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Property renovation is not easy. It requires patience and hard work, but
if done well the rewards are fantastic. Bounce off agents any ideas you
have, particularly if you are renovating to sell. Don't be arrogant and
assume you know it all - listen to them carefully. Agents, even ones
with two or three years experience, know what you need to do to make a
property sellable, as they are the ones selling them all day - they meet
buyers very frequently and listen into their complaints and compliments.
They are a valuable source of knowledge - and they'll always give advice
for free.
Use an architect. Unless the changes that you wish to make are purely
cosmetic (like painting, re-tiling, etc...) ensure that you use the
services of a registered architect. The architect will make sure that
your renovation complies with the governing by-laws and that you obtain
all necessary approvals before work begins. Without the necessary
approvals you risk having lots of problems later on, and it's not worth
the headache. The local authorities may give you a stop order, you will
get fined, and you may find it difficult to sell the property.
Make sure that your design allows for plenty of light into your house,
and try to give the house an open feel. Large windows and open plan
concepts will both add value to your house. Apply for planning and
building permission before you acquire the property. This will increase
the return on your project by saving you interest costs and shorten your
turn around period, or if you are buying for your own stay it will mean
you can move in earlier which will save on interest costs.
Hire sub-contractors directly if you have time. By doing so you will
save the costs of the middle-man - your main contractor. Typically a
main contractor will mark-up any sub-contractor prices by around 10%.
But if you don't have time this 10% is certainly worth it - hiring a
tiling worker, an alarm specialist, a plumber, an electrician,
negotiating with all of them, and then making sure their work is good is
not easy - and having one person to complain about anything is a
positive. Have written and signed agreements with your contractor(s).
Not doing so is a recipe for disputes. State the time the work must be
finished by and put penalties for late completion. If you don't put
penalties explicitly in your contract, expect your work to be delayed.
Make
progress payments in small increments as the work is being done. Avoid
having a scenario where the contractor could be tempted to just run off
with your money. Always make sure the contractor is incentives to
continue to work. However you must be reasonable too. Some work involves
a significant cost upfront for the contractor. For example if you're
buying items like custom made wardrobes clearly the contractor would be
at risk if you paid him/her after the wardrobes were made - he/she would
need a fairly large deposit for them to feel comfortable placing a big
order.
Visit the property at least once a day. It means if you are not happy
with something there's enough time to make amendments without a
significant cost. It will also keep the workers on the ball. Be fussy on
the quality of the finish. If you do not complain about poor quality
work, no-one else will. Go around the house constantly looking for
anything to complain about.
The
more you complain, to a point, the more the contractors will ensure
their work is of a high quality. Go around with a big red market pen
pointing out any defects, and do not hesitate to use it. Most of people
focus on the bathrooms and the kitchen. Yes, these areas determine, more
than any other, whether a property feels modern. A great kitchen will
often tempt the women, and they're usually the ones that make the
decisions! Also, the master bedroom is important as this is the room
where, typically, the purchaser of the house will sleep.
Take into account for Feng Shui, even if you don't subscribe to it
yourself. Others do, and that matters, particularly in Chinese areas.
Choose neutral colours and unless you are experienced do not be bold
with your designs. If you keep it simple that is usually best. Any bold
statements can come though the furniture, which can always be removed if
they do not work well.
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