Some keen renovators keep a scrapbook with every image or idea that’s ever taken their fancy; some are more influenced by a general sense of the space they’d like to create; others have more practical situations to resolve, like a new baby on the way and the existing walk-in wardrobe is the only place for them to sleep!
Balancing the motivation behind your need to redevelop with the available budget and the outcome you seek is the single most important place for any would-be renovator to start.
The first question you need ask is whether your improvements are for your ‘forever home’ or a property you plan to sell in the near future. Here is what we at AddBuild have to say about it:
The ‘Forever’ Home
Forever homes can be a tad tricky as depending on the size of your family and requirements, the wish list can very quickly outstrip the budget. This is where writing a list becomes handy. Start big, jot down every change you’d like to make and then whittle it down.
Needs vs. Wants
First you must answer what has to happen for you to live in this home forever? And then, what would be nice, but secretly, you know isn’t essential? These are your Wants. Decide on the non-negotiables (your Needs) and work out your budget – then see if there’s any wiggle room for the more fanciful of your Wants.
Renovating for Resale
If your renovating eye is firmly set on resale, it’s often best to consult a few local real estate agents for advice. Most are very happy to have a wander through your home and advice as to what modifications will make your property stand out, particularly if they scent a possible commission.
Ask them what they think your property is worth currently and how much of a difference making changes would achieve, but do keep in mind these will only ever be ballpark figures. Getting this type of feedback can make all the difference when renovating a home for resale; it’s their business to be objective, a quality that can often be lost when you’ve lived in the property for some time.
If you don’t agree with the agents’ recommendations, get proactive and do your own research. AddBuild Master Builders advice keeping an eye on what prices similar properties are fetching and spend some time going to open houses in your neighbourhood. Try to look at your home as unemotionally as possible and remember, when resale is your motivation, be prepared to be utterly ruthless and realistic with your renovation plans.
So whether your plan is anchored in the happily ever after of a forever home, or the financial motivation of a profitable renovation and resale, talk with the people who share your home, both friends and family. Explain what you’d like to achieve and ask them what they would do in your position.
It’s easy to get hung up on one particular vision and one way of seeing things. We at AddBuild suggest, sometimes getting other opinions can be just the thing you need to re-orientate your perspective but alternately, you just might confirm you’re on the right track. Happy planning!