ANZ New Zealand

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Home Loans

Renovating

Renovating your home is a great way to get the features and styles you’ve always wanted in your home – plus it’s a great opportunity to increase the value of your property!

Here are some things to think about before you start...

What do you want?

It’s important not to rush in to renovations. Take the time to think your project through, considering your likes and dislikes and deciding on the features and styles you really want. Looking through magazines and visiting home shows can give you a good idea of styles and potential costs.

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Adding value

Consider the types of renovation that will increase the value of your property the most.

Some changes will instantly add value - cost-effective options include:

  • in the kitchen, replacing cupboard doors and handles, adding a dishwasher.
  • in the bathroom, painting the walls and adding newer fittings.
  • adding a deck, replacing a window with French doors or ranch sliders, removing an inside wall to open up a space.
  • in the garden, planting trees and landscaping.
  • in general, replacing soft furnishings such as curtains, removing old carpet, polishing timber floors, painting walls and ceilings, painting the exterior.

Renovations that are unlikely to add value to your property include:

  • those that are out of character with the home or area.
  • expensive fittings that are out of character with your home.
  • those that make your home the most expensive in your street.

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How much will it cost?

Just as when you’re building a home from scratch, setting a renovation budget is one of the most important steps in the renovation process, and one you should address early on.

First, make an appointment with an ANZ Mobile Mortgage Manager or ANZ home loan specialist to help you work out what you can afford.Then, once you have an idea of what you’d like to do, ask a builder or architect for an estimate or quote. Be prepared for changes to the estimate and 'hidden costs' – build an extra 10%-15% more than you originally anticipated into the plan.

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Renovation options

There are three types of building professionals you can approach when assessing your building options. They all have different skills, so it’s important to understand what you want and what’s within your budget.
  • A builder: keep in mind that you’ll be committed to using this builder for the duration of the project
  • A draughtsperson: a draughtsperson can bring some design flair and technical expertise to your project and may be a cheaper option than an architect. However, their job begins and ends with drawing the plans.
  • An architect: an architect will translate your requirements into a range of design options. Their creative flair and professional expertise can add considerable value to your renovation project.

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Choosing a builder

The important thing is to choose a builder you feel comfortable working with.
  • Benefit from the experience of others and ask family, friends and colleagues for the names of builders they would (and wouldn’t!) recommend.
  • Approach a number of builders about the job and be sure to obtain more than one quote.
  • Ask when the builder can start and how long it will take.
  • Ask prospective builders for references from previous building projects that are similar to yours.
  • Use a Registered Master Builder or a Registered Certified Builder, so that you’re assured of a high level of service, professionalism and expertise. The organisations behind them offer guarantees covering defective workmanship, defects in materials and non-completion.
  • Set specific deadlines and expectations in your building contract and ensure the builder sticks to them as closely as possible.

Choosing a building contract

If you’re hiring a builder, discuss the type of contract you’ll have. Whatever you choose, make sure you both understand your responsibilities and have agreed in writing what the job entails, how much it will cost and the payment schedule. Always seek legal advice before signing a building contract.

Under a full contract it’s the builder’s responsibility to oversee the entire project, including sourcing all materials and organising any subcontractors. This type of contract offers the greatest protection by eliminating the chance of cost overruns.

Under a labour-only contract, you’re responsible for managing the project, including sourcing materials, organising subcontractors and obtaining building consents – the builder is there just to do the building. Managing a labour-only contract can be a full-time job, so make sure you know what you’re doing and have enough time available before you commit to it.

A managed labour-only contract is a cross between a full contract and a labour-only contract. You’re responsible for sourcing and buying materials and organising subcontractors, while the builder is responsible for managing the day-to-day building process.

Be aware that you may become the head building contractor with both types of contract. This means you may unintentionally be liable for anything that goes wrong with the house for 10 years, even if you sell it to someone else. Talk to your lawyer about these risks before you sign anything.

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Consents, controls and compliance

To avoid frustrating delays and complications later on, consider the required building and planning controls early in your building project.

Your local council can provide information and advice on the consents you’ll need and how the application process works. They’ll also be able to advise on the rules and regulations for additional building projects on your property, such as fences, pool fencing, garages and carports, decks and paving, earthworks and excavations.

Changes are being proposed to building legislation, so ask your council about the current regulations and how they may affect you.

For more information on the building process, order one of our free ‘Getting ahead with home ownership’ CDROMs right online, by contacting an ANZ Mobile Mortgage Manager or visiting any ANZ branch.

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Helpful links

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This material is for information purposes only and you should obtain professional advice relevant to your individual circumstances. While ANZ, part of ANZ National Bank Limited, has taken care to ensure that this information is from reliable sources, it does not warrant its accuracy, completeness or suitability for your intended use. To the extent permitted by law, ANZ does not accept any liability arising from your use of this information.

ANZ lending criteria, terms and conditions and fees apply to all loans.

You can ask for more information, including full terms and conditions for all of ANZ's lending products and a current Disclosure Statement, published by ANZ National Bank Limited, at any ANZ branch.

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