Home renovations are undeniably exciting – but they can also be stressful, and require a lot of pre-planning consideration if you want to make sure that everything goes smoothly. From determining your budget and picking the materials and designs you want, through to finding the perfect contractors for the job, it is essential that you are well-prepared and informed before you start renovating. In this blog post, we have compiled our top 5 home renovation tips for 2023. If you have any questions along the way, or want advice about renovation loans so that you can get the most out of your renovations, don’t hesitate to give us a call

Our top 5 home renovation tips:

Start out with a plan

The first step for any successful home renovation is creating a plan. We know it’s fun to walk around your house and dream up all the exciting things you could do with the space. But at some point, you need to start planning so that you can make these dreams a reality. Just some of the things you need to plan for include your allotted budget, the style you’re going for, the materials you will need, the contractors you want to use and the timeline you have in mind. We also recommend that you research zoning laws in your suburb plus any other relevant restrictions, so that you can make sure your renovations won’t meet any frustrating roadblocks once you get started. To make the most of the space you have during your renovation, we recommend that you create a floor plan that maximises functionality as well as design – make sure to take into account how you currently use the space, any storage that you will require, and where potential hazards might be located. 

Factor in your budget

Setting a realistic budget is key when it comes to home renovations. One of the most common issues renovators face is blowing their budget and having to put their progress to a halt until more money can be accessed. Start out by figuring out how much money you have to spend, and then determine the actual costs of your renovations – make sure that you factor in every expense, from contractors’ fees to supplies as well as unexpected costs like repairs or unforeseen delays. This will help ensure that you don’t overspend and that you’re able to finish the project within your set budget. If you don’t have the budget you need to achieve your renovations, don’t forget that you can also consider a renovation loan. If you’re not sure what a renovation loan is or how to get one, check out our blog ‘how to get a renovation loan’. 

Hire a trustworthy team

The team you choose to provide your renovations is one of the most important decisions you will make. Look for qualified and experienced professionals with a proven track record of completing renovations within budget and in accordance with local building codes and regulations. Make sure that you get quotes from multiple contractors so you can compare prices and services, and interview each contractor in person. Make sure to ask for references and to review their portfolios and customer reviews before hiring them.

Consider going green

When renovating, it’s important to consider energy-efficient upgrades such as insulation, high-efficiency windows and doors, efficient appliances, and renewable energy sources. These changes can help you save money in the long run while also reducing your home’s environmental footprint. 

Use high-quality materials

A factor that is just as important as the labourers you choose is the materials you use. Although it can be tempting to choose the most affordable options out there, this might not be the best option in terms of quality, style or longevity. Do your research and try to find the absolute best quality materials you can within your budget. This way, you won’t compromise the final results or the durability of your new renovations. If you need a hand choosing the materials, your renovation team should be able to provide you with recommendations for every budget. 

The final word

Home renovation projects are exciting, but they are also undeniably stressful and expensive. Make sure to take plenty of time to plan your budget, conduct research, find a great team of labourers and choose high-quality materials. If you do that, you will give yourself the best chances of renovation success. 

We hope that this blog post has provided you with some tips to make your renovations as cost-effective, smooth and pain-free as possible. Good luck!

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

Emmanuel Guignard (MBA)
Director & Principal Mortgage Broker
With over 15 years’ experience in the finance industry and a recently completed MBA in Financial Planning, Emmanuel leads the broking team at Loanscope. His experience includes working with a wide range of property investors, from first time buyers to investors with large property portfolios. This includes handling complex applications involving trusts, company structures and self-managed super funds. He also operates as a qualified mentor to other mortgage brokers via the FBBA mentor program.
Emmanuel Guignard