Posted on 29-10-2020 09:50 PM
You love where you live but you are not crazy about how you live.
This is a common issue for many Inner city Brisbane residents.
You have the ideal location just not the ideal home that suits your lifestyle
Renovations can also save you money on stamp duty, removalists, conveyancing and legal fees, real estate agent’s commission and advertising.
Just make sure you do not over capitalise if you know you are not going to be staying for the long term.
Starting a renovation is a big undertaking and it is an expensive venture and even more costly if you do not hire the right builders and contractors.
Start by identifying the areas that you want to change.
Is it a couple of rooms that need updating or will you need a major redesign?
It is important to know what you want and the materials you want to build with.
This will give you an place to start when it comes to what is required for the renovation like building and council approvals.
Always find out first hand what approvals you will need. Do not speculate as laws change and you may also need a town planner or certifier.
Will you need an architect? Their fee add up to be 10% of your renovation budget but they can save you money on the renovation as they will work to your budget brief and give you options with the building materials.
This will start you to be able to work out a budget and how you will be funding the improvements.
If you can only raise a small amount then your renovation may have to be of one room or one feature
If you can secure finance then always ensure that you have a buffer as budgets will always blow out. There will always be an additional cost for the unexpected
Finding a contractor who is experienced in what you want to do is key.
Asking for referrals from family and friends in helpful but are they in a similar home to you?
Sometimes driving around your local area to see what homes have being renovated and finding out who the builders were that was used can be a great way.
Or what many people rely upon is doing a Google Search and then doing homework on the companies who turn up in your search.
The right contractor will be available to talk and meet up to discuss your plans
How they deal with you from the start is often a good indication of how they will be during your build.
Do not get pressured into any agreement or contract without having an independant expert take a look at it.
You should also check that your builder has the right credentials
In Qld they will need to be QBCC Licenced
Residential building work done in Queensland that totals more than $3,300 ( labour and materials) must have home warranty insurance.
A builder pays a premium to QBCC (Queensland Building & Construction Commission) to insure the construction work. This insurance covers the owner against major defects for six years and six months.
Additional insurance needs to be taken out as well and this is to insure the build against, fire, theft, damages and injuires on the site while the builder is in possesion of the site
Check that your builder is a member of the HIA. The HIA sets high standards that it's meembers must work to Read more here
Exploring The cost Of Improvement Options
Always seek financial advice from a broker as their are often options for tax credits, home improvement loans, discount programs and local incentives that can help you c with the cost of your building project.
Mortgage brokers are always up to date with what federal and local goverments are offering
A great broker will also be able to get you a loan at the best interest rate.
Knowing what you have to spend up front will always help.
Like every industry, money talks and cash is king. When starting your home renovation project and selecting a contractor, having pre approval or even cash ready will help you compete for top builders in your area as they know you are serius and will be ready to move forward with your build.
Your builder should be able to organise all the trades that are required for your build.
They will have either employed staff or use their net work of trusted sub contractors.
Some of the trades that will be involved in your build will be:
You will also need to find an independant building inspector to get your renovation work evaluated and passed.
our local council may also require a cerifier or engineer to sign off on the work at different stages>
We hope that this has given you a checklist of sorts.
Start planning what changes you would like to have in your renovation
This is the first step!
We hope you get the home you have dreamed of in the location that you already love.
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