If you’re a homeowner, you know your home is more than just a place to rest and unwind. It’s your castle, your sanctuary, and likely your most significant investment. But did you know that even minor changes to your home can result in substantial gains in its value? Whether you’re getting ready to sell or want to spruce things up for your enjoyment, a renovation can breathe new life into your home and boost its worth.
If you’re a homeowner in Sydney, Australia, you’ll be pleased to know that home renovation is a thriving sector that contributes significantly to the local economy. According to the Australian Bureau of Statistics, New South Wales’s construction industry (including Sydney) generated over $86 billion in revenue in 2019-20. Many homeowners in Sydney have seen a significant return on their investment when they renovate their homes. So, we have compiled a list of a few dos and don’ts that homeowners in Sydney should consider before starting a renovation project.
- Do prioritise electrical work
Electrical work is an essential component of home renovation projects. Whether you’re updating an older home or adding new features to your existing space, it’s necessary to ensure that the electrical wiring and fixtures are up to code and capable of handling your household’s needs. A qualified electrician can assist you in planning and executing electrical upgrades, such as installing new outlets, updating lighting fixtures, and upgrading the electrical panel to meet modern safety standards. By making these improvements, you’ll increase your home’s functionality and convenience and boost its overall value.
As a homeowner in Sydney, you’ll be pleased to know that you can hire electrical services at any given time. Any reliable 24 hour electrician Sydney has to offer would be able to provide services for emergencies such as electrical fires, power outages, and faulty wiring. Having the contact information of these electricians available can help keep your home safe and functioning smoothly during unexpected electrical emergencies that may occur outside of regular business hours.
- Don’t paint first
It is advisable to refrain from painting your walls and other surfaces as the initial step in any renovation. While it may be enticing to peruse colour schemes at the outset, it is imperative to acknowledge that several other significant tasks must be accomplished before this stage. These essential tasks include but are not limited to floor installation, radiator fittings, socket placements, and skirting board fittings.
- Do invest in outdoor spaces
The most popular home renovations in Sydney include kitchen and bathroom upgrades, outdoor living spaces, and home extensions. These projects not only improve the functionality and comfort of the home but can also add significant value to the property.
Outdoor areas are highly sought after by many prospective home buyers. Meticulously crafted decks are amongst the most desirable features and can substantially enhance the marketability of a property. Investing in a new composite deck can result in a return on investment of 63%. Additionally, cedar or redwood decks have proven even more attractive to buyers, offering homeowners an average ROI of 66%.
- Don’t forget to obtain the necessary permits
Considering the necessary permits before embarking on a home renovation project is essential. The nature and extent of the required permits will be contingent on the location and type of renovation project. Failure to obtain the necessary permits could potentially result in costly and unsatisfactory outcomes, mainly if the property is being sold in the future. Prospective home buyers typically seek assurance that the renovations conducted on a property are lawful and secure. As such, it is crucial to adhere to the regulations and requirements specific to each state, and it is advisable to seek advice from a qualified home improvement consultant.
- Do remain realistic about costs
It is imperative to maintain a realistic approach to the costs of a renovation project. One must anticipate the project to be more financially demanding than initially projected, as unexpected complications or delays may arise during the course of the renovation. It is highly recommended to allocate a contingency fund to mitigate any possible overspending, as this will ensure that sufficient funds are readily available throughout the project. Such prudent financial planning will enable one to remain adequately prepared and well-equipped to address any unexpected financial challenges during the renovation.
- Don’t throw away receipts
Retaining receipts as evidence of all purchases and services rendered during a renovation project is crucial. This documentation will record items purchased and individuals hired for the project. Maintaining this record is essential if a need for a return arises or in the unfortunate event of an issue with the purchased items or services.
Furthermore, retaining receipts will allow you to keep track of all expenses and ensure that you stay within your renovation budget. Keeping receipts for tax purposes is also advised, as some renovation expenses may be tax-deductible.
- Do landscape your property
Landscaping your property is a great way to add much-needed curb appeal to your home. By incorporating a mix of hardy perennials and colourful, low-cost annuals, you can create a stunning and inviting outdoor space. It not only enhances the overall aesthetic of your property, but it can also increase its value.
In addition to the aesthetic benefits, landscaping can also improve the value of your property. Well-maintained landscaping can increase a home’s value by up to 12%. It can also help reduce energy costs by providing shade in the summer and protection from cold winds in the winter.
Conclusion
A home renovation project can significantly increase the value of your home, and with the thriving construction industry in Sydney, there is no better time to start one. As a homeowner in Sydney, it is essential to prioritise electrical work, invest in outdoor spaces, obtain necessary permits, be realistic about costs, and landscape your property. By adhering to these dos and don’ts, you can ensure your renovation project is successful and enhance your home’s functionality, comfort, and value for years. So, pay heed to the tips shared above and begin the renovation with peace of mind.
