When considering any building job – from a kitchen refurbishment to a complete home building renovation – few things matter more than sticking to your construction budget.
The budget you set for your building project will largely influence your final result (which is hopefully the home of your dreams!), and oversights in this area can lead to unexpected problems, along with added stress.
No one wants that.
To help you in the planning process, we thought we’d share some of our most effective tips on how to spend wisely during a home renovation.
Check them out below!
- Do your research:
When setting your budget, make sure you’re considering the big picture of the job. Have you allocated money for Professional costs (engineers, surveyors, etc), councils fees and permits? Have you considered that things could go wrong as the project moves forward? By researching the full scope of the costs you’re set to encounter, you’ll be much better prepared and hopefully, less likely to go over budget.
- Be honest about your spending:
In all likelihood, you’ll choose to treat yourself to a few luxuries throughout the building experience. And that is perfectly fine – it’s your dream home, after all! But the fittings and materials you select have a significant impact on your costs. And last-minute changes are costly. If you’re after high-end features like heated flooring and a custom kitchen splashback, set aside additional funds for them, and be sure everything you’re after has been included in your original plan.
- Invest in high-quality work:
While it’s only natural that you’ll want to make sure you’re getting a fair price for your construction job, it’s essential that you select professionals who will give you good advice and first-class results. Quick, cheap labour may sound intriguing, but this often leaves you with substandard work and mistakes that need to be amended; something that gets expensive, fast.
When working with a budget, there will likely be times where you have to say no to items you really want. The limits of cost are frustrating, but if you work with your home building team, you’ll find that you can still achieve beautiful results – even with a few budget-friendly cuts. Perhaps you’ll swap out the flooring in one of your bathrooms to afford the stovetop you can’t stop thinking about, for example.
- Keep track of your spending:
It might sound obvious, but absent-minded choices are a sure-fire way to overspend. When things change, go back to your budget. When you’re considering upgrading, go back to your budget.
Rigorous planning, clear communication, and being fully aware of your expenses promises a much healthier bottom-line in the end.
If you’re after additional help with sticking to your construction budget, our team is always happy to answer your questions. Give us a call on 0418 867 997 or contact us here.