Renovation Design Brief and Budget Questions? Ask a Real Estate Agent

Renovation Collaborative

You might think of real estate agents only for buying and selling property, but did you know that they have a heap of knowledge that can add value to your next renovation or new home project?

In the previous episodes, I covered the cost of house construction to help you understand what your design ideas or your house plans might cost. In today's episode, we move on to the next step in the renovate or sell journey - property value and feasibility. You'll find out how a good real estate agent can help you answer your design brief and budget questions, and add real value to your home.

I talk to experienced real estate agent Tim Douglas from Place West Estate Agents in Paddington, Brisbane.

INTERVIEW QUESTIONS

00:00 Introduction

01:17 Do many renovators ask you for advice on their design brief and budget?

05:48 What information can real estate agents provide regarding brief or budget?

07:53 If someone is thinking of selling, should they talk to a real estate agent before they do any improvements?

11:46 What are the most common features that make a house not worth renovating?

16:59 For people putting together a design brief, what are the things that potential buyers always look for?

20:33 Do swimming pools add value and are people looking for them?

23:20 What is your advice on baths?

26:02 Do very personal or unusual design features make a house difficult to sell?

30:45 If you create a smaller home than others in the area, will it cause a problem when it comes to resale?

37:25 When is the best time to approach a real estate agent to get advice?

43:05 What are the typical relocation costs?

46:33 What design information should people bring when meeting with a real estate agent?

47:59 Key Points Summary

KEY POINTS SUMMARY

These are the key points from this episode:

1. Firstly, if you've got design brief or budget questions, it's always worth talking to a few experienced local real estate agents to get their opinion, particularly if you're considering selling in under five years. Agents talk to buyers on a daily basis so they're in a unique position to provide information on features that add value and those that don't, as well as what buyers are prepared to pay for them. At the end of the day, it's your house, so you can do what you want. You don't have to follow the agent's advice, but I always think it's worth getting informed before you start spending any money, so there's no regrets later on.

2. Secondly, it was interesting to find out the features of a house that add value in 2024. These vary depending on your location, but the most popular were:

• a second living area,
• an ensuite and walk in robe off the main bedroom,
• a mudroom for dumping clothes and shoes and bags, etc, on the way in from the car, and interestingly,
• a pool.

3. The third point was that it's preferable to get advice from an agent as early in the design process as possible. This will ensure you've got clear direction forward on your design brief and most importantly, your budget, to avoid over capitalisation. Agents can provide advice on rough floor plans or even simply a discussion of your design ideas.

WANT TO READ MORE?

Download the written version of the entire interview as a PDF. It's edited into clear

Q&A so it's easy to follow:

S1:E7-On the Tools with a Real Estate Agent-Transcript

Looking for more information on design, construction costs or environment?

You can find everything you need on the Renovation Collaborative website.

• Listen to the full podcast or get the transcript PDF edited into Q & A.
• If you're short on time, sign up for the weekly Wrap newsletter and get the concise podcast summary delivered straight to your inbox.
• You'll also find eleven easy to read courses demystifying the entire home design and construction process.

www.renovationcollaborative.com.au

IN THE NEXT EPISODE

Next week, you'll find out what's happening in the real estate market in Brisbane, south east Queensland and all around Australia in 2024, and what's forecast to happen into 2025.

I'll be talking again to Tim Douglas from Place West Estate Agents in Paddington, Brisbane.

RESOURCE LINKS

Tim Douglas, Place West Estate Agents,

www.placewest.com.au

CONTINUING PROFESSIONAL DEVELOPMENT (CPD)

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www.renovationcollaborative.com.au/continuing-professional-development/

GET IN TOUCH

The podcasts are about finding answers to your questions. We would love to hear from you if you have any questions, ideas, or feedback.

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