12 June 2008

Making Money Out Of Renovating

With home owners spending an estimated $20 billion a year on renovations* it can be financial suicide heading off into a renovation without having both labour and material costs tied down. *Source: Australian Bureau of Statistics


Angus Kell

Angus Kell NSW & ACT State Manager of Archicentre said, this often leads to unexpected costs blow outs with the home owner who is usually over committed financially as they are caught half way with a renovation and are forced to borrow extra money, usually by increasing the mortgage and subsequent long term debt.

"The Archicentre Design Service, where renovators work out their ideas and costing at a preliminary stage puts a financial discipline into the planning and management of renovations. Some renovations can cost from $20,000 to in excess of $100,000 for construction."

Mr Kell said that a design concept is a prudent cost saving way to kick start a building project. In this stage, an architect produces a creative design after exploring a range of renovation possibilities to suit people's budget and lifestyle needs.

"A concept design includes sketches, suggestions, opinion of probable costs and also addresses the effects of local planning guidelines and building regulations. Most architects work with any particular building style and show care and sensitivity to circumstances, lifestyle and budget."

Mr Kell said that many renovators, who are working to a budget for short, medium and long-term, need to develop a safe staged plan to avoid the poverty trap. The key is planning and affordability based on individual lifestyle needs. An architect can help to control costs and complete the home renovation in a series of affordable steps.

Archicentre is holding a free seminar where we will be providing home owners and investors with a look at the real world of making renovation profits.

The speakers will include:
  •   Angus Kell - State Manager NSW / ACT, Archicentre Limited
  •   David Harbord - Territory Manager, Refund Home Loans
  •   Leonie Wood - Sales Consultant, Williamson Real Estate
  •   Ciara Ataria - Conveyancer, MLG Conveyancing


    • The seminar will cover:
  •   what finance options you have when buying property,
  •   what to look for when buying property in the local area,
  •   understand your legal needs during the contract period,
  •   typical faults found and how to maintain your property to improve your properties value.


    • Archicentre Free Seminar
    Buying, Renovating and Improving Your Home to Make Money

    6.30-8.30pm Wednesday 18th June 2008
    Venue: Western Suburbs Leagues Club, 10 Old Leumeah Road, Leumeah

    Bookings essential for the Seminar - please email: janem@archicentre.com.au or call (02) 9555 5111.

    www.archicentre.com.au
    Commercial Inspections; Building Status Reports; House Inspections; New Homes; Home Renovation; Home Improvements; Design Concepts;
    New Housing Reports; Pest Inspections; Pre-Purchase Inspections; Building Progress Reports.

    Media Enquiries:
    Angus Kell State Manager NSW & ACT Archicentre (02) 9555 5111 Mobile: 0412 565 023
    Ron Smith Corporate Media Communications (03) 9818 5700 Mobile: 0417 329 201