Home Extension & Renovation Cost Index
April 2015 HERC Index data sources indicate steady pricing of the major input costs for home extensions and renovations. This is despite an increasing number of Sydney homeowners planning renovations in the next 12 months, with a recent article in The Daily Telegraph putting this figure at almost 45%.
We highlight for our readers several of the article’s useful tips for those considering renovating or extending:
- “Think timeless, not trendy” – choose a style that will still impress years into the future, not one that will be costly to update once it goes out of fashion;
- “Don’t overcapitalise” – determine what sale prices similarly renovated properties in the surrounding area are achieving, and use this information to inform your budget. (HERC Index will provide a further budgeting guide, whilst we also recommend using a builder who provides an all-inclusive, fixed price quotation).
- “Get the selection of tradies right” – By using only experienced, licensed businesses, you increase the likelihood of a positive, rewarding experience versus a potentially very damaging and costly one. (Look for a company that has a trusted track record over a number of years in the business).