With the cost of moving, many people are turning to renovating their existing properties – potentially saving thousands of dollars in stamp duty transfers, real estate agent commissions and marketing fees.
Things to consider before signing any building contracts are:
- Your budget – one of the most important aspect s. Your budget should include all minor fixtures and fittings and appliances, which can add up. A fixed price building contract may not include these items.
- Build something that you will love to live in – talk to your draftsman / architect and provide plenty of input about what you are trying to achieve. This can potentially save time and money changing from the original plan.
- Sympathetic Renovations – try to keep the renovation in line with the looks of the rest of the property. This will add a lot more value to your property.
- Energy Efficiency – whilst renovating, ensure that the energy efficiency products used on the renovation are also carried through to the existing house – insulation improvements can save money in the end.
- Be patient – renovations are hard work, but very worth it in the end.
Call me, Michael Wren on 03 9813 3522 to discuss your financial needs.