We say to all our clients, when considering your budget for a renovation, that they need to be aware that a certain amount of this budget will be absorbed by ‘remediating the structure you are retaining’.
On a straightforward renovation this may be as simple as repainting works, gutter replacement, sanding floorboards etc.
In the case of a project like our manly cottage project, the % of spend on ‘remediating the structure you are retaining’ will be higher. The building is over 100 years old, with many of the materials original. With that, comes a greater remediation scope. We are lucky in this case as the clients have made a commitment to the rebirth the building so, many of the original features are being retained, or matched, and almost all of the surface finishes are being removed and reinstated correcting years of degradation making the home consistent with modern building standards, but detailed in a way that will create beautiful details, and ultimately value to the asset.
So in short please remember, a reasonable proportion of your budget will always be absorbed by ‘remediating the structure you are retaining’. How much of this that needs to occur will depend on the age and condition of the asset. So be very careful, if purchasing on older home, when you hear a real estate agent say ‘renovators delight’, or ‘room to add value’ :). The result of a beautifully renovated older home will always be worthwhile from a point of difference perspective, and most likely value perspective, but it may be a labour of love as much as it is an investment.
Image to the left now that the dwelling has been part demolished, looking beaten, but she will recover and shine.