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Renovating your home is an exciting opportunity to create a space that better suits your lifestyle. But before building starts, it's worth taking the time to plan ahead. Building projects require a lot of upfront thinking to reduce the chances of long delays, unnecessary expenses, or even running out of money part way through.
Here are some tips to consider before you begin.
Make a list of all the things you expect to do and then sort them into groups from most to least important. This can make it easier to adjust your plans if your budget or timeline changes.
Start costing up the main groups of work you plan to do. You could get a rough idea from a builder or someone who has done a similar project in your area. If you want a really accurate estimate, you can take detailed plans to a quantity surveyor.
Some of the main costs to consider include:
Some experts recommend a contingency of about 15% -25% of the total budget, especially if you’re renovating an older home. Hidden issues like water or borer damage may be uncovered once things get underway.
Building material and labour costs can change over time, so it’s worth getting up-to-date quotes before you lock in your budget.
Armed with a reasonable idea of costs, it’s time to work out what you can comfortably afford. It’s worth considering whether the cost of your renovation is likely to add similar value to your home. Spending significantly more than buyers are likely to pay is known as ‘over-capitalising’.
'Renovations often take longer than expected'. Before construction even begins, you’ll likely spend time planning, designing and obtaining necessary approvals. Once the build is underway, weather, material availability, tradespeople’s schedules and unexpected issues can all affect your timeline. It’s a good idea to build some flexibility into your plans to help make delays less stressful.
Some building work can be completed without a building consent if it meets the exemption rules, while many renovations will still require one. Check with your local council or building professional before you start.
If your renovation needs consent, your local council will inspect the project during construction. If it’s been done as planned and approved, you’ll receive a Code of Compliance Certificate (CCC). Keeping this documentation is important, particularly when selling your home or updating your insurance.
It’s a good idea to check if any specific building restrictions apply to your property. These could include heritage protections, covenants on your title, easements for things like council sewer lines, cross-lease titles that require approval by neighbours and apartments with body corporate rules.
If you have plenty of spare time, you could decide to manage the project yourself, hiring the necessary tradespeople as required. It’s important to understand the different types of building contracts and make sure you’re using qualified professionals, including Licensed Building Practitioners (LBPs).
Before work starts, let your insurer know about your renovation plans. Depending on your project, you may need to arrange Contract Works insurance, so you’re properly covered during construction. Remember to plan and budget for the possibility of hidden damage that gets exposed during the renovation.
If your home was built or renovated before 2000, it may contain asbestos products. You should get it professionally checked before demolition or renovation begins.
Finally, once your renovation is complete, review your home insurance to make sure your sum insured reflects the replacement cost of your updated home. Check out our site for more information on home sum insured.
