First time renovating? The rules that can save you thousands
by Glen James and Rachelle Kroon Renovations test both patience and creativity. But with planning, clear communication and emotional awareness, the process can be much smoother and more enjoyable. There are three main reasons you may choose to renovate: To add value. Increasing the valuation of your property gives you instant equity and allows you to utilise the equity you’ve built. You may use this to release a family or government guarantee, buy an investment property, or simply for peace of mind that your loan is now lower in comparison to the value of your property. To make it your own. Renovations allow you to create the space you want to live in and tailor the property to your lifestyle and preferences. To get into a better area. Fixing up a lower grade property in an area you’re happy with for now may give you the boost you need to move to the next property you want to live in longer term. Knowing your ‘why’ when you choose to renovate will help guide how you go about it and what you choose to improve. Understanding the costs Before starting any renovation, it’s crucial to understand the full costs involved. Factor in materials, approvals, labour, project management, time, bad weather and unexpected issues that may arise. Knowing the total cost upfront helps you avoid surprises and ensures your renovation adds value rather than becoming a financial burden. This is where planning is key! Financing a renovation Many property owners use the equity in their home to fund renovations. This allows you to access funds without needing to save the entire amount upfront. Consider the end value of the property after renovations: will the improvements give you enough equity or value increase to justify the cost? Add value in a way that actually adds value. How handy are you? If you’re handy and undertaking some work yourself, this can reduce costs. However, ensure you’re realistic about your skills and the time required. There’s nothing worse than burning out trying to save cash – sometimes it’s best just to pay a professional! Poor DIY work can also reduce the value added or create costly fixes later, so ensure your skills are up to the task. When do I need council approval? Some renovations require council approval, especially structural changes, extensions or alterations to the property’s exterior. Approval rules vary greatly by location, so it’s essential to check with your local council before starting any work. Even minor renovations can trigger requirements depending on zoning, heritage overlays or building codes. Always confirm early to avoid fines, delays or costly modifications. Planning and project management Good planning is key. Create a timeline, set a budget and consider hiring a project manager if the renovation is complex. Keep track of contractors, deliveries and permits to avoid delays and unexpected costs. The emotional side of renovations Renovating a home can be exciting, but it’s also stressful. Even small projects can uncover unexpected issues: unplanned wet weather days, structural surprises or trades that cost you more than you expected. It’s easy to get frustrated, anxious or overwhelmed when things don’t go perfectly according to plan. Practical tips to ease the emotional challenge include: Set realistic expectations. Prepare yourself mentally for delays, extra costs or minor hiccups. These are annoying, but normal. Anticipating bumps in the road helps reduce stress when they happen. Plan and budget carefully. Realistic budgets with buffers and timelines make surprises easier to handle. These also help you conceptualise what’s coming next. Include a contingency fund for unexpected expenses. Break the process into stages. Determine what steps come in what order. You don’t have to do everything at once and naturally there’ll be steps that have to come before others. Communicate clearly with your builder or contractor. Pick a builder you communicate well with and encourage regular updates to help avoid misunderstandings and keep the project on track. Keep your ‘why’ front of mind. Remember why you’re renovating, whether it’s for value, lifestyle or future flexibility. Focusing on the end goal helps you ride out temporary frustrations. Take breaks and step back. Go and do something fun every once in a while! Renovations can become all-consuming and it’s easy to lose perspective. Adding value Here are our top five value-add renovation ideas: Kitchens: Upgrading benchtops, cabinets, appliances and lighting gives the biggest bang for your buck and modernises the heart of the home. Bathrooms: Even small improvements like new taps, showers, vanities or tiles can significantly increase appeal and value. Fresh paint: Neutral colours throughout the home brighten the space and make it feel well maintained. Flooring: New carpets in bedrooms or modern timber/laminate floors in living areas lift the overall look and feel. Curb appeal and outdoor spaces: Tidy gardens, lawns and pathways, or adding a deck/patio, create a strong first impression and improve lifestyle appeal. Edited extract from ‘The quick-start guide to your first property’ by Glen James and Rachelle Kroon