Structurally Renovating to Add Value

There are many reasons to renovate, but two obvious ones are to add value to your property and to make it easier to entice renters if you are an investor.

Basically, renovating is a phased process. First you need an idea and a budget. Depending on your circumstance, structural renovations can cost anywhere from $1300 per square metre to over $3500 per square metre. It is always a good idea to consult a professional to find out if your renovation will actually add more value than the potential costs.

The next step is the disign phase where professional help is nearly always required. You can choose between an architect and a draftsman.

Once the plans are drawn up you need to deal with your local council, since structural changes require their approval. This includes submitting complex drawings and elevations along with auxillary reports like environmental, heritage and even tree reports. Once your development application has been approved, most councils will also require a construction certificate for building work to begin. Then you will need to regularly confer with the builder to sign off on all stages of the job. If you engage a design professional, they can be employed to oversee this stage of the project.

The final phase is when construction is completed whereupon you must get an “occupation certificate” to verify that the works are satisfactorily completed and that the property can be occupied.

Remember – “Don’t over capitalise”