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Should You Renovate Or Extend Your Home In A Slow Market? Yes!

When the housing market is booming, renovating your home can seem like an attractive option. You might be able to recoup some money from selling it at a higher price if you put significant funds into making improvements that are new and different compared with what was there before. We all know this. 

But when things slow down or decline slightly (as they inevitably will), people start second-guessing whether spending such large sums of their money on renovations and extensions would actually end up being worth it. However, this isn’t actually a reality. Renovating or extending in a flat market can actually be the best play.

Read on to find out why…

GET YOUR HOME PREPARED

Don’t wait until your home is outdated to renovate! The flat market might be slowing down real estate transactions, but if you know your family will outgrow the home at some point then it shouldn’t deter you from undertaking such projects. Getting ahead of potential issues that could delay or stop buyers is important when trying to get top dollar for your property later on because these problems can also hold back sales in general which means lower prices overall!

Take care of issues like poor insulation, fixtures or your inefficient air conditioning system so those who see it won’t feel like they have to invest significantly and can simply move in.

AVOID THE RELOCATION COST PITFALL

One alternative to renovating or extending your current home is moving, but it’s important to weigh up all the costs. Not only is uprooting family members inconvenient, there is a significant direct and indirect cost associated with moving such as removalists, down time from work and other activities, land transfer duty rates, the reduction in sale value of the current market, as well as stamp duties, the time to deal with real estates agencies, walk throughs etc. 

These are all costs and time that could be put to better use.

IMPROVE YOUR LIFESTYLE

Your home is more than just a place to live. It’s an extension of who you are and what matters in your life, so why not make it reflect that? Whether you’re looking for an extra bedroom, additional space or a new kitchen / bathroom-renovating existing spaces is always worth doing.

You can’t overestimate the value of living in a home that allows you to stretch out and live comfortably every day. Adding value to your property with a renovation or extension will also pay off financially once the market recovers. So, there really has never been a better time to undergo a renovation or extension than now!

OUR TOP 5 PRACTICAL, PLANNING TIPS FOR A HOME RENOVATION OR EXTENSION

When you’re planning a renovation or extension, there are many steps to take and things that need attention. Our top tips will ensure your project is planned out in detail so it can come in on budget (and ahead of schedule!).

TIP #1: KNOW YOUR DESIGN

The first step for your home renovation or extension project is finding inspiration. Start by identifying what’s most important to you and your family’s needs. Is it the number of bedrooms? How many living spaces do we need for family and friends in addition to ourselves alone? Do I want an open floor plan or more closed off quarters? 

Once those essentials are identified then think outside-the box on whether there is enough storage available within any given space as well as fittings and fixtures that inspire you and get you excited. 

After you have a decent idea of what kind of design or style would best suit the space, then get in touch with the professionals for their input. Bringing in a professional too early on in the process can increase the cost of your project but will most certainly be able to provide valuable insights as to what works best. 

TIP #2: STRATEGICALLY INVEST

Your home is your biggest investment. That’s why it makes sense to invest wisely and strategically in areas such as renovating kitchens or bathrooms, which are sure-fire winners that provide the biggest impacts on your lifestyle and when you’re trying to get top dollar for your property at the time of sale! 

It’s likely you’ll need to make a few trade-offs throughout the design process, however adding resources into elements like flooring, energy efficiency and lighting can really bring new life into your home.

TIP #3: DO IT RIGHT THE FIRST TIME AROUND

One of the most common causes for schedule and budget blowouts during home renovation projects is when plans have to change after work has begun. 

By investing a little extra time in designing optimal plans from the start, you can avoid any last minute tweaks which will save you on both time and money as well as bringing you that priceless peace-of-mind, knowing you will have a quality renovation or extension completed. This is why it is critical to work with a company who manages the entire process from end to end. 

By taking this step, Not only will you avoid costly mistakes but also see your actual vision come to life just how you imagined it and on time. 

TIP #4: KNOW YOUR BUDGET BOUNDARIES

Whether you plan to fund your renovations or extension with a loan, with the equity in your home or by paying cash it’s important that before starting any building project, whether it be a large scale or small scale one, you engage professionals who will help guide you both from the design decisions / plans to project completion and will stick to the agreed budget.  

The truth of building and construction projects is that there’s no such thing as a perfect design. Everything has limitations based on budget and time constraints. This is why it is critical to know where your true boundaries lie and find a partner who respects that and will get you the best value within those limits.

Here at Edina Building Group we know all too well just how crucial this step can be because unlike some other businesses out there our team isn’t only ISO Certified and highly qualified but also have generations of experiences and a passion to make our clients’ visions come to life. 

TIP #5: TRANSPARENT QUOTATION AND PROCESS

It’s easy to get caught up in the excitement of building your dream home. To get the most value out of your project, you need to see where your money is being spent. This all comes down to the quote that you receive. Something which largely is dependent on it being fully itemised so that there is accountability and transparency throughout the project. es 

Without this you won’t have any idea as to whether or not your money is being turned into value.  With good financial visibility and project management, it is possible to ensure an on budget, on time delivery and value adding completion to your next renovation or extension project. 

At Edina Building Group we have a tried and tested process that has been crafted and perfected over two generations to ensure our best effort at transparency and financial visibility from planning to handover and beyond. 

If you’re planning a home renovation or extension project in Melbourne, we’d love to hear from you.

At Edina Building Group, we have the experience you need to renovate or extend your home. Whether it’s a contemporary extension for more living space and family amenities or an historic restoration project that will give new life into a heritage structure; our team of builders are experts in all things building-related! We are ISO certified and look at our clients as family.

Want to know more? View our portfolio of previous projects, get acquainted with our team or contact us to discuss your renovation or extension project.

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