Renovations are a great way to add value to a home, increase space, and create a more modern aesthetic for an older house. However, it can be difficult to stick to a renovation budget and you may end up blowing it if you don’t keep tabs on your costings.
Tim Prohasky, owner of Solarflow and a Sanden Eco® Plus dealer shares his top tips.
1. Do your research
In order to be able to stick to a renovation budget, it is important to ensure you have a realistic budget in place. You’ll need to do some research into the cost of materials and products, as well as the cost of labour. Doing this research will allow you to estimate the cost of your home renovation, which will help you make an informed decision as to whether this is something you can feasibly afford at this point in time.
2. Get quotes
Research is an important part of estimating your budget – but don’t leave it at a guess. Work with trade professionals who will provide you with a written quote – this will give you a solid cost for all aspects of your renovation. When sourcing quotes make sure you get at least three quotes from separate businesses – this will help to ensure you are getting a fair market price.
3. Add a buffer
If there’s one thing that we have learned from our homeowners and favourite home renovation shows, it’s that renovations don’t always go to plan! Once you have estimated your budget, it is a good idea to add 25% to the total cost as a ‘buffer’ for any unexpected occurrences or additions that you make. This will help you to stay within your estimated cost bracket, even in the event that things go a little haywire.
4. Track your costs
Keep an updated spreadsheet of your invoices and receipts related to your house renovation. This will help you stay in control of your outgoing costs and you will be less likely to be tempted into splurging on something that you don’t need. When you can see all of your expenses right in front of you, you’re much less likely to blow your renovation budget.
5. Stick to the plan
Once you have started your renovation stick to what you originally agreed upon. Changing the plan often leads to delays, money being spent on extra materials and extra labour time. Deviating from your plan more often than not causes significant impacts on your budget, so it’s important to know where to draw the line during changes to your renovation.
