A well-designed renovation can be a great way to boost a property’s appeal ahead of a sale. But it can also be a stressful process.
If your vendors are considering giving their home a spruce up, one of the ways to reduce renovation stress is to choose a trustworthy, experienced builder. Here, we’ve collated a series of tips from a range of experts*, to help your vendors get the right people for their project.
Planning stage
Before even approaching a builder, the first step is to think about the scope of the project and jot down an initial plan for it. Feel free to share our guide on ‘How to plan a renovation and make it happen’ with your vendors, which includes tips on identifying renovation goals and budget.
According to Houzz contributor Hugo Tugman, having at least a set of drawings and a list of what will and will not be included can be a good way to obtain an accurate quote.
And remember, not all renovation projects are the same; depending on scope and characteristics, certain building companies may be a better fit than others. Do your vendors need a specialist or a general builder?
The power of word of mouth
Friends, family or colleagues are always happy to recommend a trustworthy builder they have used in the past. Plus, those conversations can be a great opportunity to hear more about their first-hand experience with home renovations. How did they find the whole process? Do they have any advice they’d like to share?
Background checks
Generally speaking, it’s also a good idea to check online reviews and testimonials, and research as much as possible about the builder and/or their company online. Even more important, before signing on the dotted line, is to check that the builder is registered and has the necessary trade qualifications to undertake the work.
No question is too big or small
With a shortlist of builders on hand, it’s time to ask for quotes from all of them. During that first meeting with each builder, vendors can ask additional information, including:
· How many years the builder has been in business
· Their track record in building or renovating properties
· Any references they can provide
· How long consent will take
· Estimated start and completion dates
· How often the company will provide updates on progress.
Getting everything in writing
Once your vendors feel comfortable with the builder and are ready to proceed, they will need to get everything in writing, especially cost estimates and quotes. Renovations can be expensive and time-consuming, so it’s always better not to rely on verbal agreements.
The more detailed the contract is around payment terms, drawings, and what-if scenarios (e.g. What if the work is changed along the way?), the greater peace of mind it provides to both builders and home owners.
Staying in the loop
Trustworthy builders are those that keep their clients informed throughout the process, contacting them as soon as issues arise with detailed reports. Things don’t always go to plan, but having a good line of communication with the builder can help get work back on track faster.
Inspection list
Another good tip is to make a comprehensive inspection list, to use towards the end of the project. The final stage can be a stressful one, being be well-organised, communicating clearly, and agreeing with the builder on one comprehensive list of incomplete works (which the builder will then rectify), can make all the difference.
The bottom line
Choosing the right builder is paramount when renovating a valuable asset like a family home or an investment property. By setting the ground rules early, and following up throughout the construction phase, your vendors can keep renovation stress at bay while maximising their property opportunities.
We specialise in innovative renovation finance
Finding a balance between a high-quality renovation and staying on budget is all that matters. Depending on your vendors’ situation, they may be able to fund simple cosmetic changes from their savings. But this often isn’t an option with more structured renovations.
Our ‘Renovate Now, Pay Later’ finance tool can help them fund their renovation needs, with no payments upfront and for the first 90 days – extra breathing space to spruce up the property and put it on the market.
Click here to learn more and call us on 0800 100 265 to get your renovations underway.
*Sources: BuildingGuide.co.nz, HomesToLove.co.nz, RealEstate.co.nz, Houzz.co.nz
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.