You have got a million home renovation ideas, and all are ideal. Right? Wrong, one of the biggest mistakes many wannabe home renovators do is rush into home renovation. To renovate right, you need to plan, research and think of resale value. Rushing can be very costly. Plus, it can lead to an incomplete project and no money to finish it off.
The key to home renovation starts with buying a home in the right location for the right price. When you consider purchasing, you need to have your renovation ideas in place. So, you can then estimate costs and factor these into your buying price. Forward thinking will save you time and money. Also, it will mean that you will notover capitalise whether you are looking for an investment property or somewhere to live.
Four Money Making Renovation Ideas
Renovation ideas that will add value to your home include the following:
1.Replace doors and windows:Many homes come with outdated doors and windows. These not only look uninviting, but they also limit your options. By replacing tired aluminium framed sliding doors with French doors or bi-folds, you modernise a property. Hence, larger windows allow more light into a home. A well-lit home always looks bigger.
2. Upgrade fittings and fixtures:Curtains, blinds and lights can make a huge difference to the appearance of a room. However, when we think of renovation ideas, many of us focus on kitchens and bathrooms. While these areas are important, simply adding a chandelier to a master bedroom can make this area come alive. In addition, many lights are available that compliment any dcor or design.
3. Paint exteriors:Home street appeal is a big selling point. When a property looks inviting, then it attracts more attention. Thus, painting the outside of a home in colours that are bright can revitalise an otherwise tired home. Painting over drab brick such as creams or mottled browns can also give a property a lift.
Put in outdoor living spaces:Outdoor living allows you to create more space. Another plus is it gives you a place to relax and unwind, especially when you have visitors. Looking to connect a backyard to a home is vital to its resale value.
Must Follow Renovation Tips
Rather than just jumping straight into a renovation project you need to have a strategy. If you do not, then you will find yourself out-of-pocket and with an incomplete project. So a little forethought now will save you from a big headache later.
1. Plan in advance:Always plan your renovation before you have the keys to the front door of a property. Settlement typically takes a minimum of six to eight weeks. Subsequently, its important to use this time wisely.
2. Conduct research:Look to buy a property to renovate in a suburb you can afford. Similarly, consider location and other positive aspects that add to the appeal and resale value of your property. Lastly, review market supply and demand, as well as rental rates. Market research is vital to buying a profitable property.
3. Leave your emotions behind:Do notlet your heart rule your head. Instead, think of your property purchase as a business investment. You want it to make money, not cost you a fortune.
4. Find the right property:Before you go in search of a property make a list of its requirements. Then, take this list with you when you visit homes. Should the house ticks all of your boxes, then buy it. Nevertheless, if it does not, then look for another property.
5. Set a budget:Before you begin any renovation project set yourself a budget. Another key point is to make sure your budget is realistic. Whats more, set aside at least 10 to 20 percent more to cover any unexpected expenses.
Written by eChoice
Since 1998, eChoice has helped more than 50,000 Australians secure a home loan through its network of over 25 lenders and hundreds of loans. Best of all our service is cost and obligation free!