Spring is the perfect season to freshen up your home – or get your investment property ready to re-let. But before the winter chill disappears and you jump into your spring project, there are some important questions to consider
Whether you are considering a quick weekend project or a more extensive renovation, it is important to create a detailed plan from the outset. The following factors may have a significant impact on the way your project turns out.
Before jumping in it is crucial that you consider the budget for your project and how you are going to fund the works.
Do you have some savings set aside that you can use or are you going to need to tap into your equity or take out a personal loan? Ultimately, how much you have to spend and how you are funding the project will have a major impact on how much you can take on.
Do you have a spare weekend coming up in which you can do a garden tidy up or finish off that spare room, or are you in-between leases and prepared to start those much needed renovations? It is important to remember that the bigger the project the more hands you will need to complete it and this will mean scheduling different contractors in around each other. So, make sure you give them ample time to complete the tasks.
What is your main goal for the project? If you are simply looking to freshen up your home then you really have a free rein to make the space your own. However, it is important to consider that while the latest trends may look impressive now, they could be costly to change if you decide the look has become outdated in a few years.
On the other hand, if you are updating an investment property to increase rental value, then you really need to be cautious with the decisions you make. While that new in-style egg-shaped bathtub may seem great, will it really add enough value to the property to make it worthwhile? So, unless your bathroom or kitchen is unusable, it might be better to stick to easier cosmetic updates such as a fresh coat of paint or new carpets.
It is also a good idea to stick to neutral colours so that would-be tenants can easily relate to your space upon inspection.
With the warmer weather, it might seem like a great idea to jump into a spring project. But a little planning now will save you a lot of time and effort down the track and will ensure a more successful outcome no matter what the project.