ARCHITECTURALLY SPEAKING
by Chris Yeo RENOVATION TIPS 6 AMAZING The next time you venture into a renovation project, ask yourself what the
purpose of the renovation is, and what you are trying to achieve from it. Set out some guidelines to determine key criteria, so that your project goal is
always in focus and your budget not blown out of proportion. Here are six vital key areas to stay aware of before you commence on any project.
01
What is the PURPOSE of the renovation? Ask yourself before you start any renovation project what you are trying to achieve. Are you renovating in order to be able to rent
out the property - which then assumes that the main goal is to maximize your profits? Or are you renovating a home you are currently living in, which could mean you would like to have minimal disruption to your daily life with a small renovation, or a full-blown fit-out exercise which will require you to move out during renovation works? When renovating for the purpose of rental, you need to understand the ultimate goal behind the exercise. In this case, the goal is to maximize profits for as long as possible with minimal maintenance works needed. It is important to take note that regardless of what quality of finishand equipment you place in the home, everything will slowly degrade over time. Te key is to introduce items that degrade the slowest, without a high-cost implication. If renovating for just for a facelift, try to reduce the impact of works. Avoid
works that involve demolition, internal wiring and plumbing, as these involve higher budgets and also more disruptive works. If renovating for one’s self, where the concept of “Anything Goes” comes to
mind, you can entertain any number of ideas, but you always need to take a step back now and again to assess the other key criteria to ensure your project can stay on track.
02
What kind of BUDGET do you have?
Always set a budget regardless of what type of renovation you have in mind. If renovating for rental, work backwards by determining the medium and maximum rental rates you can get for the location. Remember that regardless of how much effort and beauty you place into a house, the market forces will ultimately prevail and determine the rental range. So avoid high expenses that may not have a significant impact on the rental, focusing instead on the things that are inexpensive but which gives you greater flexibility on what rental rate makes the exercise profitable.
72 FENGSHUIWORLD | JUNE 2014
www.fswmag.com
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