HELP PLEASE - TO Spend or NOT - Renovation to 1980's House

Hello,

I am just confused on whether to spend any $$$ on renovating my current property which i live in at the moment……

Jobs i am thinking (OR dreaming off for last 8 years) to renovate is a) Bathroom renovation (Both en-suite & main), front yard with retaining wall & new lawn, pergola in backyard, replace 80's carpet to nice floor boards or floating floors & lastly kitchen…these are the jobs i wanted to get done for very long time since 2012.

But after getting few quotes for first two jobs i am now starting to think whether it's worth spending the $$$ on a 1980 built house. The first two jobs once finished should normally last for next 20 year at least (that's my guess anyway) but what if house itself doesn't stand that long? what if something major happens to the house itself and all of the $$$ spent on renovation will be waste of time & money.

So, can someone help me to decide what are the things I need to be looked into OR consider when assessing whether to renovate or not, if so how much $$$$ to spend on renovation OR even whether it's worth to spending any $$$ or not?

I wish i had somebody with building/construction knowledge who can visit my property to advise whether it's worth OR not spending any $$$ on renovating my current property, if that is the case I rather save those $$$$ for my investment property. Are there any companies that do these kind of consultation??

NB: the current condition of bathrooms is just average doesn't need urgent upgrades but would be nice to have a nice toilet and front yard is kind of mess, again love to have a retaining wall with nice garden for my kids.

Comments

  • +5 votes

    wait till Friday and see what the govt announces as a stimulus pkg for new house builds and reno's. If you can get a grant up to $25k its worth doing

  • +1 vote

    I wish i had somebody with building/construction knowledge who can visit my property to advise whether it's worth OR not spending any $$$ on renovating my current property. Are there any companies that do these kind of consultation??

    They're called "builders". Call up a few and get them to give you a quote.

    You'll find builders at all levels and price points - some will even do (subcontract) the landscaping work.

    Its up to you to decide whether it's "worth it". You might find that a new shower screen and vanity is enough for the bathroom, rather than a complete retile, after seeing some quotes. On the other hand, you might decide a knock-down rebuild is better value for money.

  • +10 votes

    1980s is "old"???

  • +2 votes

    but what if house itself doesn't stand that long?

    Assuming it would be brick. It would stand a lot longer than the dodgy stuff being built after the 2000s.

    Problem with 80s is the energy efficiency.

    My suggestion is to brush up on some DIY and see if you can do some of the work yourself. Spending a few weekends doing parts of it as you go.

    I'd seriously have a think about how you could just build an IKEA kit kitchen because it would half the price of getting someone in.

    Also do the kitchen cabinets (paint it, walls and ceilings) then the floor. Top down and go room to room. Maybe re insulate the walls. It isn't hard but save yourself a lot of money. Bring in essentials such as electricians and plumbers of course.

    •  

      Thanks for all your comments & suggestion.

      The house i currently live is Brick veneer, if it was solid brick i wouldn't have been worried much nor would be thinking of not standing.

      Yes i did had a look at IKEA bathroom vanity, cabinets, shaving mirrors, was surprised by the price but not sure quality wise….. very cheap when compare to bathroom showroom….

      •  

        Brick veneer isn't too bad. You might have a solid wood frame rather than the pine right now.

        With existing homes there is a lot of options. Just don't bite off more than you can chew. Choose a job you can do over a few weekends then take 3 months off to do some planning and do the next thing.

        IKEA is built for a purpose, if you use it for what it is designed for then you are okay. One good example is everyone likes the man made marble bench tops. You could get a MDF laminate marble effect bench top from IKEA for $100. With IKEA bench tops you want to know how to use it with cutting it.

      • +1 vote

        There's nothing wrong with brick veneer. It's a perfectly legitimate and long lasting building technique.

        I'm not sure why you think a 40yr old place is going to fall down. My GFs pace is 110yrs old.

        I've owned places that were built 1910, 1940, 1930, 1940+90. All still standing.

  •  

    front yard with retaining wall & new lawn, pergola in backyard, replace 80's carpet to nice floor boards or floating floors

    These jobs are fairly easy to DIY, just watch a lot of youtube videos. If not like they have said above wait to see if you will be eligible for any govt grants after they make their announcement. I've been wanting to put an extension on my house for a while but have always said the cost to do it vs what benefit would be too high so I'm also waiting to see if the govt will help fund it and then I might go ahead.

  • +2 votes

    The decision to renovate (unless finances aren't a concern), should be viewed as a capital sunk vs investment returns.

    1. Can your money fetch better returns elsewhere? Perhaps somewhere else entirely like buying a different house.

    2. Is putting in $X going to increase your resale by $X? This applies both to Reno and rebuild.

    No one can give you relevant advice without knowing your particular circumstance or condition of your home. You could be living in a house which has a value significantly dragged down by the certain aspects you can easily remedy with conservative renovations.

  • +2 votes

    If you think your 1980s house might collapse in the next 20years I would suggest dealing with whatever is causing that concern first.

  • +1 vote

    We lived and renovated a property that was built in 1895. It was also heritage-listed. Now that's old :)

    Like others have said, just wait a little longer to see if your eligible for the government grant.

    •  

      Ok, is yours solid brick? mine in brick veneer….

      • +1 vote

        *if you're eligible

        It was a classic victorian terrace. My wife and I did most of the renovations ( painting, carpeting the bedrooms, sanding and polishing the hardwood floors, installing new kitchen cabinets, building a new mantel around the 2 fireplaces, all the tiling work, landscaping the backyard… etc). We got a contractor to add an extension at the back and to redo the bathrooms. The roof tiles could have used a freshen-up but we had run out of steam and money by then.

  • +1 vote

    Lots of factors
    How long do you plan to live in the house? Are you doing the reno just to improve it for you, or to improve value
    What are other houses in your neighbourhood like (ie will you be overcapitalising?). Where I live doing any renovation unless it is for you is a waste from a financial point of views as if you sell the house it will get bulldozed anyway. But if you are planning to stay for 20 years it may be worth it
    What are your long term plans, are you likely to want to do an extension in the future, negating any cosmetic renos you do now? A friend spent $25k on a new kitchen a few years ago and now wants to do an extension, which would requires ripping out the new kitchen

  • +1 vote

    What slow said. How long will you be there, are you renovating for your own benefit or to increase potential sale price?

    The best bang for buck is DIY renovation, but if you don’t know one end of a hammer from the other it’s going to cost a lot.

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