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Are you renovating and worried about sticking to your budget? It is essential to set up your renovation budget as accurately as you can. Some renovators don’t spend enough time planning their budget and end up running into major setbacks along the way, including not being able to finish their reno!
My top 5 tips for making sure that your budgets are on track, on target and are going to give you the product that you’re after are:
Step 1. Complete a thorough inspection of the space.
Let’s take a bathroom, for example. You need to complete a thorough inspection of that bathroom and document down all the elements of the bathroom that need fixing, changing or replacing.
Step 2. Create a list of the hard items that you’re going to need to buy.
In this bathroom example, you’ll need to create a list of whether you’re going to be replacing the bath. What sort of shower screen are you going to need? How much of the tapware is going to need replacing? If you’re looking to replace tiles, you’re also going to need to work out exactly what meterage of tiles you’re going to need to replace.
Step 3. Take that list to your trades.
You either need to get your estimates or, depending on how you work with them, your fixed quotes on how much that work is going to cost to complete.
Step 4. Account for hidden costs.
There are a number of, what some call ‘hidden costs’, in renovations. They’re not deliberately hiding; people just often forget to take them into account. Again, in this example of a bathroom, it may be things such as the demolition. You have to budget for your demolition and you also need to budget for any repairs that need to be completed as a result of an overzealous demolition or just as a result of a normal demolition.
Step 5. Add it all up.
Make sure you’re across the plan and you’re across the budget before you go demolishing a thing. Don’t get sledgehammer happy, guys!
These 5 steps will give you your best possible chance of not being left in that position where you have an unfinished renovation because you used an unrealistic budget.
Are you ready to make money renovating property? Get started with my e-book – The Top 12 Things To Look For below!