Planning to renovate your Sydney Eastern Suburbs home?
When you consider that the Eastern Suburbs stretches through some of Sydney’s most iconic locations such as Bondi Beach, Randwick, Double Bay, South Head, and Maroubra, it’s not hard to see why people are eager to live in this area; it’s like owning a piece of heaven.
The Eastern Suburbs is booming
There is a lot of incentive for the local governments of the Eastern Suburbs to bolster economic development. The Randwick Education and Health Precinct has plans to add another 6,000 jobs to the area by 2031. The opening of the South East Light Rail in 2019 will also increase access to the area and make it more attractive to investors. (Source: Ben Collier)
The Commonwealth government has also set its sights on the Eastern Suburbs with plans to increase the student population by 40 per cent leading into 2025. This new incentive will create pockets of hot property around recently developed educational centres.
A lot is going on in the Eastern Suburbs, with many grand plans to bolster the infrastructure and create jobs; which means that right now is the best time to consider renovating your property to upgrade it and add value. Of course, if you aim to move into the area, then it is also an excellent time to secure capital growth in the coming years.
Renovation risks to consider
Australia has become a nation of renovators, as more people choose renovations overselling and moving to something bigger. There’s lots of value to be gained from an Eastern Suburbs renovation, but it’s not without risks.
Budget Blowouts – Renovations are notorious for going over budget, but it’s a situation which can be avoided by using an Eastern Suburbs building cost estimator to create an accurate cost estimate of the construction. They’ll give you a detailed outline of materials, and the budget you will need for hiring trades contractors such as Eastern Suburbs painters, electricians and builders.
Overcapitalisation – If you are trying to maximise your investment dollar then you will want to avoid overcapitalisation, especially in the Eastern Suburbs. Overcapitalising means that the renovation costs will not increase the value of your property sufficiently enough for you to return the full amount of your investment if you should suddenly need to sell.
Not appealing to the market – Your tastes in design may not appeal to the market. Not everyone likes pink paint with green trim, orange shag pile carpet and gaudy fascias. The unusual colour scheme you love so much may turn off most potential buyers and force you to reduce the price in the event of a sale.
Thinking you can handle the renovation yourself – Renovations are complex projects with many moving parts needing coordination. Unfortunately, many people jump right in with no experience or use the wrong tradies, resulting in lost time, wasted dollars and many things simply going wrong.
Need help finding a good builder or other tradespeople for your place?
Did know here at Tradebusters®, our FREE and local tradesmen concierge service can help you connect with highly recommended builders and other trade businesses across the Eastern Suburbs.
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