Australian Property Podcast How not to mess up your renovation!
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Dec 2, 2025 Gemma Mitchell, a finance professional and mortgage expert, joins the hosts to dissect the ins and outs of renovations. They explore the balance between budget and ambition, emphasizing realistic financial planning with contingency funds. The discussion tackles crucial aspects like council approvals, design scopes, and hiring skilled contractors amid a labor shortage. Tips on avoiding common pitfalls such as overcapitalization and ensuring quality through snagging and inspections round out the conversation, making it a must-listen for aspiring renovators.
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Track Budget With A Live Spreadsheet
- Build a detailed spreadsheet tracking budget line items, actuals and contingencies.
- Update it regularly so you spot overruns early and keep control of spending.
Expect Larger Contingencies Now
- Cost blowouts are common and a 10% contingency is often insufficient today.
- Trades and materials have risen so much that plan for substantially larger buffers.
Plan For Living Costs And Holding Time
- Decide early whether you'll live on-site or move out and budget for temporary housing.
- Factor in longer timelines since financing costs and holding costs rise with delays.