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So you just bought a house! Or a condo! Or a wooden shack... with a leaking roof... but hey, it comes with KLCC facing view!
No doubt you're eager to transform your property into a dream home. Therefore, we came up with a list of tips to starting and planning your renovation. May our tips ward off troubles and help you along the path to renovation bliss.
Summary:
1. Make a checklist
2. Decide a budget
3. Research
1. Make a checklist
Make a list of all the things that you plan to do. Start with the essential items. These items could be painting, grills, lights, kitchen, basic furniture etc. Next, consider things that you want to have and those that are nice-to-have. This should be a fun. Here, your imagination can go wild - imported marble flooring, dazzling chandeliers, LCD TVs in every room, koi ponds, feature walls... the list goes on. And if you worry about getting carried away, well, you will soon be brought back to Earth with the next tip.
2. Decide a budget
Time to consider your budget. A valid question could be: How much should one spend on renovation? While there are no hard and fast rules, some financially savvy folks recommend keeping the renovation budget within 25% of the property price. This renovation budget includes structural modifications and unmovable items but excludes items you can bring along such as furniture and electrical appliances. For example, if the property costs RM300,000, then the renovation budget should be around or less than RM75,000. The reasoning is that if the sum spent on renovation is too high, this will make it more difficult to recoup the costs when the property is sold in the future.
Another way to come up with your budget is to use your renovation checklist. Assign an estimated figure for each item in the list. If the sum exceeds your financial capabilities (which happens if one has grand renovation plans), some rethinking might be necessary.
It is quite normal (those with fat wallets do not apply) to find it difficult to budget for everything at once. This is especially true for first time buyers. Somewhere, someone must have exclaimed: "After paying a small fortune for my property, still need to renovate lah, buy furniture lah, buy aircon lah, buy this and that, also want big screen LCD TV lah... wah, costs so much money?"
The key here is to prioritize. Identify your essential renovation items (whether constructing an Olympic size swimming pool is considered essential is up to you). Besides that, prioritize renovation that is structural and unmovable in nature. This is because it is difficult to extend your kitchen/change your flooring/add plaster ceiling after you have moved in. Things like furniture, electrical appliances and decorative items can be obtained in stages later. Do avoid stretching yourself too thin and for goodness sake, don't go resorting to Ah Longs. Unless of course you like red for the color of your house.
3. Research
Knowledge is power. Take some time to research about your renovation. By being informed, you will gain several superpowers (unfortunately leaping over tall buildings is not one of them), namely the ability to:
- make better decisions
- find better deals
- avoid getting misled by those who are less than ethical.
- impress your spouse/significant other
With such benefits, one might be tempted to rush off and buy a red cape but wait! No cape is necessary.
Here are a few ways to arm yourself with knowledge:
- Read articles on RenoKu.
- Ask questions and find your answers by joining our RenoKu forum.
- Talk to your friends or people who have gone through it before.
- Look for feedback on the contractor or company that you plan to go with.
- Read newspapers, magazines and websites. Check out RenoKu's Useful Links.
- Visit developers' show houses or showrooms for design cues and ideas.
- Window shop renovation and home furnishing outlets. Bring along your floor plan for reference.
- Watch TV. But be alert of what you are watching. Shows like Lost! or American Idol might not be the most suitable programs for renovation knowledge.
- Copy your neighbour's renovation designs and ideas... NOT! While it is acceptable to follow design cues and have some similarities, copying almost everything from house colours and extensions to grill and garden designs might not please your neighbour. Why be a copycat? If ideas are hard to come by, drop by our RenoKu forum and discuss with the community! And if you really want to copy (remember, you did not read it here), follow the principle Copy by Obscurity. This means copying from a house further away from your own (the further the better). That way, no one will know you copied... hopefully.
Try to get at least three estimates to know the market rate for your renovation work. These estimates should include completion time and costs for your renovation specifications, materials, products and labor. Note that the lowest estimate does not always mean it is the best. There are many ways in which the renovator can cut costs that will result in low quality materials being used and poor workmanship. Therefore, ask and find out how the renovator arrives at the quoted prices.
As a rule of thumb, you'll probably be happier if you go with a renovator who was recommended to you. You can ask to see the renovator's completed work and decide how was the quality.
That's all for this time around. Stay tune for Part 2!
Also see:
Tips: Starting and Planning Your Renovation - Part 2
Common Mistakes in Renovation
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