- Posted 17 Dec
- 0 Comments
If you’re thinking about renovating your property or an investment property in your portfolio, you should be as educated as possible about the process and the potential risks and rewards you’re going to face.
Ultimately, putting that new extension on your home is going to add a lot of value to your home or investment property. It’s going to take some work though. We’ve outlined a few of the most important things to consider as you embark on a renovation.
1. Securing your Permits
Permits for building are called “planning permits” and they give you the permission to use your land for the purpose of renovations, depending on what you are looking to do. A permit considers things like boundary regulations and code for the use of buildings as well as appearance.
A building permit is a document for a registered building surveyor that states officially that you are allowed to commence the building or renovation project. It states that you are in compliance with council safety regulations. You can’t start building until you’ve secured this document. Make sure you or your builder has the right permits in place before you start building.
2. Planning for Costs of Permits
You’ll need to be aware of what the entire project is going to cost. This is going to depend on the nature of the project. It will factor in the scale, complexity and overall size of the home renovation, and it can also vary depending on the particular surveyor or council. Make sure you plan for this, as you don’t want to be surprised by any unforeseen cost midway through the project.
3. Choosing a Building Surveyor
You’re going to need an objective building surveyor to assess the overall renovation integrity of the final product. The building surveyor will issue the building permit. They will also be responsible for inspecting the site along the way, to oversee that specific stage of the renovations are complete.
When the project is complete, they will issue a Certificate of Final Inspection or Occupancy Permit indicating that work has met their minimum requirements. You should know that it is the responsibility of your builder to notify the surveyor when each stage of the renovation is complete.
One extra tip here: If you aren’t an expert in the home renovation process, and have a little extra cash in your overall budget, you may want to think about hiring an independent building consultant to make sure the work meets all the requirements of the contract. They will report to the surveyor.
A Few More Tips
- Go over your plans for the renovation with your neighbors. It’s always best to make sure everyone surrounding the property is comfortable with what you are planning on doing
- Stay connected to the local Council offices to mitigate any issues holding things up
- Draw up the draft plans with your architect and builder so that you are in the know about meeting council regulations
- Present the renovation plans to the Council well ahead of scheduled building taking place
- Submit the application to the Council once it’s finalised and you’re ready to start
Your home renovation can go very smoothly if you keep these tips in mind. If you need to refinance your mortgage or access equity in your home to complete these renovations, chat to one of our team today to get this sorted as quickly as possible.