7 rules to a DIY project
Australians spend an estimated $1.7 billion every year on renovations, repairs, and maintenance of their homes.
This estimate from local market data specialist Statista complements a report from Harvard University that suggests three-quarters of homeowners feel a great sense of accomplishment by completing their projects.
Now is a perfect time to focus on improving your home, especially if you are thinking of selling.
The real estate market is extremely strong right now as State governments around the country do their best to stimulate the property market with grants for first-home buyers and stamp duty discounts.
If you are thinking about downsizing or climbing up the property ladder, this is a tremendous time to make that move.
For homeowners, a critical element of a successful marketing campaign sale is their focus on preparing the property sale. Often, this involves rolling up your sleeves and undertaking a few DIY projects.
Interestingly, the Harvard study found owners were most anxious about their renovation efforts at the beginning of the process. So, I have put together some guidelines to help reduce any stress levels as you prepare for a DIY endeavour.
1 - Stay within your skill level
One of the biggest mistake’s homeowners make is to overestimate their own ability to get the job done. Do not attempt a project that you might have to abandon because you don’t possess the necessary knowledge. It does not matter how many YouTube videos you watch; some tasks require a professional.
Unless you have the expertise, avoid any project that involves the structural integrity of the building. Focus on high-impact, cosmetic enhancements that will capture buyer attention when you’re ready to sell.
2 - Don’t DIY everything
It’s relatively easy to recognise a home that has been the subject of DIY projects rather than improved by licensed contractors. There is such a thing as too much “do-it-yourself” improvement. Unless you’re in the building game, employ professionals for the bigger projects, otherwise, the value of your home could suffer because of the quality of your workmanship.
3 - Don’t assume a return on investment
There’s a common assumption that you’ll always make a profit from spending money on your home. That’s not always the case. When you sell, it will be impossible to know if your asking price was achieved because of a particular renovation. Before deciding to go down the DIY path, get your property appraised by an agent who can advise you what buyers are currently demanding. We’d be happy to help. You can also attend open homes to see what today’s buyers value.
4 - Best surprises come in small packages
Small, incremental improvements to your home can mount up after a while. Something as simple as replacing your front door and painting it a fashionable black gloss or primary colour can lift your home’s appeal. Similarly, new external light fittings and some attractive landscaping will also make a significant impact.
5 - Think about investing in technology
Most home improvements focus on traditional areas such as the kitchen, bathroom or outdoor entertaining area. But you will also impress prospective buyers by installing hi-tech solutions for security, smart lighting, temperature control and home entertainment.
6 - Create a budget and stick to it
Assess the cost of materials and any additional labour you may wish to employ. If you find this a problematic exercise, then seek quotes from a minimum of three contractors. Keep your brief consistent, or you’ll not be able to compare the responses accurately.
Your budget should ensure you purchase only the materials you can afford. If costs spiral, you can use your budget to make the appropriate cost-cutting.
Research shows that if you don’t create a budget, it’ll cost you at least an additional 30% of the total project cost.
7 - Avoid the nightmare of running out of money
Unless you’re using cash flow, you’ll need to arrange a loan for the project. Make sure you have a sufficient line of credit with your lender so you don’t run out of money midway through the project.
If you need extra assistance or advice, please get in touch today using the details provided.
