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4 Ways to Keep Your Renovation Budget on Track

March 20, 2019

Attempting to follow through on a budget can be just as tough as sticking to a low-carb diet. You don’t want renovation budget to balloon into an unaffordable nightmare in the end.

To help you effectively stay on budget for your renovation, here are four all-important tips to consider:

Stick to Your Renovation Budget
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1. Settle on a workable budget

To stick to a budget, you must first set one – and it absolutely has to be realistic. While this might seem like obvious advice, it needs to be said; because often times, the reason why we can’t stick to a budget is that it simply isn’t practical enough.

Knowing how much you can afford is one thing, but having a sense of what your budget can actually accomplish is the real challenge.

One of the best ways to find out if your budget is in line with your home improvement plans is to ask for quotes from three to five contractors or interior designers. This way, you’ll have a clearer picture of what your budget can actually do. Here’s a handy hint: Use Qanvast to request for free quotes based on your budget and requirements!

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2. Make room for surprise costs

Even with a realistic budget, know that surprise costs are still likely to pop up. These are usually due to unforeseen circumstances that go beyond the control of the contractor/interior designer. It could include extreme weather, delays with materials, etc. and expectedly, could interrupt your home improvement plans.

Thus, your budget needs to be built to accommodate potential hiccups; consider adding about 15% to 20% of your budget for surprise costs. Alternatively, if you don’t have additional cash on hand, you may need to consider an emergency financing plan i.e. a renovation loan from a bank.

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3. Hire reputable contractors

The importance of working with well-reviewed contractors and interior designers cannot be stressed enough! Hiring reputable contractors improves the odds that you will, within reason, stick to your budget.

Contractors who are trustworthy and skilled are better at estimating costs and completion timelines more accurately. In addition, good contractors and designers can provide insightful advice and suggest cost-friendly alternatives. For example, they may recommend inspecting wiring beforehand, so as to avoid potentially costly electrical problems down the road. They may also advise you to minimise hacking works or keep plumbing lines as is, in order to stick to your budget.

Their experience (and reliability) could help curb hidden costs, avoid wastage, and provide quality workmanship.

So while a qualified and highly-recommended contractor or interior designer – from a trusted source – may appear to cost more initially, they may end up saving you money in the long run.

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4. Document everything down

This will help you and your contractor/interior designer clarify the specifics of your home improvement project. When both sides are clear on the requirements and expectations, it reduces the cost of potential corrective constructions and other miscommunications.

Also, documentation can help make your case (and save you money), if there are disputes.

Not to mention, it gives you a glimpse on how you are spending your money, which may give you an idea on how much each work or feature costs and you can decide if you should go ahead or cut down unnecessary spending.

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