Home renovations will change your lifestyle. However, the home renovation budgeting process can tarnish your exciting plans. Use these simple tips to get you on the right renovating track.
Home renovations are always exciting. Even if you don’t enjoy the process, the end result is going to be worth it. If you do enjoy the process – the planning, the organising, the execution – then it’s even better. Not only can you get involved with home renovation budgeting, but you’ll have a stunning home when you’re finished.
One of the biggest issues of a home renovation, however, is the budget. Not knowing how much we have to spend, or not understanding how much certain items are going to cost, can mean half-finished jobs, financial problems, and a lot of regrets. This is why it’s so important to be on top of your home renovation budgeting. Whenever you’re having work done, whether it’s a small job or a big one, find out how to go about it.
Prioritise Your Home Renovation Budgeting
The first thing you’ll need to do when you’re working out your home renovation budget is to prioritise the items you want to have done. What needs to be done right now and what can wait until you have more money to spend? If you can do this, and plan your renovation in stages, then your budget will be much easier to determine. Rather than finding one cost for the entire project, break down the items into smaller sections and budget for each one separately.
It might be that you need to have a new concrete floor installed before you can lay new flooring. If that’s the case, determining how much concrete you need with a concrete calculator and working out the cost for that has to be a priority. Or perhaps you want to have a new kitchen counter, but your kitchen cupboards need to be changed first. Work in this way throughout your project and your costs will be more controlled.
Get Accurate Costs
Once you have a list of the priorities of your renovation, you’ll need to know what each element is going to cost. Although you might have a vague idea of prices because you’ve done some research, the only way to be completely accurate is to get someone in to quote for you. They will be able to see the job in full, and their expertise and knowledge will help to provide you with a cost that you can work from.
It’s always best to have three contractors to give you costings for the jobs you want to have done. You can then gauge whether or not the price is about right. If someone is charging too much, or even too little, it can be just as problematic. Remember to sign a contract when you finally hire someone so that the costs don’t spiral out of control.
However, for accurate home renovation budgeting you need to make sure the quotes are based on the same information to each contractor. Understand what each contractor includes (and doesn’t include) in their quote. This is imperative to the quote process and to ensure you compare ‘apples with apples’
How Will You Pay?
Now that you have a plan, goals, and costs, look at how you are going to afford to pay for the work to be done. Do you have savings that you are planning to use? Are you taking out a loan, or using some of the equity you’ve built up in the property to enhance it?
Whatever option you are going to use, you’ll need to make sure those funds are in place before the work starts. In that way, you can relax, knowing that professionals are creating a gorgeous new home for you and that the money is ready and waiting to pay them.