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Building Tip #36: Renovation Budget – Do's and Don'ts

Building Tip #36: Renovation Budget – Do's and Don'ts

Simple renovations can transform your home and add value when the time comes to sell, but make sure you understand what you are getting yourself into. Planning your budget is a careful and meticulous process and proper forethought is essential so you don't overspend on your project.

Take a look at these five simple tips:

1. Create and Prioritise Your Renovation Wish List:

Create a spreadsheet of the changes, finishes, and items you would like included in your home renovations along with the prices of those items, then number them from the most important to the nice to have's. More often than not, the entirety of a home renovations wish list will exceed the renovation budget. With this in mind, you will be able to review your wish list and determine which items are essential for you and which can be excluded from the renovations according to the budget you have set.

2. Do Your Research:

Key items to look into are the PC or prime cost amount the builder will include in your quotation. These amounts can fluctuate according to your desired taste in finishes and what you are planning to have renovated. Light fittings, plug points, paint prices, toilets, baths, and stoves can push your budget through the roof.

3. Be OCD When Planning Your Budget:

This type of investment requires careful planning of your finances. If you are putting a specific amount away each month, make sure you are using an interest-bearing account. If you do decide to take out a loan or access your bond, make sure the interest rate will not hurt your pocket in the long term.

4. Don't be Impulsive:

When it comes to crunch time, don't be impulsive with extravagant finishes that will not add value to your property. Choose neutral colours that another homeowner can live with. If you would like to splurge on that lavish bath, make sure it is in the budget from the start.

5. Stick to Your Original Plan:

Many builders will talk about scope creep as one of the most costly elements when renovating a house. If you change your mind in the middle of the job, the builder will incur extra costs.

So don't take the renovation process lightly or it will cause an added stress that you do not need. Chat with Lyle, a renovations mater with years of renovation experience behind him.

Talk to your builder and listen to his advice, it could make or break your building experience.
Contact Lyle for a quote or some expert advice for your home renovation or building project.
Lyle: 083 373 5605
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Lyle: 083 373 5605

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