Dollars & Cents

Want to renovate but not sure of the cost? Here’s how to work out what you can afford and whether it’s worth your while doing it

- Sally Conor

1 WHERE TO START

Work out what you want from your home and write down what you’d need to make this a reality. If your goal is to rent it out or sell it on, you will have a very different set of aims and outcomes to work from. Start with the stuff that’s not so much fun but will improve the health and longevity of your home, eg insulation, new gutters or roof, relining walls, upgrading plumbing/wiring or installing a whole-house heating system. Then think about big-ticket items such as a new kitchen, bathroom or outdoor living area. Finally look at lower-cost improvements such as setting up a study or exercise area or buying a plush new lounge suite. You may wish to aim for a balance between high- and low-cost projects – a brand new kitchen combined with a quick bathroom makeover; or a state-of-the-art heating system combined with a fresh interior paint job. Once you’ve written your ultimate wish list, look at the overall scale of the work and ask yourself: would it be easier to simply move house?

2 BREAK IT DOWN

If you decide that you definitely want to go ahead and renovate, itemise every improvement you’d need to make to fulfill your vision. Prioritise the list with a focus on improvements that will make your home healthier and more appealing to potential buyers, even if you plan to stay for the foreseeable future.

Talk to friends and family about their renovations and find out what upgrades have made the biggest difference to them. Try to remove the emotion from your decision-making and be practical about this list, rather than fixating on the gorgeous new marble bench top you’ve always dreamed of.