Factors to consider when setting a budget for your home renovation
Have big ideas and want to get bang for your buck with your home renovation?
With some strategic thinking, and well thought out planning, it’s possible to stay within your budget without cutting corners.
Here are some things to consider when planning your home renovation:
- Hire a professional for the big jobs. DIY doesn’t always save you money, in fact if you’re not as handy as you think you are, it could end up costing you a fortune to get someone to fix your mistakes. Work such as plumbing and electrical require professionals with licenses to legally carry out the work. Always shop around and get multiple quotes, cheaper may not always be better, make sure to check out testimonials and a portfolio of their previous work.
- Consider what a future buyer will value from your renovation. Although you may not be planning to sell or move any time soon, if and when you do, bathroom and kitchen renovations add the most value to the home. If these are rooms that you are planning to renovate you may want to consider allocating a significant amount of your budget here.
- Think about saving money in the long run. When making a decision to renovate, you likely don’t want to have to renovate again so think about how you can save money in the long run. For example, install energy saving lights, effectively insulate your walls and roof and consider installing solar if it is in your budget. Sustainability and energy efficiency should be considered in the early planning stages.
- Try not to move any plumbing or electrics. Moving plumbing, or electrics is by far one of the most expensive aspects of renovating. If you can get away without moving any of these elements, or moving them minimally, it shouldn’t eat into your budget too much.
- Compromise and consider. What do you want and what do you need and what can you add on or do later? Consider the spaces you are renovating and the adjacent spaces, renovating the open kitchen but not the living/dining space for example could make this space feel dated once renovations are complete. Consider how one renovated space will affect another and decide which are the most important rooms to start with.