Renovating your kitchen and bathroom can be some of the best ways to increase your home’s value and improve your space. Here’s how to ensure you get them done right.
For many of us, a bathroom renovation or rethinking our kitchen design is probably high up on the list of things we would change about our house. If you’re regularly browsing the Bunnings website or trawling through Pinterest ogling kitchens and bathrooms with crisp new finishes and modern appliances and fittings, you should take it as a sign that you’re ready for change.
Before you simply jump headlong into what can end up being a costly project (it’s not uncommon to have a kitchen or bathroom renovation cost tens of thousands of dollars), it’s important to stop and evaluate a few key things. Yes – a kitchen or bathroom renovation done well can not only transform your living space for the better while potentially increasing the sale price of your property – this is true. However, done incorrectly, these renovations could not only be unsafe, they could negatively impact your chances of making a profit when you look to sell your place and move on.
Know your goal
Having a clear picture of the end-game for your renovation is key, and will influence the following steps in the process immensely. Maybe you’re in your forever home, and the last remaining piece in the puzzle is a lavish new kitchen or bathroom. Perhaps your current set-up is struggling to keep up with the needs of your growing family, or you might just want a simple, no-nonsense modern kitchen and bathroom renovation in order to get your place ready to sell.
Once this goal is clear, you’ll be able to think about who will be doing the work and know the cost of your renovation, and by keeping your goal in mind, you’ll stay motivated during the process, knowing the hard work and inconvenience of the build will pay off.
Know who's responsible
Once you have your goal in place, it should be fairly simple for you to decide whether you’ll tackle the renovation yourself or call in professional tradespeople. If you have a construction/plumbing background, or you’ve had some previous kitchen or bathroom renovation experience, taking on the job may allow you to keep your costs as low as possible. Similarly, if your end goal only requires a few simple updates to your lay-out, it may be something you can keep in house.
However, if you want to splash out and completely change the set-up of either room, or you want to ensure the highest quality from the build, it might be worth your while calling in the pros. It could end up being less stressful, too, especially if you have any doubts in the ability to get the job done yourself. Find out how to avoid renovating mistakes here.
What’s more, whenever it comes to electrical or large-scale plumbing work, there really isn’t an option – you’ll need to get someone fully qualified to complete this for you.
Know how to pay for it
Having come that one step further, we arrive at the dollars and cents of your kitchen renovation or bathroom renovation. If you’ve decided to tackle the project yourself, life may be a little bit simpler in that you can just source all your desired materials, finishes and fittings and calculate their cost.
If you’ll be calling in the tradies to get your reno done, you’ll not only need to source all this, you’ll also need to get a number of quotes on the total cost of the job (we recommend at least 3).
In terms of how to actually pay for your reno, there are a number of options:
- If you’re patient, and a good saver, it’s simple – use your high interest savings account to build your nest egg and use your own cash when it comes time to get started.
- If you’d rather not wait, you can opt for a Personal Loan/Renovation Loan. At Greater Bank, we can have Personal Loans approved in as little as 24 hours, allowing you to get underway sooner.
- If you’re a Greater Bank Home Loan customer who’s ahead on their repayments, there is also the great option of using our free, unlimited redraws available via Online Banking and our app. It’s your money – make the most of it.
Some important things to remember
- Watch your budget – especially if you’re completing work yourself, it can be very easy to go over your estimated costs for the build. Keep yourself on time, and be careful with your spending to stay on track.
- Don’t skimp on the important stuff – even if you are trying to perform your reno on a budget in order to sell and maximise resale profit, there are certain things that every bathroom needs to catch a buyer’s eye. Make sure your shower or bath is of reasonable quality, ensure your fittings are decent and modern and comply with Aussie standards, and when in doubt – avoid trends and go for a classic/modern look.