How to keep your home renovation project on budget | Builder’s Advice
Most people believe that the main component in the home renovation project on budget . That is correct, to an extent, because of course, without a house, no construction can take place. However, even more important is the budget, because without that, you can’t even take the first step into the project. Also, cases have been recorded where the renovation expenditure went over the budget, forcing the property to be sold right after the project completion. This is more common than not.
Renovation projects do not have to be full home scale projects in order to get out of hand. Smaller types of projects such as kitchen installations, bathroom renovations, home extensions and internal wall removals also require careful budget planning.
Keep these points in mind when planning a renovation project and avoid a financial disaster:
1. Start by drawing up a budget
At the top of the wish list you present to your designer, you should clearly mention your budget for the renovation project. Furthermore, you should make it clear from the start that all your plans must strictly be kept within that range, or else they will not be funded.
2. Choose a designer who understands costs
When drawing up plans for the renovation, we often get carried away with our imagination. Therefore, it is necessary to have a designer who, in addition to the design obviously, has a thorough understanding of costs as well, so as to consider ground realities with respect to your budget.
3. Review your budget
Keep in mind that no budget is absolute. We have never met a client who handed us and blank cheque and told us to get with it!!! Although we pray for that day, its just not common place. Just as the design evolves with progress from your initial plan, you should expect some deviation in budget too. At each milestone in the project, review the budget and consult your designer to ensure that you stay on track feasibly.
4. Hold on to those savings
If you follow the above three steps, there’s a good chance you’ll find yourself with some extra cash in hand saved over from a previous build. Don’t get restless to spend it right away. Put it in the piggy bank as it may help you out in a pinch later in the development phase. And if all goes well, you can always use it for some eye candy after the project is done.
5. Always be ready for unforeseen circumstances
Make a contingency plan to deal with financial hiccups bound to happen during the build phase. A 10% part of your total estimated budget is usually adequate for most plans. However, 15% is the sweet spot.