Smart planning the best investment for renovators
Media release - 9th January, 2013
Renovators advised to seek professional assistance
- The failure to strategically plan a home renovation can cost owners many thousands of dollars when the time arrives to sell
- Approved DAs can potentially add thousands of dollars to the final sale price of a home
- A renovation plan can prove an excellent sales tool
Revamping a home is as Australian as kangaroos and meat pies, yet homeowners could be costing themselves tens of thousands of dollars by failing to strategically plan and stage a home renovation, according to leading real estate firm Raine & Horne.
“We’ve all heard the nightmare stories about renovation budgets that have blown out by tens of thousands of dollars in additional building costs, causing financial hardship and stress,” says Sean Green, Raine & Horne’s Operations Manager for NSW/ACT/QLD/WA.
“However a property renovated in a slap-dash fashion can also burn a significant hole in a homeowner’s profits when the time comes to sell.”
For example, a decision to convert a bedroom or a garage to an extra living space can have a significant material impact on the value of a home, advises Mr Green.
“With any renovation or addition, an owner has to ensure that it will appeal to future buyers.
“Otherwise a poorly considered short-term fix can end up costing a homeowner significant money in the long-term.”
Renovation losses can be minimised, according to Mr Green, with a long-term, strategic plan from a certified project designer or architect, who can stage a home renovation over multiple phases and provide a cost analysis.
“To maximise the sale price of a home, it is important to have a professional building designer by your side to ensure your renovations are completed correctly,” says Mr Bassett.Ian Bassett, National President of Building Designers Australia, agrees the value of a home can be affected by poor planning.
“A renovation expert such as a building designer can diagnose problems with a renovation project and provide cost effective treatments that will improve the overall finished product.”
In addition, Mr Bassett advises that building designers and architects can save homeowners significantly in terms of time and building expenses, by negotiating with engineers, builders and local councils.
“For example, most local Councils will charge a fixed fee for every DA application submitted – whether it is successful or not,” explained Mr Bassett.
“Approved DA plans can potentially add thousands of dollars to the final sale price for a home, because the hard fight with council regulators has already been done for the new owner.”
A strategic renovation plan can also prove useful as a marketing tool, according to Mr Green, when the time comes to sell a home.
“There is always a possibility that by staging a home renovation, a homeowner will run out of time to complete the project as a consequence of work or personal reasons,” said Mr Green.
“However a strategic renovation plan can be made available to potential buyers at open homes, which gives them the opportunity to understand the vision for the existing renovations undertaken, and the remaining steps, which they can buy into if they choose.”
For further media information contact:
Sean Green, Operations Manager NSW/ACT/QLD/WA, Raine & Horne on 0418 638 037
Ian Bassett, National President of Building Designers Australia on 0414 464 336
Andrew Harrington, National Marketing & Communications Co-ordinator on 02 9258 5400