When you have been living in your house for a few years or more, the prospect of renovation comes up at some stage. You either have a facelift in mind for your kitchen or bathroom area or may be a new ensuite master bedroom or a patio extension. To my mind, “why am I renovating?” is a crucial question, far more crucial than we would admit.
Why are you renovating?
In the past, we have been guilty of not laying enough stress on this question and as a result we have suffered terribly. How? Let me get into this. Homeowners renovate for two chief reasons. One, it is a lifestyle choice for them and they want to live in a home they really love and admire. Two, they want to renovate so that they get more money out of their resale. So, this brings us again to the crux question, are you renovating for ROI or lifestyle? How you answer this will determine what you should look forward to in your renovation project.
Renovating as a lifestyle choice
When you are renovating for lifestyle, your sole onus lies towards your family, their exact needs, their small whims and fancies. What specific spaces do you have in mind for your children and on which sides of your home? Do you have toddlers requiring supervision?
Do you have to take care of your parents (and how old are they?) and if you have adult children living with you till they buy their first home? Are you looking to add a granny flat for your parents? Do you have a barbecue space or a cosmetic addition like swimming pool in mind?
You can afford to make your home your personal stamp
In short, when you are renovating as a lifestyle choice, you can afford to make your home the stamp of your personality. You do not have to care about what your prospective buyers or tenants may like or dislike in your home. It is a place which will serve as your personal cocoon and you can even indulge in those additions which are just not acceptable for homes going for resale.
Renovating for profit
The ball game is totally different when you are renovating for profit. If you give your design sensibility and your fancies a free run, it may lead to a poor resale value for your home. Alterations which are pretty amazing as lifestyle choices may not make the cut in the comparable sales data. When renovating for profit, learn as much about what works for the neighbourhood as possible. Emotional renovation, as a rule, always hits the ROI hard.
You have to be careful about what the market prefers
Research on what the prospective buyers and tenants in the neighbourhood have been seeking over the last couple of years? Are there interesting trends? Which is more sought after- structural or cosmetic renovation?
Seek professional help
And you are not yet done. Rope in a professional to help you through the process of renovation irrespective of what you are seeking (lifestyle or profit). They know how to blend form and function and also, they are well versed with council requirements ( do you want to know about a homeowner who tampered with his load-bearing wall without prior council permit…..well, for some other day).