How to Create a Budget for a Home Renovation Project?

 

So you’re excited about your home renovation project. As exciting as it is, a home renovation budget can go out of your control. Yes, maybe you’re planning for a small renovation like a new floor in your bedroom. But, the new floor doesn’t match the wall colours and clash with the cabinets. So, you decide to add a fresh coat of paint and change the cabinets. While you’re doing that, you might also want to change the layout as you feel there’s not enough space in the bedroom. By the time you realise, you would have exhausted your $1000 dream renovation project budget to $10, 000.

That’s why we, renovation builders Sydney, insist clients have a plan and budget properly to take control of their home renovation projects. Here’s how to create a smart budget for your home renovation Sydney project.

Tip #1 - Set a Realistic Budget

It’s important to set a realistic budget for your home renovation project. You might be inspired by home renovation designs on magazines and social media. But, make sure you can afford for bringing those changes into your house. You’ll either end up buying cheap materials and products to create that look or exhaust your budget or leave the project unfinished.

Tip #2 – Prepare For an Unexpected Expense

Set a part of your overall budget for unexpected expenses that could arise in the middle of the project. The amount you reserve for your renovation project will likely differ based on several factors. However, you’ll see a difference in about 10-20%, not more than that. If your house is old and outdated, requiring major repairs like moisture, woodworm, roof or foundation, be aware that your budget may have to be bigger.

Tip #3 - Split Your Budget

Split your home renovation project into various components, like hardware, lighting, cabinets, tiles, flooring, plumbing, electrical work, etc. When you do this, it will be so easy to see which part of your projects accounts for the major spend and could help save money. Working with renovation company Sydney is really a good idea to keep your costs low while renovating your house the way you need.

Tip #4 - Determine Your Needs

Identifying the must-haves is the key to staying within your home renovation project. Some home upgrades might seem really important and you would want to get it done in your house as well. But, most of the home upgrades might be unnecessary. So, determine what you want and why you want to revamp that particular fixture or area.

Tip #5 – Embrace Trends Carefully

It’s a good idea to adopt trends when renovating your house. But, not every home trend will suit your lifestyle and budget. So, the key is to follow your taste and style and moderate the home trends in your decision making.

Tips #6 - Work With Professional Renovators

It’s a common misconception that hiring building renovators is expensive. But, the truth is there are renovators who offer high-quality renovation services at cost-effective prices. So, it’s a good idea to work with the renovator to make the most of your project.

If you’re looking to renovate your house, please get in touch with our team. We would be delighted to discuss your options.