Courtney C. Lipsey This grant from the Federal Government is giving eligible Australians $25,000 to construct or significantly renovate their home. Although this grant will end on April 14, 2021, many Australians continue to spend significant amounts of money renovating their home. According to reports, the year 2021 will be when Australians have been spending an all-time high of $1 billion per month for renovations. If you’re among the Australians and you’re looking to profit from any potential government stimulus programs, be sure you’ve read this guide on the five things you need to know before you start the renovation process immediately.
It doesn’t matter if you’re looking to renovate to increase your property’s value or looking to transform your home into a dream house; any remodeling is a huge undertaking and is a lot of stress. If you don’t plan it properly, the process of renovation can be a whirlwind of mistakes and disappointments.
Guide to planning a renovation.
To simplify the process to make the process easier, we’ve put together the ultimate guide to planning your renovation. We want to ensure that you’ve got the essentials. Here are five important items you need to know prior to you begin to remodel.
Set a renovation goal.
It is important to determine what you’re hoping to accomplish with your renovation and what you want to achieve. If you’re renovating your home to provide yourself and your family with the home of your dreams, you must be clear about your design plans. Consider how the home will meet your needs with regard to functionality and style in the near future. If you are looking to add value to the property, consulting an agent from your local area is an excellent method to determine. Even if you’re not intending to sell your home, you must think about what you can do to increase the value of your property.
Make a realistic budget.
It is important to determine the amount you can spend on your renovation. The budget should be determined on the results you’d like to attain as well as whether it’s a major undertaking or merely a renovation of one or two areas like the kitchen. Get quotes from three builders, and be sure to know what’s included. You can then determine whether you have enough cash in your bank account to cover the project. If not, speak with a financial advisor about the possibility of extending your home loan, financing the loan, or obtaining the construction loan.
Organize your development application.
Generally, most extensions of property and sometimes renovations require a development application/assessment (DA). It is important to be aware that planning permission can be a lengthy process to apply for and get approval. But, depending on your local council, you may be granted a speedy license. We recommend taking the time to complete this application at the beginning of the process in case you’re planning to make an extensive renovation since you cannot proceed further without DA approval.
Connect with a licensed builder.
When you’re building your new house, constructing an extension, or the structural overhaul of your home, you’ll likely need to hire a professional in the building to carry out the work.
Based on the data available on the VBA’s Website, “to ensure your project is executed by someone with the required skills and qualifications, make sure that you make use of a certified building expert. “
All registered building professionals (except firms) are issued the Photo ID card. It identifies the kind of tasks they are able to do. Before you engage a building practitioner, make sure you check the ID of their employer to make sure they’re eligible to do the task. You may also determine whether a building specialist or company is registered through VBA. Locate an individual Practitioner directory.
If you hire an unregistered tradesperson, builder, or contractor to complete work that is worth more than $10,000, you’re at risk of being exposed to low-quality work. Furthermore, the result will not be covered by domestic insurance for building a career.
Information on “engage a builder” is an assortment of information retrieved directly from the Victoria Building Authority website. It might not include all of the information that is relevant to you.
Be prepared for the unexpected.
Each renovation brings unique twists. So, it would be best if you were prepared for unexpected events by adding time to your renovation planning. Set up an emergency fund within the budget for renovations to be ready for any unforeseen mishaps that might occur along the way. We always advise people to prepare themselves emotionally as well as financially.
