In 2017, the Sydney Northern Beaches was a hotbed of property deals, with record-setting auction clearance rates and some of the highest prices on record. In 2018, the property scene around Northern Beaches has cooled a little and adding value through a renovation is on the cards for many of last year’s home buyers caught up in the real estate frenzy.
Home Renovations create lots of potentials to add value to a home, increase its street appeal, or create more space for comfortable living, but careful management is needed if the renovation is to achieve the intended outcome. Here are a few of the most common risks faced by renovators and how to avoid them.
Ensuring adequate insurance coverage
A common oversight for many homeowners entering a renovation is to overlook their home and contents insurance coverage. Quite often, it’s not enough if anything goes wrong during the renovation.
Before going ahead with the reno, home-owners should take the time to examine their insurance policy to ensure they are prepared for any untoward events or mishaps on-site.
Most renovations will need two types of cover to ensure every eventuality is covered: the owner’s home and contents cover, and the insurance taken out by the builder.
Insurers need to be made aware of all of the renovations taking place. If they haven’t and something happens, it may be within their rights to deny a claim.
Many homeowners taking the DIY route may also not be covered. This may also be true if the homeowner decides to supervise all or part of the renovation.
Deal with rising costs due to project delays
Poor planning most often leads to construction delays and rising costs. A builder must adequately manage a myriad of tasks to ensure the renovation stays on schedule.
From ordering material, scheduling inspections, to rostering trades, a competent builder needs to know how to fit all of the moving pieces together to ensure the job is finished on schedule and budget.
Trade concierge sites like Tradebusters, which use comprehensive vetting systems to ensure every listing is a quality business, make finding the right builder a lot easier. Be sure to visit the site when considering builders for your renovation.
Home renovators need to be smart about how much they are spending on the improvements, as it’s very easy to spend more than what the reno will add an extra value to the property. This criterion is especially crucial for renovators who may be considering selling the property in a few years.
Finding the right local tradies
Most renovations will require builders, painters, and electricians to take part at various stages of the project. It can be daunting to find just one tradie, let alone a number of them from the different fields required to get a complex renovation completed.
Every tradesperson who comes on site will need to be adequately qualified to do the job for which they have been hired. Plus, most tradies, if not all will also need to hold the relevant license for their field. With their system of listing only the top businesses operating in an area, Tradebusters will make finding qualified tradespeople painless and stress-free.
As we mentioned before, finding reliable trades for your home renovation can prove to be a real headache. When you use a trade concierge site like www.tradebusters.com.au, you can be sure that all businesses you are connected to have been vetted for reliability and trustworthiness.