New Builds and Renovations
"You had one job!”
For many Kiwis it's a right-of-passage to go through a new build or renovation project at some stage in your life. Some people are mad enough to go through it two or three times. Some really strange people do it for a hobby!
Building and renovating are closely linked but distinctly different in many ways. They both usually involve getting plans drawn up by an architect. They both involve waiting for Councils to approve the plans. And unless you're filthy rich they both involve a visit to your bank manager to beg for the money.
New Builds
There's nothing much more exciting that planning and building a home from scratch. Exciting as it invariably all is, it pays to carefully consider costs and values when you are building a new home.
-
Has the project been carefully costed?
-
Is the contract a fixed price or could you be exposed to rising costs like we have now in these high inflation times?
-
Is there the possibility that you will overcapitalise (meaning final costs > final value)?
-
Are there extras you could add that would add both comfort and value?
Renovations
While generally not as costly as new builds, renovations are invariably trickier to get right. This is because they involve working with what is already there and trying to blend the old with the new. The aim is, usually, a result where the old and new blend well and sit comfortably together. Sometimes people go the opposite way and make the juxtaposition between the old and new the actual feature.
At Valuewise, Wellington Registered Valuers, we love to look over plans for both new builds and renovation projects. We provide carefully considered and well researched advice that will detail the value of your property as-is and as-if-complete based on your plans and specifications. We are happy to provide our thoughts and input into where you could add value.
If you like to talk or require advice around these issues, or would like a quote for a property valuation relating to new builds or renovations, please contact us to discuss how we can assist.
| Mortgage Finance | Buying and Selling | Estates, Relationships & Taxes | Insurance |