Interest rates are slowly beginning to rise again and although they are still really low and it’s a great time to invest in the building of a new home, some homeowners may be reticent and decide for the time being to just sit tight and do some renovations to make their home exactly where they want it to be.

We builders like to talk about cornerstones. It is a great building term that has been extensively used whenever people talk about laying a solid foundation for something you want to achieve. This is never more important than when you take on a fairly extensive renovation project of your home or office.

There are many aspects to this and much to consider but we think there are just a few primary things you should focus on as soon as you decide to renovate – and these are the 4 cornerstones of planning a great home (or office) renovation! 

  1. Ensure your finances are in order

The first consideration for any project is ‘’What can we afford to do?’’ Get an accurate cost estimate from a professional who is familiar with current costs appertaining to the type of renovations you plan to do. Then sit down and budget to ensure you can afford the project.

For those who have bonds, while interest rates are so low, banks are often keen to extend the bond to improve on the property they essentially still own! This is a better way to go too than to max out a credit card or take a loan somewhere else. Remember an investment in the improvement of your home is a good idea, but ensure you are not overextending or overspending.

Ensure that the cost of your renovations are aligned with the expected value of the home after they have been completed. Don’t overspend on a home in an area that will only fetch a certain amount anyway, no matter what you do to it! In that case, you would be better off selling and building your dream home from scratch.

  1. Have a contingency plan 

On the subject of finance, invariably during the course of renovating certain things arise that tempt you to spend a little more, or you may not have figured on certain costs even though you thought you had budgeted accurately. This is common, so ensure that in the planning stage you have contingencies for extra finance, the weather, and unexpected events like illness etc.

  1. Be realistic 

Also in the planning stage, it is important to be realistic in your expectations of what you can do in terms of what you can afford and what will work for the home to improve its value. Remember to think in terms of priorities and do your renovations in this order –

1) What really needs fixing?

2) What will add the most value?

3) What’s just nice to have?

  1. Don’t go it alone!

Even if you fancy yourself as a D.I.Y expert, extensive building renovations require the expertise of professional builders. This doesn’t mean that there are not certain aspects of renovations that you can do yourself, like finishings and decorating, but we strongly advise that you contact us prior to taking on renovations to ascertain what is in your reach and what we need to do for you as experienced professional builders.

Remember Davel and Lottering Construction has been building and renovating homes and offices for many years and we can assist with any advice you need about the 4 cornerstones of planning a great home renovation!

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