9 Tips for Planning Your Renovation Investment
It’s no secret — designing and renovating a home is an investment, and not just financially. It requires your time, energy and focus, too. Is it worth it? Absolutely!
Your home is your retreat, a place where you can fully be yourself, gather with family and friends and create treasured memories. If your home is designed to help you do all of these things, it means living your life, beyond ordinary.
As a designer my goal is to help you make the most out of both the journey and the final results you create. And, in my experience, success stems from being prepared for the whole journey, including planning your investment, long before your project begins.
Here’s what you should know and how you can be prepared to ensure you invest wisely in your new home…
Visualise You in Your New Home
As a designer, I will help ensure that your home looks and functions beautifully for you… but I can’t decide how you want to live or feel in your home! That’s for you to say. So, before you crunch numbers, take some time to dream and envision yourself living your best life in your new home. How do you feel, what emotions are coming up, how do you move through your home and who are you sharing it with? Visualise each space in your home and take notes, create a vision board or document in another way the results. This will be your “guiding light” through your renovation.
Make a List of Your “Non-Negotiables”
Are there any non-negotiable features that you must have in your home? Such as heated floors, a spacious kitchen with butlers pantry, seamless indoor-outdoor living, or wallpaper that makes you smile? If you don’t know the answers just yet, browse blogs and magazines or visit showrooms for inspiration and create your ‘must-have’ list. These priorities will be important for determining not only your home’s design but your overall investment and will be what we come back to if compromises are required in the design or budget (and, spoiler alert, compromises will be needed).
Make a List of Your “Nice-to-Haves”
What would you add to the second tier of your wishlist, the nice-to-haves? These are things that you would ideally like to have but aren’t critical to creating your experience of home. Make sure you make note of these too and, if you do have flexibility in your investment level, consider the long-term enjoyment you’ll gain from the “nice-to-haves”. For example, on cold winter mornings, you won’t remember the extra cost of installing underfloor heating and heated towel rails but you will love stepping onto a warm floor and wrapping yourself in a warm towel after your shower. So cosy!
Do Some Research into Your Wishlist
Even homeowners with infinite budgets will want to know what they are getting themselves into. I suggest doing some simple research into the current cost of materials, appliances, lighting and furniture to get a better idea for the current market. This is particularly important if you’re a first-time renovator or if it has been a while since you’ve renovated or decorated a home. And, while you may have purchased some furniture recently, we often find that clients haven’t furnished a whole space, let alone whole home, all at one time and can find the cost of doing so surprising. If you’re still not confident in the numbers, don’t worry. Your designer will help shed light on this as part of the design process.
Decide on Your Investment Comfort Level
Now that you know what you want for your home and what costs may be required to achieve this, consider how much you’re comfortable investing in the entire project. While your personal finances are a key factor in this, you may also want to consider if this is your forever home or your home for the next few years and how the market is moving and if neighbourhood values are increasing or decreasing, among other factors. Your designer and build team will help define what can be achieved within your investment level, but we always need a starting point to work to. Which brings us too…
Enlist the Support of Design Professionals
Okay, you have done your homework and now you’re ready to talk to the pros. I highly recommend that an interior designer — one who specialises in home renovations — be your first team member. Yes, even before the builder! Why?
We identify creative opportunities to improve flow and functionality for your lifestyle
We guide you through understanding your investment and budgeting it wisely
We identify risks and help you avoid common mistakes before construction begins
We help you decide whether to complete the project all at once or in phases
We balance high/low material selections with a practised eye
We can refer you to builders we know, trust, and work well with
We create a detailed design plan that results in accurate quotes from builders
Not to mention… we make your project FUN! I recommend looking for a designer whose sense of style is similar to your own and whose approach feels aligned with your own values. That’s where the magic happens.
Prepare for Hidden Expenses
In any renovation, it’s best to expect the unexpected. There are bumps in every single project, and many of those bumps, unfortunately, come with additional costs. You can plan ahead by setting aside contingency — a minimum of 10% — to account for surprises. This will make the process smoother and more comfortable for you and your wallet. A few common hidden renovation costs you might encounter include…
Structural damage discovered once demolition is started
Economic challenges like inflation and global events (COVID-19, anyone?!)
Schedule delays if orders are delayed (a designer can help minimise or eliminate this problem)
Upgraded finishes and fixtures, particularly if your builder is working with allowances (ie PC items)
Council fees and consultants for things like stormwater/drainage, geotech, etc.
Plan for Accommodation
Depending on the scope of your renovation, you may have the choice to stay in your home during construction or you may decide to move out temporarily to avoid the noise and mess of construction. If the latter, you need to budget for rental accommodation. If the former, you will want to consider if you need to hire a portable kitchen or bathroom or set up temporary accommodation.
Another consideration — storage units. With construction comes dust and mess, you may prefer to rent a storage unit to keep your belongings safe and sound off-site. Naturally, these decisions will likely impact your budget, so keep them in mind as you begin!
Well, there you have it — everything you need to know before investing in a home renovation. If all of the above has been taken care of, you’re ready. Trust your team, enjoy the journey, and keep the finish line in mind. It will be worth it
For more essential preparation tips, you can download my Pre-Renovation Guidebook below.
Oh, and if you’re in the North Beaches in Sydney and are ready to start the conversation with a designer, I’d be delighted to meet you. Reach out to me here, and let’s discuss your project. Until then…
Live, beyond ordinary.
Donna
