Renovations – We have a fixation with them
Perhaps this isn’t a bad thing. There are lots of good reasons that we should update our home and renovation for profit is one of these reasons.
They do wear out over time. The houses that is.
Typically 7-10 years is a reasonable timeframe for some tweaks to be required for your home.
We change over time. Change as opposed to wear out!
That nursery was absolutely gorgeous in pink when baby Jemma first came home. However now in her grunge phase at 16 years of age in the bedroom immediately next to the Master bedroom her night time utterances are not exactly what you now hope for.
Fashion changes over time
Terracotta and duck egg blue had a phase. Thankfully that phase is long gone now!
We are all doing this for profit
Perhaps we will say that we need to update/ repair our home but we will then be thinking about profit as one of our key considerations. Sure it is a consideration but clearly not the only consideration for household bliss.
Time
https://unsplash.com/@aronvisuals
Renovation and flip
Have you factored in the time and your current plans to keep/ sell or rent out this home? Naturally if you are renovating to then immediately sell you may be more considerate of the broader fashions rather than your own person tastes and preferences.
Renovation to rent
If you aren’t planning to stay in residence after the renovation then consider what a rental tenancy might look like or what might they be interested in (ability to keep pets?)
Renovation for your forever home
If your next move will be in a pine box then it makes sense to cater for your own preferences and to heck with the fashions of the day. Even if you: –
- “Overspend”
- “Over capitalise”
- “Gone bonkers”
With enough time these extravagances are paid off in your personal amenity rather than the $$ profit. Great if you are at this phase of your life and you can make these sorts of decisions.
Suburb Neighbourhood Comparison
Before you kick off, have a review of where your property sits in your suburbs comparison. Is your home right now today before Renovation for profit at the top, middle or bottom of the range of properties in your area?
Then consider where it could sit after renovations. This will be informative and helpful to set you up with some guidelines and inform your Renovation budget.
A meeting with our local expert to understand Where Do I Start
Renovation Insider Home
