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Operation renovation – tips on getting the job done

I am embarking on a renovation of our property and doing it as an owner-builder. A friend is the builder and it will be about $100,000 worth of changes, so do have any tips?

Let me give you some simple rules I have learnt over many years of renovation:

  • Make sure you have a contract with your friend.
  • Specify the total job – think through everything from where power points go to what kind of windows you want.
  • Get a quantity surveyor to cost the job and make sure there are no discrepancies between the builder’s price and the QS report.
  • Get an end point dated and discounts if they are late.
  • Someone has to be the project manager, but if there’s a family member or friend with building knowledge, they could be good for objective eyes.
  • Don’t make cups of tea, etc. during work hours.
  • Be wary of jobs done by the hour by various trades but if you do fall into it, make sure you are not paying for lunch and smoko breaks.
  • Get involved in sourcing the products if your builder only quotes for labour time. Be fanatical, business-like and get at least three quotes.
  • Make sure you understand the inspection process and even though your builder runs the job, you run the builder, as you sign the cheques.

I have seen so many projects go pear shape because a professional, cost-conscious approach was swapped for a nice guy, lovey-dovey relationship, which often ends in tears.

Want more tips? Find out how to build houses and wealth here.

And, looking into property ownership? Find out how to approach it like a business here.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Wednesday, October 20, 2010

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