Renovating Budget Tips You Need To Know
- How much is this home renovation going to cost me?
- What am I going to have to cough up and fork out?
Here are our TOP TEN TIPS on calculating your renovation budgetTIP 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!
Andy is the Director and Registered Builder for Perway Construction Services. He commenced his career in the construction industry almost 20 years ago as a Carpenter. He offers clients his specialized advice and knowledge on their project, what’s best for their long term return on investment and how to achieve their home renovation dreams. He leads his team of tradespeople to complete successful, quality home renovations.