Renovations can be driven by emotion and it’s easy to get carried away. Here, Andrew Winter shares his biggest Reno No No's!
Mistakes can be expensive and potentially affect the sellability of your house.
1) One of the classic reno no no’s people make is to over capitalise.
This simply means spending more on your reno than the value it adds to the property.
The biggest culprits are kitchens and bathrooms – they can cost tens of thousands of dollars, depending on the finish.
2) Some advice suggests using a fixed percentage of the value of the house as a guide to avoid over capitalising. But if you do this you could end up spending too much….or too little .
3) The amount you allocate for your renovation will be dictated by the era of the home. Older properties, for example, can cost more to bring back to life than newer ones.
4) Underestimating the hidden costs of a renovation is a common error. Things you can't see like drainage, waste system, storm water drains and council costs can really add up.
5) Swimming pools are a big ticket item but not everyone wants one. In a buy-to-let market landlords see them as too much maintenance, as do some homeowners. So think twice before you go to the cost and trouble of installing one.
6) Quite often people mistake renovation for total modernisation. Taking all the original period features out of a traditional property strips its character.
7) People with growing families can be tempted to convert an existing garage into a bedroom.
but unless you replace the garage with something like a carport you’re not adding value to the property.
So leave your emotion at the door when it comes to renovating. Make sure your home is a money maker - not a money pit!