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Nova Design Group

07 3385 0698

house designs

THINKING THROUGH THE RENOVATION PROCESS

Renovating is a emotional investment - is it right for you?

Maximize the return on your financial and emotional investment by evaluating all your options before beginning on a program of renovating or refurbishing (herein termed R and R).

Adding value to the asset

R and R is an investment into the home. Like any sound investment, the rewards are best reaped after the investment has had a chance to mature. Our experience at Nova Design Group has found that in most neighbourhoods, this is especially true for large projects of $100,000 or more.

Our experience has also shown us that most homeowners remaining in the house for 8 years or more usually realize the full benefits of their renovating projects, both in terms of their satisfaction with the project and the added value to the selling price of the home.

What to look for when
increasing the resale value

Many homeowners sight increased resale value as a good reason to renovate their home. That can be true, but much depends on the kind of work being done and the neighbourhood itself.

Kitchen and bath renovations, as well as those renovations that add to the existing square footage of the house, usually experience the most immediate return on an investment.

On the other hand, unusual renovations or eccentric adjustments to the house may make a home less appealing to potential buyers. These types of renovations are best performed when the homeowner intends to stay in the house for several years.

Examine the neighbourhood!

  • Are the neighbours improving their homes?
  • What are the property values of the homes within a half- mile radius of your home?
  • Will your improvement bring your home's resale value in line with increasing property values? In some communities, renovation can increase the resale value of your house almost immediately!

Refurbish appreciation

Probably the most important factor to consider when renovating is the quality of the finished work done.

Good design and quality work will appreciate; poor design and craftsmanship will likely depreciate in value.

What ideas do you have in mind?

  • Are there certain problem areas in the house that a refurbishment could address?
  • Is there something you've always wanted to do in your house, or a function you've always wanted your house to perform?

Some homeowners dream of cooking in high-tech kitchens, while others dream of grand dining rooms for formal entertaining. Still others crave more natural light, or privacy. Homeowners fare best in the renovating process when they have a clear objective.

For example, to create a space for the kids to play away from the adults or to create a spacious kitchen with enough room for several adults to maneuver etc.

Understanding your unique wants and needs can help in determining whether renovating is right for you and your home.

Will your visions blend into the neighbourhood?

Often, this seems like a strange question to potential renovators, but it's a valid concern.

Adding a second story to your home might seem like a good idea, but if it "disturbs" the visual lines of the neighbourhood you place would look out of place.

Likewise, bold or daring designs in older traditional neighbourhoods will also disrupt the aesthetics and consistency of the neighbourhood.

Renovating that appears to raise a home's resale value significantly higher than other homes in the area is called "over-improvement." "Over-Improved" houses usually do not yield as substantial a return on the renovation investment as do houses that appear to fit and flow naturally within the neighbourhood.

However, we've often seen "over-improved" homes return their full investment (and more) after a couple of years when the other houses in the neighbourhood have had a chance to catch up.

Remember that rules are made to be broken! Some of the most provocative and exciting designs push the limits of neighbourhood aesthetics. A design professional can suggest the best design solutions for "breaking" renovating rules.

Don't underestimate
the time it will take

The renovating process is both labour and love intensive and it takes both to do a job right.

As it is your home, you don't want to settle for anything less. Renovating effort does take significant time. A homeowner's individual time commitment usually depends on their level of involvement. Even if working with a full-service company, the homeowner's involvement is key and crucial during all phases of the work.

If it's a do-it-yourself project (like painting or installing new countertops, curtains, or new carpets), you may be spending evenings and weekends shopping and building.

Additionally, there are a lot of expenses involved in the renovation of a home.

Homeowners often find that, once they become aware of them, these expenses represent a significant portion of the home's original cost. You must attempt to anticipate these expenses.

However, nothing compares to a home that looks great and works well.

A designer/builder should help you manage your budget to get the most from your renovating investment.

The QLD based Nova Design Group is an experienced building design company just waiting for your call (07 3385 0698)