There’s no doubt that planning your renovation is a fun and exciting process, especially when it comes to looking at houses online, designs styles, and finding inspiration. However, there is so much more to the planning phase than just deciding how your home or rooms are going to look when they’re finished. Budgeting for a renovation is one of the most important, first and foremost steps to take before starting the renovating process. Not only does this minimise stress and pressure, but it allows you to better plan the way you’ll spend your money, and allow a safety net of finances for delays, problems, and changes.
If you’re new to renovating and you’re not sure how to create a renovation budget, we’ve got you covered. In this blog we’ve put together a list of the most important things to include in your budget that will see your renovation process simplified, and your finances under control.
Planning a renovation? At Renovare Mt Gravatt, our team are here to make the process easier for you. Contact Adam today on 0477 881 387 to start discussing how the team at Renovare Mt Gravatt can get your renovation done the right way.
How to Create a Renovation Budget
Set The Scope – Include Everything
Deciding the scope of your renovation means planning what you need to include, and what you want to include. This is going to help when it comes down to prioritising specifics during the renovation process and when or if you need to make any changes. Setting the scope of your renovation project also forms a basis for the tendering process, showing you where you need to hire renovation builders, and where you need to communicate your needs and expectations clearly.
Break Down Your Costs
Breaking down your expenses will allow you to see your money is going to be invested throughout your renovation. This will also allow you to better decide whether you need to move some of the expenses to other areas on the home that will better benefit you or your family in the long run. Not only that, but once you receive quotes and estimates on materials and tradespeople, you will be able to better gage whether your money is being put into the right areas, and whether you need to add or subtract expenses in certain areas of your break down.
Seek Out Quotes
Receiving quotes from builders and tradespeople will help when it comes down to breaking down your finances and seeing which contractor will save you money while providing a quality service. This will allow you to understand how much of your budget is to be dedicated to paying your tradespeople, along with how much you’ll be estimated to spend on materials for your home as well.
Overestimate Your Budget
Overestimating is one of the most important aspects of budgeting for a renovation. In the case of a problem, changes, damage, or even delays, overestimating provides you with a financial safety net where you can cover any unexpected expenses that may arise during the project. Failing to overestimate, or allow room for financial changes, could see you fall into debt, losing a lot of money, or with an unfinished renovation project.
Use a Budget/Renovation Calculator
Saving more and spending less is the motto when it come to your renovation. Using a budget calculator or a renovation calculator will put this into perspective for you before you begin the project. When planning your budget, you may feel as if you’ve allowed an excesses amount of money to be spend on your home, but once you put these figures into a calculator, you’ll soon understand where your money can be better spent, how it can be better spent, and what you should be focusing your finances on.
Engage a Professional to Oversee the Renovation Plans
Once you have your budget in place and you’re ready to take the next step, it’s highly recommended that you engage a professional to oversee your budget and your renovation plans. This is encouraged as the build costs will vary and depend on things such as:
- Materials you’re wanting to use
- Tradespeople you engage
- Fittings and finishes
- Size and scope
- The location of your property
Are You Ready to Renovate?
If you’ve got the budgeting for a renovation aspect under control, we’d love to help with the next steps of your project. ContactRenovare Mt Gravatt today on 0477 881 387 to start discussing your renovation plans and objectives. For more information or general queries on our services, reach out to the builders Mt Gravatt, knows for quality through our online form and we’ll be in touch.