Doing a ‘reno’ is almost a national sport in Australia, but be careful!
Avoid the most common pitfalls and you can make money on a ‘home renovation’. According to one of Australia’s leading renovation expert Cherie Barber, who has created a course a course, called www.renovatingforprofit.com.au the key pitfall to avoid is: “For a general cosmetic renovation you should spend no more than 10% of your property value – and that’s to transform your property inside and out”. A person who buys a $400,000 un-renovated house, for example, and then spends $80,000 will be “massively over-capitalising” she says.
Tips for Kitchens
Most people rip out perfectly good kitchens that they shouldn’t rip out. It’s not unusual for people to spend $20,000 to $40,000 on a brand-new kitchen.” However, with a little savvy, you can easily create a similar effect for under $10,000. Firstly, avoid going direct to a cabinetmaker. Instead buy a flat-pack kitchen, assemble it yourself and then hire a quality carpenter to install it.
Tips for Bathrooms
Off-white is the go-to colour, it’s ‘BBC’ – it makes it bigger, it makes it brighter and it makes it cleaner. You may want to change the taps and consider using tile paint rather than spending thousands on a tiler. The bathroom is an area where people tend to spend vast sums on fixtures and fittings. Lots of people just pay retail price for their fixtures and fittings. Half your renovation budget will go on your fixtures and fittings. Checking out sites like eBay and Gumtree, or visiting liquidation sales will often yield great low cost options.
The best value for renovating your house is painting, rather than hiring a painter or trying it yourself, a much quicker way is to hire an airless spray gun, which should cost around $90 for a half-day. Even amateurs can paint the whole house inside in four hours. Get the hang of it in your backyard first by practicing with water. Once you’re up and running, use water-based paint (never enamel), and buy in bulk. Paint everything in the same colour, and use a low-sheen paint to hide mistakes.