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How much should I spend on my reno? Part one: valuations

August 18, 2015 Leave a Comment

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Number crunching is one of the less exciting parts of renovating โ€“ but unfortunately itโ€™s also one of the most important. Whether you are turning over an investment property or renovating your home as a long-term nest for your family, it makes sense to know you are not overcapitalising and the money you are spending is adding value in the long-term. Whatโ€™s more, the scope of the work can often determine the best type of finance you need to put in place.

Kitchen with Island, Sink, Cabinetrs, and Hardwood Floors

This is the first part in a series about steps to take to ensure the hard work you put into your renovation pays off financially.

Know where you stand โ€“ valuations matter!

Start with the end in mind โ€“ is the work you are planning going to add more value to your property?

Even if you plan to stay in your home for the foreseeable future, itโ€™s important the work you undertake not only improves your lifestyle, but that it’s work that actually adds to the value of the house and you know where you stand financially up front.

In my work as a broker, I always advise clientsย to getย two valuations.ย Having your house valued by both a real estate agent and a registered valuer is one of the most beneficial steps you can take. Itโ€™s best to have valuations from both, because the two tend to look at property values differently. Real estate agents look forward to what people will pay in the future, while valuers look in the rear vision mirror at what people have already paid for similar properties.

Show them your plans and ask them what they think your property will be worth when the work is completed. A good rule of thumb with valuations from real estate agents and valuers is to work with a number somewhere in the middle of both estimations โ€“ agents tend to be optimistic and valuers conservative.

Once you have an idea of what your home is currently worth, what itโ€™s estimated to be worth on completion and how much the work you are planning is actually going to cost, it will become apparent whether or not your renovation is going to add value.

Swimming pool

Ask the real estate agent what buyers are looking for in your area and how your house compares. For example, if they tell you swimming pools are turning people off buying, you may need to reconsider your plans to install one, especially if your budget is going to be tight. It may make more sense to use your pool money to install another bathroom or an extra bedroom.

As well as obtaining professional valuations, make sure you do some legwork yourself. Go to as many open houses in your area as you can to get a feel for whatโ€™s on the market and how much itโ€™s fetching.

Use your valuations to guide your design choices. If your house has already significantly increased in value thanks to its location, it is less likely you will spend more than the value youโ€™ll add in the long-term and you would probably do well to upgrade the finishes you install. Look at the kitchens and bathrooms in similar houses that are on the market and use them as a guide as to what buyers are expecting. Similarly with floor plans and soft furnishings.

Your valuations can also steer you in the right direction when it comes to how you are going to finance the work.ย If you are planning a major renovation thatโ€™s going to add significantly to the value of your home, you may choose to leave more of the work in the hands of a builder and take out a construction loan that is paid directly to your contractor.

For a smaller DIY reno that is going to enhance your lifestyle more than the value of your home, a personal loan could be the way to go, while a renovation you plan to complete in a few stages may be best serviced by leveraging the value of your home as work progresses.

Arming yourself with a thorough knowledge of the market before you begin is a solid foundation for any reno, especially one thatโ€™s close to your heart!

โ€” Paul is the Director ofย CVG Finance, a leading brokerage offering financial services across all areas.ย 

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A glass shower screen is not the only option! In A glass shower screen is not the only option!

In this 80s villa reno, @trentinidesign took inspiration from an archway typical of the era and used it throughout the home.

The bathroom was transformed from a classic three-piece set up that included a shower, bath and vanity. Kathryn removed the bath and split the room in half and designed an arch to sit between the two zones. 

โ€œI wanted something spectacular. Rather than having a vanity with a piece of glass like you would typically see, I was really trying to push myself as a designer. It was costly but it worked out well and the feedback has been great."

Swipe for the before and follow the link in bio to see the rest of this home.

#bathroomdesignideas #bathroomtrends2023 #showerscreen #showerscreens #archways #apartmentrenovation #interiorsblogger #interiorsaccount #interiorsaddict #theinteriorsaddict #jenbishop #realreno
One half of popular parenting podcast @wedonthavet One half of popular parenting podcast @wedonthavetimeforthis, turns out former Neighbours actor @gemma_peanut is even more multi-talented than we thought! Will you check out the joyful and colourful reno of her holiday home (and airbnb) @yo_caba_caba?!

Head over to the blog via link in bio to read all about why she went bold and full of pattern in this project, which is a stark contrast to her zen and neutral Northern Beaches abode.

There's also plenty of details about where things are from etc.

"Iโ€™m not an interior designer so I just chose what I liked and followed my gut. Ultimately this home has been an opportunity to explore my alter ego โ€“ it allowed me to do things that I wouldnโ€™t normally do.โ€

๐Ÿ“ท @tanikablair_photography 

#interiorsblog #interiorsaddict #theinteriorsaddict #jenbishop #gemmapeanut #wedonthavetimeforthis #parentingpodcast #parentingpodcasts #holidayhousesofinstagram #cabaritabeach #airbnbstyle #airbnbstyling #colourandpattern #wallpapergoals #patternedtiles #featuretiles #poolgoals #sparkjoy #yocabacaba #boldinteriors #funinteriors #colourfulkitchen
Not many friends in life fall into the unofficial Not many friends in life fall into the unofficial family category and they're a special gift. So ends three weeks with @danisteve81 who left her husband and son in the UK (I'm forever grateful they lent her to me!) to come and cheer me up and help me in the most practical ways after I spent Christmas and New Year in hospital. There were tears and I miss her so much already but how amazing to have had all that time together as adults. Such a rare treat and would never have happened without having been through something so challenging. Silver linings and all that. So many other friends have also been incredibly thoughtful and kind. There aren't many times I'd say this without cringing but I am 100% blessed!

I still cannot believe we have been friends since we were 12! 12! Are you still close with your childhood besties?
The renovation of this 80s beach shack @camillo_ho The renovation of this 80s beach shack @camillo_house is a work of art and while almost every surface was updated, the decision to keep the original slate floor was genius if you ask us. 

Owner @clarehillier__ says: "With its purple, pink, red and brown tones, the slate was the starting point for our interior palette."

Come and check out the before and afters via link in bio now and read the reno story. It's a real beauty.

And you can book it for your next holiday too!

Blair Smith Architecture @kateshanasy

#slatefloor #slatefloors #80shouse #80sbeauty #camillohouse #interiorsblog #interiorsblogger #interiorsaddict #theinteriorsaddict #jenbishop #realreno #holidayhousesofinstagram #morningtonpeninsulahomes #morningtonpeninsula #morningtonpeninsulasmallbusiness #blairgowrie #blairgowriebeach #airbnbstyle
Me and my boys ๐Ÿ’— Me and my boys ๐Ÿ’—
Just a couple of dorks who've been friends for thr Just a couple of dorks who've been friends for three decades going out for a child-free dinner ๐Ÿ’“๐Ÿ˜
Excuse me while I die of a cute attack ๐Ÿฅฐ @damia Excuse me while I die of a cute attack ๐Ÿฅฐ @damianfrancis 

This doesn't happen often these days!
Hello friends! Just thought I'd say hi. Two weeks Hello friends! Just thought I'd say hi. Two weeks since leaving hospital and I'm doing much better than I expected to be at this early stage. A long recovery road ahead but making progress in how much I can move my arm and although I drag myself through some days non-stop yawning, others I can go for a little walk or out for lunch before collapsing on the couch! I can now tie my own hair back and put on a real bra which is very exciting ๐Ÿคฃ Having my bestie here to help us with the boys, drive me places and just be brilliant positive company is the best thing I could have asked for not to mention the many Dinner Ladies vouchers from friends! Thanks for all your kind messages, cards, flowers, gifts and offers of help โค๏ธ
I definitely feel like a statistic now but hoping I definitely feel like a statistic now but hoping to raise some awareness off the back of my misfortune (and also very lucky escape).

@newsouthwaleshealth have just put out this warning about a rise in serious bacterial infections. iGAS (invasive group A streptococcus) is what caused my necrotising fasciitis and sepsis.

Apparently there's similar happening in VIC too.

It's extremely rare but very serious nonetheless so please have a read and be aware of symptoms. I've linked to the article from a button via my link in bio.

#interiorsaddict #jenbishop #necrotisingfasciitis #groupastrep #groupastreptococcus #sepsis
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About Olivia Shead

When she's not writing for Interiors Addict, Olivia is now a TV and radio news producer. She's a journalism graduate of UTS Sydney.

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