How to prioritise your renovation budget
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In order to steer clear of a renovation nightmare, it is imperative that you set a budget from the very beginning. Whether you are a first-time or experienced renovator, it’s easy to underestimate the costs. Overspending can lead to financial stress and may prevent you from finishing the project that you began. Here are our 4 best tips for prioritising your budget so you can put some money back into your pocket.
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1. What is the reason for your renovation
There are many factors why you may choose to renovate your home. Is your house outdated and falling apart? Are you wanting to flip and resell? Maybe you’re renovating to create your forever home? Depending on the extent of the work required, will allow you to budget your renovation accordingly.
2. Create a renovation wish list
What are your wants, needs and priorities? It is important to distinguish between needs and wants before starting a project. Having a clear sense of what is essential for the renovation will allow you to prioritise everything else that is more expensive. For example, for your kitchen renovation you may need upper cabinets for extra storage and an island bench for added functionality, but an integrated fridge and high end finishes may be more of a want.
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3. Be realistic with your budget
It’s easy to get carried away when planning a renovation, however, it’s important to only renovate what you can afford. Make sure you do enough research and gather several quotes before making any final decisions. A great way to keep track of costs is by creating a spreadsheet. It shows you exactly how much you have budgeted, but it also gives you a comparison of how much you have spent. And don’t forget to always allow an extra 10-20% for contingencies. Having a budget buffer will help protect you from those sometimes unavoidable extra charges and make you financially prepared for those unforeseen expenses.
4. Communication is key
Be open and honest with your builder or tradesman. We all know the cost of living is increasing, so don’t be afraid to ask for options where you could potentially reduce costs. Perhaps ask them to break down the quote, or if there are cost-effective alternatives available for certain areas of the renovation. This simple conversation could potentially save you more money than you think. For example, for a kitchen renovation, drawers are more costly than regular cabinets, perhaps swapping some drawers out here and there may be all you need to put some money back in your pocket.
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At the end of the day, investing into your home renovation will have many benefits. Here at KW Cabinets we like to encourage our clients to enjoy the renovation process. Although it can be stressful at times, the end result is always incredibly rewarding. Be realistic, be patient, be open, and most importantly, have fun!
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