Home Renovation Firm in Perth Says: “DIY Home Renovations are Risky for Small Investors.”
Announcement posted by Next Level Extensions 15 Oct 2014
Home renovation provider in Perth reveals why the risks of “do it yourself” (DIY) home renovation often outweigh the rewards.
Perth, WA, 15 October 2014 - A recent poll that appeared in Perth Now estimated that 46% of WA residents plan on renovating their homes. The proliferation of home renovation in Perth and WA as a business model has turned renovation into a competitive field. Numerous small investors are now using a business model that consists of buying homes available for low prices, renovating them to add value and selling them.
However, this has caused problems for the average investor. While those with construction experience can complete DIY projects and sell their renovated homes for a profit, many who don’t have the know-how or experience in the field end up losing money due to projects going over budget and past deadlines.
Recently, Craig Johns, Director of Next Level Extensions, a provider of home renovations in Perth, provided a guide for DIY renovators on his company’s blog. We present a summary of Mr Johns’ recommendations below.
Start Small
Beginners often “bite off more than they can chew” by purchasing homes that need extensive structural renovation. This can derail the budding career of a renovator before it starts.
Keep the Property Consistent with the Target Market
Renovations should be consistent with other homes in the area. For example, if the target market is young families or first home buyers, a $50,000 kitchen probably isn’t necessary.
Know the Numbers
Accurate valuation is important before and after renovating to assess the profit potential of a property.
Quality Work over Low Price
Mr Johns points out that many DIY renovators will offer work to the tradesmen or builders who bid the lowest. He recommends hiring only tradesmen or builders who have a history of prompt completion and high quality.
Hire Professionals
Mr Johns recommends that only those with professional experience in the building industry attempt DIY home renovations for profit. Due to the competitive nature of the home renovation for profit business model, the margin for error has decreased to unprecedented lows. Small mistakes can be magnified to a point where the investor loses money instead of making it.
According to Mr Johns, “Do it yourself home renovation is a lot of work. Whether you do some of the work yourself or act as a project manager, there is still a lot to worry about and a lot to put together to make a project work. Failure to pay attention to any of many small details can result in a huge financial loss.”
Mr Johns concluded, “When you hire a professional firm with a track record of success such as Next Level Extensions, it may cost more, but you will profit more, too. You will know the costs before the project even begins. You don’t even have to worry about costs or deadlines. You just set it and forget it.”
Next Level Extensions is a home renovation and home extension provider in Perth. They combine high quality with timely completion and reasonable prices. They are a full service provider, from design to the smallest finishing details. To learn more or for a consultation, call 1300 948 094 or visit their website: http://www.nextlevelextensions.com.au/.
However, this has caused problems for the average investor. While those with construction experience can complete DIY projects and sell their renovated homes for a profit, many who don’t have the know-how or experience in the field end up losing money due to projects going over budget and past deadlines.
Recently, Craig Johns, Director of Next Level Extensions, a provider of home renovations in Perth, provided a guide for DIY renovators on his company’s blog. We present a summary of Mr Johns’ recommendations below.
Start Small
Beginners often “bite off more than they can chew” by purchasing homes that need extensive structural renovation. This can derail the budding career of a renovator before it starts.
Keep the Property Consistent with the Target Market
Renovations should be consistent with other homes in the area. For example, if the target market is young families or first home buyers, a $50,000 kitchen probably isn’t necessary.
Know the Numbers
Accurate valuation is important before and after renovating to assess the profit potential of a property.
Quality Work over Low Price
Mr Johns points out that many DIY renovators will offer work to the tradesmen or builders who bid the lowest. He recommends hiring only tradesmen or builders who have a history of prompt completion and high quality.
Hire Professionals
Mr Johns recommends that only those with professional experience in the building industry attempt DIY home renovations for profit. Due to the competitive nature of the home renovation for profit business model, the margin for error has decreased to unprecedented lows. Small mistakes can be magnified to a point where the investor loses money instead of making it.
According to Mr Johns, “Do it yourself home renovation is a lot of work. Whether you do some of the work yourself or act as a project manager, there is still a lot to worry about and a lot to put together to make a project work. Failure to pay attention to any of many small details can result in a huge financial loss.”
Mr Johns concluded, “When you hire a professional firm with a track record of success such as Next Level Extensions, it may cost more, but you will profit more, too. You will know the costs before the project even begins. You don’t even have to worry about costs or deadlines. You just set it and forget it.”
Next Level Extensions is a home renovation and home extension provider in Perth. They combine high quality with timely completion and reasonable prices. They are a full service provider, from design to the smallest finishing details. To learn more or for a consultation, call 1300 948 094 or visit their website: http://www.nextlevelextensions.com.au/.