Designing a Renovation into Your Dream Home

 

In the journey to create your ideal home, three essential figures come into play: You, the Designer, and the Builder. 

 

What sets the tone is your vision. While the designer and builder are dedicated to building your dream home, if their ideas don’t align with your needs, it’s essential to assert your preferences. 

 

So remember – your home, your rules. Choose a builder who gets you and your vision. 

 

Extension? Renovation? Or New Build?

 

A new build isn’t the only path to your dream home. 

 

Your current residence, nestled in a neighbourhood that you love, might hold the potential to transform into your dream home. 

 

Your familiarity with the location can make all the difference. 

 

When your house needs to adapt to your evolving household, a skilled designer and builder can work magic. The right builder will remodel and extend your home, turning it into a space that suits your every aspiration. Remember, your imagination is your only limitation.  

 

But before you embark on your renovation or extension journey, consider your future plans. If you plan to stay for a decade or more, focusing on personal enjoyment is the way to go. 

 

However, if selling is on the horizon, be cautious. Your neighbourhood’s character matters, and choices that don’t fit could impact your home’s resale value.

 

Extensions and remodels require precision. 

Even if you have old plans, don’t rely on them blindly. Make sure that your designer measures carefully. A mere 5mm discrepancy can lead to ill-fitting windows and doors, not to mention cost overruns.

 

And if an extension or remodel isn’t viable, a new build is the way forward.

 

Size Matters Less Than Lifestyle

Don’t fixate on square metres or bedroom counts. Your family’s lifestyle should dictate your home’s design, not an arbitrary number. 

 

Every family member deserves a voice in shaping the new home. While not every dream can come true, everyone should have a say in creating a home that suits them.

 

It’s About the Budget

 

Budget reigns supreme for most homeowners. 

 

Building your dream home isn’t about limitless spending; it’s about making the most of your resources. So, before discussing designs, determine your maximum budget. 

 

Account for current finances, expected income, and necessary expenses. Calculate the potential mortgage payment, considering future interest rate increases.

 

One common pitfall is underestimating renovation or extension costs. A budget of $500,000 might seem substantial, but it must cover everything from GST to consultant fees. Understanding your budget limitations is crucial.

 

Budget Allowance Calculation Example

 

Here’s an example: 

• A 133-square metre renovation and extension, estimated at $3,000 + GST per square metre, totals $400,000 + GST.
• Consider site conditions: If your land has unique challenges, such as a steep slope or limited access, allocate an additional 10% of $400,000, which equals $40,000 + GST.
• To prepare the site and potentially demolish an existing structure, reserve an additional $12,000 + GST.
• Other consultants’ fees should account for another $5,000 + GST. (Note, this excludes architects fees which are usually 10% of total build)
• TOTAL BUDGET ALLOWANCE: $457,000 + GST = $502,700

 

This calculation reveals that someone with a $400,000 budget might be over $100,000 short. Experienced builders can estimate project costs with reasonable accuracy, but for most, a professional estimator is necessary.

 

Remember, before construction begins, expenses like quotations, design, permits, and approvals add up. Share your budget with your builder; they’ll guide you on what’s feasible.

 

In summary, creating your dream home is about understanding your needs, considering your lifestyle, and being realistic about your budget. By working closely with a designer and builder who prioritise your preferences, you can end up with the home of your dreams.