Having a tropical garden is high on the list of good reasons to live in Cairns. It is so easy to grow tropical plants here thanks to the warm climate and plenty of water. What we have to do is just plant the plants we like and wait for several weeks. They grow day by day, and then eventually surprise us with beautiful flowers and colourful leaves. Too easy mate!! (I found Queensland people use this phrase very often.) However, there are a few things we have to keep in our mind to grow these tropical plants. For example, the behaviour of their roots system and the growing patterns of so many different varieties. Some plants have very strong roots system and grow stealing the nutrition from other plants, and spread throughout your garden interrupting your garden design. We recently had 4 meter beautiful Heliconias but we had to spend a half day to dig them up as smaller Heliconias’s root system interrupted them. We replanted big Heliconias and they have just started shooting. Fingers cross to see the beautiful flower again soon.
The “Should I Renovate” question.
A home in my opinion has 2 values. A place of shelter where one can love, share and enjoy in comfort the precious moments of being alive. The second is a monitory asset underpinning a person’s wealth. The word home morphs into the word house at this point. Understanding the difference between the home (live) and the house (asset) will help you achieve the perfect renovation.
A simple yes or no to the question depends on the individual property and capital-spend estimations of the owner. Before you go shopping for the latest taps or appliances, ask what it is you actually want to achieve from all the energy/finance spent on the proposed renovations. Are you doing it for your own needs with a long term stay in mind, or are you renovating to sell for profit in the near future.
1) I say go carefully through the realistic costs of the work that needs to be done.
2) Speak to someone with experience to help compile a list of all the hidden costs.
6) Investigate what you can buy for $440,000 elsewhere.
7) Does it make sense to go through all the effort of renovating? Or can you find a home that meets your requirements elsewhere.
8) If you love being where you are, just go for it. Renovating can be a very rewarding experience.
9) Please don’t over capitalise. Be wise with your money, one day you may need to sell. Spending $75,000 the wrong way could be money down the drain. On the other hand, a well-executed renovation will more than likely stimulate the property value above investment cost.
10) Get as much advice as possible, be well prepared and organized.
Renovate & sell in the near future.
Get a second opinion from someone with expertise (agent) of what improvements would help make the sale price higher. Keep in mind who is going to be the buyer.
Place 90% of your budget in divisional amounts next to the list of 10 improvements needed. Mark in the remaining 10%of the budget as number 11 – Unexpected Costs. If you finish the renovation and have the 10% still in the bank you’re a genius.
Design is very important. A clever design can add value to market price. If you are not sure, get some ideas from those with experience. Get out the latest home magazines.
Pricing the renovation is an art. Be rational and realistic with costs. The last thing you want is a half-finished renovation making the home difficult to sell or uncomfortable to live in. Obtain quotes from tradesman and shop around on materials and fittings.
Write a time line of how the renovation will flow and incorporate the different trades. Strong project management will save money on a building site.
Rejuvenating a property without a heavy spend may also be an option. Make the front of the house look smart, call the painters in, modernise the doors inside, change the cupboard door handles, new fittings in the bathroom, fresh blinds and new fans, etc. All of these improvements go a long way in reaching greater returns on the day of sale.
It’s no secret in renovating circles that spending money on improvements in the kitchen and bathroom will heighten the chances of achieving a successful renovation. A final tip is if you’re going to be living in the house while you renovate do one room at a time, relationships and dust don’t go well together.
The answer is “yes always renovate” just be wise with the amount.