Budgeting can be a financial lifesaver no matter what it’s being used for. Whether it’s your general income, paying off debt, saving up for something, or budgeting for a renovation, a detailed and realistic financial plan can save you a lot of money and a lot of stress. If you know how to budget already, this shouldn’t be difficult to start with, however, if you’re new to the world of budget planning, there are a lot of tools and avenues you can take that will help.
If you’re budgeting for a renovation, but unsure on where to start, this guide is for you. We’ve collated the most important fundamentals of how to create a budget for a renovation, so that your building plan can run as smoothly as possible.
How to Create a Budget for a Renovation
Decide on the Scope of your Total Renovation
How to create a budget for a renovation starts with you and your vision. It’s important that you write down the entire scope of your renovation, room for room, and exactly what you want to have completed. This will help when it comes to plan designs and when the builders start engaging with the project. If you have the original blueprints for your home, it may benefit having them copied, and drawing on the copied plans to show what you want your renovation to essentially look like.
Overbudget for Unforeseen Expenses
Life is full of unexpected drawbacks. This is the same when it comes to budgeting for a renovation. Make sure you allow enough financial room to pay for damage, extra materials, substituted materials, or changes in the original design plan. Overbudgeting doesn’t always mean you’re expecting something to go wrong, however, in the case that something doesn’t line up with your original renovation plan, having a gap that you’ve allocated for the unforeseen will relieve pressure, and suppress any additional problems from arising.
Once you have a better understanding of how much you can actually afford to spend, it’s time to shop around for quotes. When it comes to budgeting for a renovation, getting quotes for the materials and labour that will go into the project will help you cut down your expenses or expand on them if need be. It also creates room for changes and allows you to find more affordable alternatives so that you can still get what you want for your home.
Use a Budget Calculator
Once you’ve got a better idea of your renovation expenses, you can now put your costs into a budget calculator. These can be easily accessible online and will give you a rough estimate of how much you should expect to spend in total for your transformation. Whether your expenses are higher than expected, or it looks like you may save some money, you will still benefit from using a budget calculator to format and plan your renovation finances.
Get Plans Designed/ Drawn
Drafting renovation plans is a great way to see your desired project on paper or even digitally. Consulting a renovation and home extensions specialist like Renovare gives you the opportunity to work alongside a building professional, and design realistic drafts of your home. Doing this also allows room for external and expert opinions on what could better benefit your project, along with what could add more value to your home if you wish to sell up in the future. Should you wish to make alterations to your renovation design, this is the best way to go about it as well.
Ready to Renovate?
If you’re ready to get your house renovations underway or you’d like to know more about how to create a budget for a renovation, contact us on 1300 049 516. For general information about our services, fill in our online form and we’ll be in touch!