Renovating or building a home can be expensive and frustrating; in order to make your home make-over a success you are going to need the help of experts in a number of fields which may include civil engineers, roofing contractors, plumbing contractors or any number of other disciplines depending on the project. Here are some points to consider before you go ahead and put a cost on a project and decide whether do do it with cash, draw from your access bond or to get a second bond:

  1. Time and money: Often people have an unrealistic idea as to how long renovations would take. Often it takes a lot longer than expected.  Factors such as the weather, public holidays, availability of workers and material can put a hold on your renovations or build.  So to be sure add an additional few months onto your expected completion as it will work in your favour. Depending on what changes you would like to make to your home; you need to start off with what you can actually afford to do.  So starting off with a budget is a definite must in this case as it is easy to overspend.  Should you require extra funds you can use your home loan to extend your bond or take money out of your bond in order to cover the costs.  Even so there is only so much money you can use from your bond.  Should you require a bond companies such as Findbond will be able to assist you.
  2. Project Managers: Options such as DIY are cheaper but if you want your renovations to take place and be successful it is always a good idea to hire the correct people to do the job.  Project Managers are difficult to source or should I say professional and competent Project Managers.  It is important to use people who have been recommended. As word of mouth is the most powerful marketing tool using it to find the right person to assist you with your renovations is imperative and will ultimately lead to a successful renovation or build of your home.
  3. Reliable, cost effective builders with professional workmanship: Another reason to employ a Project Manager is for good contacts and professional workers.  As Project Managers can advise you on renovating or building your home they also have contact with builders, plumbers, electricians and painters.  Should you choose a reputable Project Manager it often means that they have professional contacts that can offer you quality and satisfactory work.  You should not try to hire cost effective workers and use cheap material to get the job done as you are very likely to have problems in the long run.
  4. Plan B: Once you have discussed all of your wants and desires with your Project Manager ensure that you have extra money aside just in case something does go wrong.  Should you want to extend your wall for example or build another level onto your house you need certain building requirements which is when an architect would need to step in.  This means that it will cost money to draw up plans and meet with council etc.  You should always do research and cost analysis before you commence alterations to your building.
  5. Noise and invasion of privacy: Renovating often means taking out carpets and replacing them with tiles for example so it is just as invasive as building.  You will have workers and builders walking through your home. Therefore you might consider moving out of your home while you renovate. As many people cannot afford to do this you can always use your bond or extend your home loan in order to receive more funds to rent an apartment while your home is being remodelled.

Renovating or building your home can be a lengthy procedure depending on the extent of which you want to alter your living space. Therefore using your bond or applying for an extra bond can assist you in the interim and in the long run. Remodelling your home adds to the value of your home; it is well worth the hassle.