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DIY renovation project considerations
Spring is often associated with DIY renovation projects due to the lower rainfall, warmer weather and motivation to get things done before the end of year festivities.
If you are currently contemplating a DIY renovation project for your main residence or investment property, several important considerations need to be taken into account. For example: Why are you doing the renovation? (Getting it ready to rent/sell, improving building features, etc.); How are you going to finance the renovation? (Savings, inheritance, redraw facility, refinancing, etc.); What is your budget and how will you track your spending, so you remain within it?; Have you checked with your local council (and body corporate, if applicable) regarding approval?; Have you gotten an independent valuation to avoid overcapitalising?
Within this list is another important consideration, which Tim ‘The Tool Man’ Taylor displays in this video when he challenges Al Borland to a renovation duel…know your limitations and where applicable seek professional help.