Nobody likes blowing a budget, but when you overspend on home renovations the consequences can be dire. You’ll often hear that planning well is the key to a smooth renovation but people less often share what that means. These 5 tips will guide you through a process that ensures your renovation budget keep en pointe every step of the way.
Break it up, then prioritise
At this first stage you can afford to let your imagination roam free! Jot down your ideas, and consult vision boards like Pinterest. Once you’ve had time to picture your ideal renovation, it’s time to take that dream and whittle it into realistic shape. Then decide what percentage of your budget you’d like to spend on each area of your home.
TOP TIP: While some areas can be more expensive than others, prioritise according to what’s important to you. This could be based on lifestyle choices, like preferring long soaks in the bath over entertaining regularly, or it could be about what adds the most value to your property.
Think like an investor
Renovations cost money, and the more you earn back the better. Speak to a conveyancer and get their opinion on which renovations would offer you the best financial return on investment. Cross-referencing this information with your lifestyle-driven ideals will ensure you gain a happy medium between refreshing your lifestyle without leaving you out of pocket in the long-run.
Budget with contingency
Budgeting effectively is the key to any successful home makeover. Create a renovation budget sheet and be meticulous about the details. You’ll be revising these figures as you go, but things to remember initially include the costs of taxes and shipping and the hidden costs of delays or budgeting mistakes. Set aside at least 10% of your total budget for unexpected additions to your plan and limit yourself to just one or two splurges.
Set clear objectives
With the basics waxed, it’s time to fix on some timelines. How much time are you willing to spend doing things yourself? Which rooms must be done first, or fastest? These factors will play a role in when you can expect to see the end of the renovation phase. Plan an event for a week or two after your intended completion date as a way to motivate yourself and show off your new space!
Get professional help
Experienced renovators would be the best people to advise you on realistic timelines and costs for each living area, and nothing will beat the accuracy of a professional appraisal. While you might not plan to collaborate with a company that takes care of the whole project on your behalf, you’ll soon find yourself needing licenced contractors such as plumbers, tilers or electricians. If you’re on a tight schedule, being able to leave your project in the capable hands of a site manager might save you plenty of headaches at minimal extra cost.
Modern Home Improvers has been doing premier home renovations in Perth for more than 38 years and have the award-winning portfolio to prove it. Chat to us about renovating your home — we’d be happy to share our experience in delivering on time and to budget and make your dream home a reality.