Current at: 04 April 2007
Getting the most from your building and renovation dollars
Building or renovating is a significant investment, both financially and emotionally. Ensure you get the most from your investment by considering the following:
Set priorities. Cost effective building and renovations start with effective planning. Consult everybody in your household to prioritise what you need and what you want. Think about how your needs will change over time? Talk about your ideas with your builder as they will be able to offer advice. 
Look at what you already have when renovating. Builders can help you discover the hidden assets of your home. People often assume they need more space, when what they actual need is better designed space. High windows, fewer internal walls and light colours can help to create the feeling of openness.
Do the work in stages to suit your budget. Phasing the work will let you achieve your desired results without the additional financial pressure. If building, you may look at purchasing the block six or twelve months before you build. If renovating, you may like to work on one room at a time, which will reduce the impact the renovation has if you are still living in your home. Your builder or renovator can assist in preparing a timeline to help you manage the project and the payments required.
Product substitution can extend your budget. On items where the performance is not compromised, you can choose lower cost items. Your builder or renovator will be able to make some suggestions to save you money where possible.
Consider long-term operating costs. Installing water saving appliances, for example higher than a three star rating will provide considerable water savings over time. Energy efficient lighting and high efficiency hot water systems will also provide considerable energy savings.
Do it yourself. You can save some money by doing some small work yourself. This could include painting, landscaping or other finishing jobs. Talk to your builder or renovator if you are thinking of this option to consider the scheduling, costs and the impact on warranty insurance.
Information provided courtesy of the Canadian Home Builders’ Association.
To find a professional who is right for you, search for an HIA member at tradebuild.com.au