Here's How You Can Stick To Your Renovation Budget
The last thing you want happening when renovating your home? Getting a final bill that is way above the budget you have set aside for renovation works. It’s easy to do so – things change along the way when you are renovating and they all add up. Before you know it, you have completely blown the budget you have set for yourself.
There are ways to prevent that from happening. You just need a little bit of planning and self restraint when it comes to keeping your budget under control. Here are four great tips.
1. Set a Realistic Budget From The Start
Interior Designer: 9's Interior
The mistake most people make? Not being realistic about how much their renovation works will really cost so they make the mistake of setting their budget too low. We get it – after buying the house, you want to save cost by looking for the cheapest materials and even thinking you can do it yourself. You then create a budget based on these assumptions.
Interior Designer: aKIHAUS
The smarter thing to do is to be realistic. For example, you need to spend some money on getting a pro to get the job done if you’re not able to DIY. Or if you want a certain look and feel, know that this will come with a price. Work your budget based on these expectations, rather than on what you think you can save on. It’s better to be prepared than get a huge shock at the end of the works. Did the numbers and find out that it’s too high? Either you cut down on a few things or hold off the renovation until you have the money saved up.
Tip: Try out our Renovation Calculator to get an estimate on how much you need.
2. Stick To Your Renovation Plan
Interior Designer: Anhans Interior Design
You’re looking at your bathroom mid-way renovation and decide it could do with new tiles. Or that it’d be nice to have new shelves in the living room. If you plan to stick to your budget, then you better stick to your initial renovation plan. Adding to your to-do list – or changing your mind about what you want – is going to add to the final fee.
What if you really want those new tiles? Find out exactly what they will cost and see if you can fit them somewhere in your budget (this may involve letting go of something else if getting the tiles go over your budget). Or plan and budget it for later on to be in better control of your spending – who knows, you might not even want them anymore!
Interior Designer: Imago Dei 3
Tip: Click here to find out which areas you should splurge, or save in your renovation.
3. Be Specific About What You Want
If you’re working with ID or contractors, this tip applies to you: Be specific about your vision for the project. Otherwise, you’ll get quotations that don’t exactly reflect your idea in the first place and it will become a big problem when you find out that you are paying more for an end product that isn’t quite what you want.
Talk to the person in charge and be specific about everything – materials, finishing, look and feel. The more specific you are about it, the more realistic an estimate you’ll get of the final bill. Do your research. Talk to friends who have done similar things. Make a detailed list of what you want done so you have a clear picture of everything.
Interior Designer: Forefront Interior
4. Plan for Surprises
You may have everything down to the finer details with a budget right to the tee. But guess what – things may not go according to plan and you may need to cover some unforeseen expenses like a maintenance issue or repair works that absolutely need to be done (especially for older resale homes).
These need to be factored into your budget so that you are covered for them if they do crop up. Say 15 to 20 per cent on top of everything. If you don’t have room in your budget to cover this amount, you may want to scale back on what you’re doing as these will definitely need to be done before you can continue with the rest of the house.
Interior Designer: Ethereall
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