Is a home renovation right for me?

Home renovations can seem like a fun challenge. However, before you run to the shed for a sledge hammer, let’s have at look at what you need to consider first.

To stay or to move on….
It’s highly unlikely that you’re only going to have one home in your lifetime. That’s because there are just so many changes that we go through which impact on the home that will work best for us. School zones, career changes, growing families, and stage of life can all mean a change of home is appropriate. It’s important to note that changing your home can be an expensive exercise. As a rule of thumb, we use 4% of the value of a property to cover the costs of marketing, legal, agents’ fees etc. and this can be a big number! So, if you’ve got a great home that will work for you and your family for many years, renovating can be a great option.

Advice, Advice, Advice
Once you’ve decided that a renovation is the right move for you, it’s all about doing your homework.  Here are a few professionals that you should talk with to ensure a great result.

Your local Real Estate Agent will be able to advise if what you are doing is in keeping with the neighbourhood you live in and to make sure you don’t over (or under) capitalize. One day someone else will own your property so you need to be careful that your renos will appeal to a wide range of buyers. Some buyers might not feel the same about the shocking pink feature wall that you did!

Specialist Renovation companies will be able to guide you through the process as they can draw on the experience they’ve had with other renos to let you know what works and what doesn’t. They will be able to give advice on many aspects that you don’t normally think of such as structural limitations, the council consent process, and possibly the requirement for special insurance while you're under construction.

Funding is another important factor to consider. If you need to finance your reno, a great place to start is to work with an Apex Mortgage Specialist to help guide you through the process. Depending on the equity you have in your property there are different ways that banks will advance your money and it’s important that you understand how this process works before you start.

If you’re thinking of a home reno, we are here to help. Contact us on 0800 500 510 or mortgages@apexgroup.co.nz


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