Over the past two decades, home renovation and improvement shows have become an increasingly popular genre on our television screens.
Providing viewers with tips on what to do and what not to do, these types of shows often prompt homeowners to consider undertaking a renovation project with the hope of enhancing their existing dwelling for the better.
Unlike the cheerful endings commonly shown on TV, not all home renovations end up unfolding the way people expect them to.
Speaking with New Homes, Shelford Quality Homes Sales Manager Martyn Ferris said there was a fine line between spending money to make your property more desirable and overcapitalising on your home.
“When making decisions that involve your home – one of your biggest assets – there are many factors to take into consideration,” he said.
For those unsure whether they should renovate or start fresh by building a new home, Mr Ferris said it was worth weighing up your options by comparing your reasons to stay versus your reasons to move.
“If you love the location of your home and it has plenty of achievable potential then you are probably better off staying put,” he said.
“On the other hand, if your needs have outgrown the home, the location isn’t working in your favour and if the cost of renovating will cause you to overcapitalise on the home, then my advice would be to consider moving instead.”
Another major factor impacting your decision to renovate, move or build a new home will ultimately depend on how much money you have and how much you are willing to spend, according to Mr Ferris.
“Your budget plays the biggest factor in the decision-making process,” he said.
“Outline your budget and see if it will be more cost-effective to renovate or start over with a new build.”
When deciding on a home renovation budget, Mr Ferris recommended reacquainting yourself with the real estate value of other homes in your area.
“This is so you can set your budget around what’s realistic for your suburb,” he said.
“Make sure you’re not going to overcapitalise by pouring money into your dream home in an area that will never hold its value.”
When it comes to home renovations, Mr Ferris said you needed to consider the scope of the entire renovation and nut out the best way to approach it before deciding to go forward with the project.
“Make sure you understand what you are trying to achieve beforehand,” he said.
“While a few small superficial upgrades to freshen up and modernise a space might be within your budget, a complete layout overall can end up being very costly.
“If the foundation of your current home is structurally sound and will work well with alterations in the design, then you could go ahead with a renovation within a well-planned budget.
“On the other hand, if it seems that you need to turn the place upside down to achieve what you have in mind, then it might not be worth it and you might want to rethink your strategy.
“Keep in mind that building an entirely new home can be much easier to maintain, with modern building technologies and materials ensuring it is more energy-efficient. “A new build also comes with a construction warranty, so you can rest assured you’re not going to fall short should issues arise.”
Demolishing your existing home and deciding to rebuild was another option Mr Ferris put forward for homeowners wanting to remain in their current suburb.
“Rebuilding is becoming increasingly popular in high-value areas that are filled with outdated houses,” he said. “However, keep in mind that this option comes with the added costs of having to find alternative accommodation while the construction is ongoing. There are also the costs that come with demolition. On the upside, you’ll get to save on stamp duty and time spent looking for the perfect location.”
Whether you want to renovate or build, Mr Ferris said local councils have different rules and regulations that needed to be adhered to.
“Some areas have strict planning laws that will bar any demolition or significant changes to a home’s street appeal if it is of a particular age or holds any historical importance,” he said.
“So before making any plans, make sure you understand the rules and regulations that apply to your current location or to the location where you plan to build a new home.”
CONTACT Shelford Quality Homes, 9599 1500, www.shelford.com.au