- How long are you planning on living at the property for?
- Are you thinking of renovating to increase your chances of selling?
- Have you thought about the amount are you willing to reinvest back into your property?
- Are you renovating to increase the value of your home or to improve your quality of living?
- Will it ever be an investment property?
- Have you thought about somewhere else to stay during the renovation process?
- Will it have an impact on your family, your work commitments or other engagements?
None of these factors necessarily mean you should or shouldn't renovate, but more help you determine the size of your renovation and who you are renovating for. If you are looking to sell soon, we would recommend a clean, modern and simple renovation with a neutral color pallet. This may help increase your chances of selling, as it may appeal to a much wider market than something that is perhaps distinctly you (bright colors, specific design pieces or art works etc.).
If you are just moving to your newly purchased home and thinking you will be there for 10 years or more, have a think of where your future may take you. Kids, pets, partners, hobbies, should you put in a home office, a pet wash bay or perhaps an art studio? Maybe you need to transform part of your house to a self-contained unit for when your parents return from that caravan round-trip? Although, you know they will be off again soon anyhow.
If the plan is maybe in 2, 3 years' time to have it as an investment property, we would recommend to avoid feature walls that can't be touched up easily or installing things like spas, pools or gardens that require a lot of maintenance (if you expect the tenants to maintain them). As most tenants leave a property a little more worse for wear than when they arrived, they may not look after the investment you put in, taking you back to square one.
Everyone has a different reason for renovating their home, we just want to make sure it meets your needs for years to come. The great thing about renovating, there are really are no limits to what you can do. As long as there is a solid ground to work with and a plan to fund it, we can help you achieve anything.
If you are starting to get that 'reno itch' you just can't scratch, we would love to hear from you.