Renovating Budget Tips You Need To Know

Perway Construction Services
May 21, 2020

We all know you can’t renovate without money! You’ve scoured Pinterest, Instagram, Houzz and OBVIOUSLY Perway Construction Services’ inspiration posts for hours. You’ve created your amazing mood board, you have the image of your dream bathroom renovation in your head, you can feel yourself bathing in your new freestanding bathtub with the lights dimmed and steam rising. You can taste the sweetness of your Savignon Blanc wine on your lips as you relax and entertain guests in your new alfresco area…..

… but first you need to wake up and deal with the now and the critical questions:

  • How much is this home renovation going to cost me?
  • What am I going to have to cough up and fork out?

Have no fear. We can help you with this.

Creating a budget for your renovation can be notoriously hard to estimate. The cost can change dramatically based on a various number of factors:

How complex your renovation is;
Do you have any council rules and regulations that you have to adhere to and pay for;
What appliances you want: and
The quality of work, finishes and fittings you wish to achieve.

You may have had some designs or plans drawn up and if you have, you will have a good idea of all the work involved. The only way to calculate an accurate budget is to essentially go through a process for each room, identifying the work that is required and quoting on it, so you know what you can expect to achieve out of the money you will be putting in.

It can be easier and more affordable to prioritise projects by room and build a budget around the cost of each individual project.

Here are our TOP TEN TIPS on calculating your renovation budget

TIP ONE – Be Realistic – TV shows are not real life – sorry to burst your bubble!

TIP TWO – Prioritise – Be clear about what you want to achieve and why. What is your list of must haves and what are your nice to haves? At some point, you will prioritise.

TIP THREE – Itemise – Create your budget in an excel spreadsheet & write down a list of all the items you will need in your project. Make a detailed list of everything that needs to be done per room. Be as specific as possible.

TIP FOUR – Separate your costs – Split them into two groups – essential and cosmetic. Structural areas are usually essential, and they may be harder to estimate as there could be unforeseen issues that professional tradespeople will need to look at. Cosmetic areas are easier for non-professionals e.g. painting, fixing fittings etc and if you need to save money somewhere, you may be able to do it here. If you are a DIYer, you can potentially save some money e.g. assembling flatpacks or painting.

TIP FIVE – High & Low Budget – Insert columns into your spreadsheet with a high and low budget number. There will be a lot of give and take. You will identify in the high column what your maximum allowance is and you can also identify where you can save some money in different areas.

TIP SIX – Three Quotes – Ensure you always get three quotes from your tradespeople for comparative purposes. Of course, apart from REQUESTING A QUOTE from Perway Construction Services, ask your family or friends for referrals. Alternatively, look in your local newspaper as the tradespeople in these will typically be local to your area so won’t have to add additional travel costs to your quotation. Ensure you carry out your due diligence checks and look at credentials, customer reviews and pictures of their previous work.

*Note: Quotes and rates from tradespeople may vary. Cheapest does not always mean best – so ensure you read through your tradie’s inclusions and exclusions in their quotes.

TIP SEVEN – Contingency – You will have a successful renovation project if you budget ahead of time and always put at LEAST 20% contingency (This is like your back up plan or your just in case). With any reno project, unforeseen problems can arise. You may use it and if you don’t then that’s an extra bonus at the end!

TIP EIGHT – Say No! – Avoid letting your budget creep by adding on little bits here and there. Variations to your project can cause your budget to blow out. Additionally, avoid the temptation to splurge on luxury items that will not add a lot of value to your space.

TIP NINE – Use FREE tools – There are some helpful bathroom renovation, full home renovation and building calculators on websites (examples below) which can give you a rough estimate of costs and help you along the way with your planning. You can check these to ensure your budget is in the right region for a typical space you are intending to renovate.

Home Renovation Calculator

Bathroom Renovation Cost Calculator

TIP TEN – Get Help – An experienced project management team can help you get your project completed on time and within budget and help you avoid any costly mistakes.

We hope the TEN TIPS above helped you with your budget calculations. You should note that bathroom renovations can be expensive renovations because you have to co-ordinate so many trades and a kitchen renovation is one of the best areas that can add value to your home.

If you would like a copy of a FREE Renovation Budget Spreadsheet, then Join our Facebook Group – and grab it from there!

If you need any help with your renovation project, please CONTACT US – we would love to help!