Renovation advice for home owners as demand continues
We are seeing the demand for renovated properties remain strong this year, as it has for the past three years.
For homeowners willing to meet this demand, there are benefits to be had from both fast, targeted refurbishments or long-term makeovers.
In its latest monthly review, national valuations company, Herron Todd White (HTW), observed that renovation costs can be cheaper than that of selling a home, and buying another one.
In terms of financial outlay, Cotality’s Cordell Construction Cost Index (CCCI) report for this year’s June quarter revealed there has been a 31.3% increase in national construction costs since the start of COVID-19 five years ago. Cotality research director Tim Lawless said this increase had created ongoing liquidity and feasibility challenges for builders and competition for skilled trades, which is likely to persist for several years.
Homeowners should definitely be prepared for major renovations such as a full kitchen makeover to potentially cost $40,000 plus. Bathroom facelifts can also be costly and for these types of projects, you will need a licenced electrician or plumber.
HTW also noted that the cost of replacing a kitchen or bathroom is significantly higher than it was five years ago, with the trades and construction industries still busy following the COVID “bubble”. But with that said, HTW said these industries – and their materials – are now more readily accessible.
Either way, if you’re planning to renovate or expand your property, you may be able to organise renovation finance or a construction and building loan with your current, or a different, lender.
Tips and advice
If you’re a homeowner keen to undertake a renovation, there are some important factors to consider before you start.
Firstly, do you like your current location? You might live in a neighbourhood with proximity to your favourite amenities and other useful services, including school catchment zones and your place of work.
Next, consider why you want to complete a makeover, as this answer will affect your budget and time. Are you an investor wanting to quickly update some cosmetic details before finding a tenant? Are you an owner modernising your property for potentially a strong sale afterwards? In both cases, you should opt for a targeted refurbishment that will maximise the property’s value.
If you’re a long-term, owner-occupier, you should still consider the possibility of a future resale. After all, the average amount of time people stay in their property is 11 years, according to PropTrack data in August 2023.
But in the short term, make a list of your priorities, beginning with essential items such as air conditioners or heaters. Depending on your time and budget, you may have to wait several years to complete your list.
Also remember that you can complete some changes yourself, which can save you time and money. These jobs include painting, tiling, installing curtains and blinds, building a backyard fence, and gardening. If you have a tradie mate to help you, even better. If nothing else, they can give you good advice and referrals.
Check with your local council before beginning any major extensions or structural changes to your home, especially if it is heritage listed.
Always obtain multiple quotes, don’t be afraid to ask for recommendations or referrals, and ensure any tradie you employ is licenced and certified. For sizable modifications, obtain a written contract outlining the work and payment details, costs, timeframe, and any guarantees and warranties.
Most importantly, stick to your budget, have a support network and take the time to enjoy the update once it is completed.
John McGrath CEO & FOUNDER
Lauren Jones
“Lauren kept me up to date every step of the way in the sale process. She was always calm, positive and reassuring in her communication with me and went above and beyond with the open homes, making sure I had every opportunity to interest a buyer. Everything was quick and effortless with Lauren and I couldn’t recommend her enough.”
Taking a genuine interest in helping people purchase their dream home, Client Service Manager Lauren Jones is dedicated to providing a standout customer experience each and every time. Born and raised in Orange, she can offer in-depth local market knowledge and first hand insights into this beautiful region of rural New South Wales. She has an impressive 10 years of experience in the industry, and is driven to ensure customers are kept routinely informed and completely at ease during the entire sales process. Always approachable and keen to deliver outcomes that exceed expectations, Lauren is an absolute pleasure to deal with, while her time management and problem solving skills mean any issues are dealt with in an efficient, accurate and professional manner. Working alongside some of the area’s most acclaimed real estate experts with a brand synonymous with first class customer service and premium results, Lauren Jones will be only too happy to assist with any of your property needs.
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Orange | Molong | Bathurst
565 Nyes Gate Road, Millthorpe 3 beds 2 baths 2 cars
SALE
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Agent Scott Petersen 0408 583 099
Josh Fitzgerald 0413122490
432 Cargo Road, Orange
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Agent Scott Petersen 0408 583 099
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Agent Scott Petersen 0408 583 099
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Agent Scott Petersen 0408 583 099
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Team Fitzgerald
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7 Eliza Place, Orange 5 beds 3 baths 1 car
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1 Bathurst Road, Orange 1 bath
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Rachel Smith 0499 820 763 93 March Street, Orange 5 beds 2 baths 1 car SALE
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51 Lakes Avenue, Orange 5 beds 3 baths 2 cars
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12 Clontarf Close, Orange 4 beds 2 baths 2 cars
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Agent Josh Fitzgerald 0413122490
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Agent Josh Fitzgerald 0413122490
Team Fitzgerald
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Agent Josh Fitzgerald 0413122490
Team Fitzgerald
Orange | Molong | Bathurst
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Agent Josh Fitzgerald 0413122490
Team Fitzgerald
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Agent Josh Fitzgerald 0413122490
Team Fitzgerald
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Team Fitzgerald
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beds 2 baths 2 cars
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3 beds 2 baths 1 car
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Jack Aumuller 0481 985 825
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Jack Aumuller 0481 985 825
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2 beds 1 bath 1 car
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Agent Josh Fitzgerald 0413122490
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19
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Jack Aumuller 0481 985 825
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Shiralee Estate, Tanika Street, Orange Land
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Jack Aumuller 0481 985 825
Lot 118, Whitebox Street, Orange Land
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Jack Aumuller 0481 985 825
3 Hilldale Crescent, Orange Land
Camellia Place, Orange Land
Lot 49, Joseph Street, Orange Land
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Jack Aumuller 0481 985 825
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Lauren Jones 0439 620 500
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502 Banjo Paterson Way, Molong 5 beds 3 baths 3 cars
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Scott Petersen 0408 583 099
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5902 Mitchell Highway, Molong 6 beds 3 baths 6 cars
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6068 Mitchell Highway, Molong
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14-16 Thistle Street, Molong
5 beds 2 baths 3 cars
AUCTION Thursday 16 October 11.30am
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Jodi Murray 0428 461 910
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54 Kinghorn Street, Neurea 4 beds 3 baths 2 cars
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Agent Scott Petersen 0408 583 099
Lauren Jones 0439 620 500
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Lauren Jones 0439 620 500
93 Gidley Street, Molong 3 beds 2 baths 3 cars
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7 Keppel Street, Bathurst
EXPRESSIONS OF INTEREST
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Agent Todd Houghton 0415 505 555
Josh Fitzgerald 0413122490 15 Blue Ridge Drive, White Rock 4 beds 2 baths 5 cars
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Orange | Molong | Bathurst
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Agent Todd Houghton 0415 505 555
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Agent
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Our Property Management team
Orange, Molong & Bathurst
Bec Hammond
Orange & Molong 0401 622 447 rebeccahammond@mcgrath.com.au
Dearne Yeghoyan
Central West 0400 795 271 dearneyeghoyan@mcgrath.com.au
At McGrath Property Management in Orange, Molong and Bathurst, our dedicated team takes pride in delivering exceptional service tailored to landlords and tenants alike. From comprehensive property marketing to thorough tenant screening, proactive maintenance coordination, and transparent financial reporting, we handle every aspect of property management with professionalism and care.
For more information about how our services can benefit you, please contact our Business Development Manager Rebecca Hammond in Orange and Molong or Dearne Yeghoyan in Central West.
We’re here to help you achieve your property investment goals.
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