idea of how aligned the two are and what steps you can take to prioritize your needs.
- What does the existing house have to offer?
It is not uncommon for people renovating to think about what extra space they need without critically considering what they already have and how that might be re-deployed. An architect will consider this in their design process. We always look at what is under-utilized or could be turned into another purpose before adding more new space. Remember every square metre is eating into your budget.
- Concept design and feasibility
Based on your agreed brief, have your architect prepare a concept design and an opinion of probable cost. This allows you to make informed decisions around the budget and brief and set a firm direction for the project, before over committing.
A fair and equitable tender is the best way of achieving a range of well-considered market prices from which you can choose your builder. Have your architect recommend a list of at least four tenderers, experienced in renovation work who can price your project.