- Posted 10 Sep
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Renovating a kitchen or bathroom or any area with plumbing presents special challenges and can be costly. But an up-to-date stylish bathroom can be a big plus to attract renters, so it may pay off handsomely in the long run. If you’ve decided to renovate one or more bathrooms in your investment property, here are some questions you need to answer before you get started:
Do you need a development application?
You may not need legal permission for small-scale renovations, but if you plan to move a bathroom’s location or add an additional bathroom you’ll definitely need to get a development application approved. The paperwork requirements, time frames, and restrictions vary, so you’ll want to research your obligations. Check with your city or local council to make sure you meet all the legal regulations before beginning renovation work.
Typically you’ll need to provide a description of the renovation, scaled drawings for any planned additions, and a cost estimate for the project. Depending on the type of work and local regulations, you may also have to provide a statement of environmental effects detailing any impact your project will have on the surrounding area. The entire process can take several months, so don’t delay.
Is your draining diagram correct?
Local water authorities keep copies of all property drainage diagrams on file, and that’s a good starting point for understanding your property’s plumbing system. But if the home is older and has been previously renovated, you’ll want to double check the drainage diagram details.
Previous owners may have made alterations, so have a plumbing expert check the accuracy of the document before you begin knocking down walls. And if you end up making changes make sure you file an updated plan with the water board.
Have you chosen the best fixtures?
When renovating an investment property, there’s a temptation to cut corners in order to keep costs down. But be aware that some fixtures on the market may not meet the standards of the Australian Building Codes Board (ABCB). You want to make sure you are purchasing a quality product that will last for years, so check for the ‘WaterMark’ certification.
Another reason to consider purchasing higher end fixtures is the warranty you’ll get. While cheap fixtures typically are only guaranteed for one year, higher end fixtures may carry a 5 to 10 year warranty. By investing a little more upfront, you’ll get long-term quality and not have to worry about major repairs in the near future.
If you are smart about planning, researching existing plumbing details, and filing necessary paperwork, you’ll eliminate many potential hurdles and hopefully have a smooth renovation process. Choosing quality fixtures will improve the overall quality of the project and make your finished bathroom modern looking and attractive to potential renters.
Are you planning to purchase a home or would you like to refinance to fund your next renovation? Contact Australian Credit and Finance’s mortgage experts to find a low rate loan that meets all your needs.