Is your house in need of a refresh? Perhaps you’ve just bought a property that could do with a facelift, or maybe you’re thinking of buying a project house but aren’t sure where to start with the budget.
Whatever your circumstance, one thing that’s certain is that budgeting for home renovations is hard.
It’s a test of endurance and self-control, as well as general know-how.
If it’s your first time, it can be hard knowing where to begin, and it’s easy to end up overpaying or under-budgeting.
It’s rare that estimations are right on the nose, but with a bit of knowledge behind you and some educated decision making, you can get pretty close.
Here are some tips you can take on board to help you budget for your home renovations.
1. Decide What’s Necessary
Firstly, you need to determine what’s necessary. The easiest way to do this is to hire a surveyor to come out and inspect your home.
They will look at the bones of your house from top to bottom, identifying any key problems with the structure.
These sorts of issues may not always be visible to the naked eye, but they can end up being the most essential work you do, and therefore they should be prioritized as and when they crop up.
All other issues are likely to be purely aesthetic, so they may not be essential.
For example, if you’re not too fussed about landscaping your garden, don’t include it in your budget.
If money is tight and your kitchen is livable, it may not be necessary at this time.
Make sure you go through your property from top to bottom to see what’s necessary to ensure you don’t waste your budget on things that can wait or that don’t need doing.
2. Determine What Can Be Done by You
Things like painting and basic decorating are easy enough to do yourself, and doing so can save you a significant chunk of your budget.
3. Get Multiple Quotes
When you know what work you need to outsource, it’s time to get some quotes.
You need to make sure you’re pulling in multiple quotes from different suppliers and tradespeople to ensure you’re getting the best deal.
Depending on what you’re looking for, you might be able to find prices easily online.
For example, you can use an online cost calculator for artificial grass, carpet, DIY kitchens, fabrics, and more.
For larger bodies of work, you might need to have people come out and do an assessment to determine the cost.
It’s a hassle getting multiple quotes, but it’s well worth it so you can save money on the budget.
4. Upcycle Where Possible
Not everything has to be brand new. You can pick up great discounts when you buy ex-display items, including on things like bathroom and kitchen suites and general furniture.
If it’s your first project house, you can upcycle what you have or buy second-hand and refurbish something to suit your tastes.
This will save you a massive chunk on your budget which is always welcome.
5. Have a Contingency Amount
Finally, the last tip we have for home renovation budgeting is to always have a little bit extra.
Things have a habit of being more expensive than you anticipate, and so the safest bet is to have a contingency plan just in case.
A reservation of a few thousand should be more than enough if you stick to your budget throughout.
These are just five tips for budgeting.
As mentioned, you may not be right on the nose, but with these tips under your belt, you can be as close as possible.
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