Thinking of renovating?

September 13, 2016
Naomi Dall

Spring is in the air and often our thoughts turn to updating our homes and renovating…and ‘it shouldn’t be that hard’, you say to yourself…after all, we watch ‘The Block’ so have a pretty good idea of what to expect!

Well, in fact you really shouldn’t do it all yourself, according to these two experts, Sasha Wright-Neville and Julia Trevel, contestants from this popular program.  Certainly you can paint, patch plaster, grout and do other small jobs that you can learn how to do properly on the internet.

However, their advice is to do your research, plan, design, fix problems rather than leaving them to get worse and bring in the experts – i.e. at least have a good tradesperson on hand for plumbing, plastering and electrical work – and certainly consider employing an architect and investigate all of your legal obligations with council etc.

Some decisions need to be made before you launch into the job. The first thing to work out is if you are doing a structural or cosmetic renovation.  Structural renovations will require a large amount of equity whereas a cosmetic renovation is more affordable. And never spend more than 10% or your property’s current value on the work.

Outside cement rendering and external painting will give you a great return on your investment as will new garden beds and plants and rejuvenated concrete driveways which can be done with merely a good clean with a Gurney.

But if your home is an Edwardian or Californian bungalow, you will definitely want professional advice and an even bigger budget to give your beauty a classic new lease on life. 

Do not under-capitalise on a period home. If your home is timber, it is prime renovation material but expect brick houses to incur a bigger renovation cost - and for a grand period home that might have pressed-metal ceilings, panelled doors and deep skirting boards, see you mortgage broker for a nice big loan! 

Heritage Victoria has guidance on everything from authentic period features, gardens and colour schemes to dealing with asbestos, paint removal and energy efficiency.

To discuss your loan requirements, chat to Peter Dall on 0414 583 233 or via email on peter.dall@mortgagechoice.com.au

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