What You Need to Know About DIY Home Improvement

So you want to improve your home on your own. Unless you have the skills and the experience to pull this off, we recommend that you read this article first. We will provide you with helpful information you need in order for you to renovate your home without ruining it and your budget. Let's begin:

  1. Plan ahead. Before you even pick up a hammer or whatever your tool of choice, create a plan. Decide on your budget first, since this will affect the entire project. Once you have a budget, stick with it. Nothing will ruin your finances more than by going over it. Aside from that, know how long the project will take, especially if you are renovating an investment property. Also remember to put a buffer on your budget for unexpected expenses such as fees and taxes. Otherwise, you might find yourself scrambling for funds if and when something goes wrong.
  2. Seek the help of a valuer. Just because you spent $10,000 on your living room doesn't mean that that's same amount that will be added to your property's value. Thus, you need the expert advice of a valuer to tell you exactly how much your property is worth, before and after you fix it up, as well as based on the improvements that you plan to make.
  3. Get help if necessary. It's okay to work on things on your own if you will only perform minor repairs such as changing light fixtures and taps. With bigger projects, however, it would make more sense if you sought help from the experts. A project manager, for example, could help put the project on time and within budget. Plus, they could handle the renovation in your place while you are away. Meanwhile, a quantity surveyor could help you keep track of your costs and possible tax deductions while working on the project. It might cost you money to hire these people, but it eventually pays off when the renovation goes according to plan.

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Published on October 10-nd, 2012 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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