WW PROPERTY
SQUARE ONE
Renovations and extensions
Renovating your home can be an exciting yet daunting task. With so many different variables to take into consideration, it is difficult to know which direction is the right one for you. CODY FRASER shares some helpful tips on how to combat these issues. When looking into renovations and extensions there are some important factors to consider which include setting a budget that allows you to achieve your project goals and to ensure you do not over capitalise. Also there is a lot of attention being given to incompetent and unqualified builders and handymen lately who can cost you dearly in terms of cost, legal ramifications and quality of finish.
Do your research
When looking to renovate or extend your home whilst ensuring you do not over capitalise, property research is key. Looking on realestate. com.au or similar websites is a great way to find out what your home may be worth in its current condition. Another alternative is to contact your local real-estate agent, let them know you are planning to renovate and they should be able to help you with a no obligation appraisal. Once you have an approximate market value of your home, it is a good idea to find a few properties with similar design but fully renovated to assist in developing a proposed valuation on the completed works. Your local real estate agent may also assist with a completed appraisal. Once the building costs are sorted out you can work out the estimated profit or loss on your project, but for this you need an estimate from a qualified builder. It is also very important to look closely at the real estate market in general. At the moment, the market is quite weak in terms of home purchasing. The weakness in the market may mean that your home is not worth as much as you think.
These are just some simple considerations to take into your renovation planning. The most important thing you should do is to sit down and carefully think about your project. This would involve thinking about: n
Your long and short term goals;
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Where you would like to be in five years; and
Always go with builders who are with reputable industry bodies (Master Builders) n
Ask for references and pictures of works – even see if you can go and visit a site where the builder has completed works n
Ensure that the builder is up to date with all key insurances n
Whether the property you are renovating is going to be your forever home or an investment property. n
Taking the above points into consideration will allow you to more accurately assess your project goals and also allow for a more clearly defined budget.
Choosing the right builder
In the current economic climate, a lot of builders are finding it tough to land contracts as the residential and commercial construction sectors are very flat. This can be excellent for you, the client, because the lack of competition may mean reduced hourly rates and lower quotes, however, on the other hand it brings out a lot of inexperienced and unreliable builders trying to cut costs and take short cuts in finish quality.
Carefully review their terms and conditions in relation to poor finishing n
When dealing with a builder, personality clashes can end up costing you money as well as result in delays and many uncomfortable experiences. When choosing your builder, sit down and ask them questions. See who will be working on your project and also ask some personality questions covering their attitude to work, autonomy and also their leadership and management style. Choose a builder who has the experience and personality that will allow the project to run seamlessly, efficiently and on budget! By doing your research and finding the right builder, you are on the way to a smooth running project with great prospects. n
How to find a builder you can trust n
Ask friends and family for any referrals
Ask for a current CV detailing experience and qualifications n
CONTACT Cody Fraser BUSINESS Prospect Builders PHONE +61 (0) 403 650 732
www.prospectbuilders.com.au
Look for local builders who specialise in renovations/extensions n
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