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How to plan a renovation budget

Posted By Hammertime  
00:00 AM

Maybe it’s the rapid approach to holidays or the massive dent Christmas leaves in the pocket, but December always gets us thinking about budgets.

When it comes to the design and development of your renovation, unfortunately, the end result will always be influenced by budget. It doesn’t matter if it’s a small or large project, you need to set a budget.

Maybe you have savings? Maybe you are getting a loan? However you’re going to go about it, you need to know what you’re going to have to spend on your renovation.

Prioritise your ideas

Once you’ve worked out exactly what you can spend, it’s time to work out what’s achievable. We love a list here at Hammertime, and this is the time to get working on one. Come up with a wishlist of what you want to achieve, from the general to the specific.

So if it’s more space you’re after, write it down. If storage is a priority, get it on the list. If you can’t live without a specific tap in your bathroom, add it to your list. Once you have your list together it’s time to get to quotes. Always refer back to your original priority list and make sure at the end of the renovation you will have achieved your goals

Get an accurate quote

We’ve said it before, and we’ll probably continue to say it forever more, but really there is no better way to go about this than to engage an architect to help you.  If you haven’t already, check out why we are so passionate about this on our previous blog.

You want to avoid wasting your time getting building and material quotes that end up being far beyond what you can realistically fit in to your budget. An architect will be able to come up with great ideas to achieve what you want to your budget. The plans are also going to make it much easier for builders like us to give you the most accurate quote possible without any hidden costs.

Sure it means you’re going to have to spend a little for the planning stages, but we truly believe this is money well spent and will be key to sticking to your budget along the way.

What is a realistic budget

When you’re thinking budgets, it can be tricky to know what to spend where. Renovations can really vary. What’s a realistic amount to spend on a new kitchen? Or a full home renovation and extension? On the gallery on our website, you can check out our completed projects where we provide an estimate of what the renovation cost. We’ve also delved a bit deeper into the average cost and timeframe of a renovation here

And with any renovation project, things don’t always go to plan and there will be some movement in the budget. But if you plan for this, it won’t be stressful when it happens. Add at least a 10% buffer to your budget for unexpected costs.

Don’t cut corners

We have one final piece of advice when it comes to budgeting. Don’t cut corners to save some money, you will pay for it before you know it. There are certainly ways you can reduces costs, but not doing the job properly or not using certified builders is definitely not one of them!