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Should you renovate in 2016? Here’s how to decide.

Posted by Sandra Brewer on Jan 1, 2016 4:02:18 PM

Making the decision to renovate can be a very long process, with some people talking about updating their home for years before actually doing it.

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What’s common amongst people who decide to renovate is reflecting on the following five factors. Considering each point might help you to decide if renovating this year is going to be a good idea for your family.

  1. Have you simply had enough of your old house? Frustration with poor design, ugly bathrooms and impractical kitchens is often what spurs people to act. If you’ve lived with it for years, maybe now’s the time to have a place you’re proud to invite your family and friends to visit for next Christmas or New Year.
  2. Do you know what you want? You might be surprised to know that this isn’t something you need to know before renovating. Whilst you might have in mind that an extra bedroom or ensuite is necessary, knowing exactly how it will work isn’t essential. A good builder will be able to work through with you what options are feasible, and what will cost you the least in structural changes. For example, sometimes we meet people who aren’t aware that they can shift their driveway location and open up enormous potential on their block. At Exactus, we have our Design Consultant, Kerry, who has decades of experience. She will be able to suggest what will give you an amazing renovation or extension (and meet your budget).
  3. Will it be financially worth it? Whilst it’s easy to think of renovating or extending as a very big expense, it’s one of the few expenses that you can get back in terms of growing your asset, your home. Unlike a holiday or a new car that depreciates quickly, the money invested in updating your home will be returned to you when you sell in future. Of course you need to be sure not to overcapitalise, and we are accustomed to providing that advice when we meet prospective clients. Polaroid_Skipton_elevation.jpg
  4. Do you have the time? Most people overestimate how much time is involved in renovating or extending their home. Once the big decision is made, you can hand over the responsibility of managing the details to your builder. The only thing you’ll need time to decide upon is perhaps tiles, bathroom fittings and paint colours. If you are very short of time, we have an Interior Design Consultant who can assist you with selections. Most of our clients live through the renovation, and if you have to move out, we make sure it’s for as little as time as possible or at a time that suits you – like school holidays.
  5. Is it a good time to build? To be honest, not many people think about this factor – but they should! When the construction and property market is quiet, building has very big benefits for homeowners. Prices are more competitive across the board – with builders competing for projects, and tradespeople like plumbers, bricklayers and electricians holding or lowering their rates. In addition, the build time is generally faster as tradespeople have less projects on, and the quality goes up as they aren’t in a hurry to rush to the next job. In WA, the HIA is forecasting renovations to decline in 2015/16 before growing by just 0.6 per cent in 2016/17. If you live in Perth, 2016 will be a great year to renovate or extend your home.

One of the final considerations is how much it will cost. It’s a bit like asking how long is a piece of string, but to help, we’ve produced a guide to the typical cost of renovating. Good luck with your decision making this year!

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Topics: Cost of renovating