How to Keep Your Reno Budget on Track
Renovating expert Naomi Findlay shares valuable tips for preventing your building budget from blowing out
Whether you’re renovating for profit or pleasure, it is very easy to underestimate the costs involved. If your budget blows out, you’re not going to be able to afford those finishing touches that can be so important to the end product.
During the planning phase, break down your budget in detail – this way you’re less likely to exceed it during building works. It will also allow you to be realistic about what you can and can’t achieve.
Be sure to factor in costs such as purchase price, stamp duty, insurance and costs for property improvements. And don’t forget about hidden renovation costs, such as demolition and site clean up.
Doing a phenomenal property inspection is so essential. If I hadn’t carried out thorough inspections in some of my own renovations to discover things such as asbestos and incorrect plumbing, there’s no way I could have made the type of profit I have.
But remember, always expect some surprises and plan for them no matter how good an inspection you undertake.
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Don’t go into every renovation thinking that everything needs to be ripped out. Too often, people are so keen to tear things out that it’s almost as though they’re suffering from demolition fever.
One of your first steps when putting together a renovation plan is to see what is intact and can stay. It’s a fine line, obviously – you need to make sure you are not being sentimental and going too far with the restoration and associated costs. But if those existing bathroom floor tiles will work with the new look, why remove them? Products and time are money.
- Can you keep the same kitchen, bathroom and/or laundry layout so you don’t have to go to the expense of moving pipes and electrics (which can be costly)?
- If your bathroom tiles and bathtub are a little outdated but still in good condition, can you refresh them with specialist paint?
- What else in the property can you update with a fresh coat of paint?
- Can you update kitchen cabinetry with new handles?
- Can you rejuvinate existing timber floorboards?
Even after 114 renovations, I still don’t know exactly what is concealed behind the walls in the projects I take on (and this is even with extensive property inspections). So a buffer in your budget is essential, no matter how experienced you are.
Sometimes, things will happen that are simply beyond your control. You can’t just turn a blind eye to them because they weren’t jotted down in your original budget. And sometimes you won’t be able to pinch those couple of thousand dollars from another section of your budget without affecting the outcome of the final space.
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What’s your top tip for keeping your renovation budget on track? Tell us in the Comments below. And remember to like this story, save your favourite images and join the conversation.
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blzeebub
For our kitchen, which was the final phase of an entire house renovation/makeover, we saved our shekels whilst I designed the space. I knew that we needed all new wiring and the flooring would be completed throughout before we built out the kitchen so those costs were quantified early on. Something other than money must be considered too, TIME! Give yourself plenty of leeway. Our kitchen took six months to complete because of problems with the cabinet company. We chose a good one with a longstanding reputation for high quality and had been family run for over fifty years. But they had undergone a regime change and had been sold to a private equity company. This lead to a very frustrating experience and I can no longer recommend their product because of that. That said, we did accomplish our dream kitchen and my abilities from design to scale drawings and taking "the time" to find the best deals in fitments including a custom vent hood, custom glazing on cabinet doors, a solid copper sink with a dent that I defy anyone to find at a steal of deal, plumbing fixtures on sale, lighting fixtures at wholesale prices, golden travertine tile at a closeout price, the skill-set needed to fabricate, finish and install all of the moldings, and the missus did most of the demo with a sledgehammer. Time allows for you to use your imagination to save money in creative and satisfying ways. When you hire a designer, they're motivation is to sell you a design and a plan for your kitchen based on a list of your needs and desires. This can happen fast but I must argue for a slow your roll approach to such an integral and preeminent part of your home. Our kitchen is the heart of our home. It is where everyone gravitates. If you love to cook and entertain, then give yourself the time to get it right.
Barbara Wynd
My kitchen came in at budget, but we added the living room floor and new stair railing in the open solution as well. I was planning for it later but it was ok to do it all together, we had time and the contractor as well. The kitchen was 4-5 years in planning, spent endless, wonderful evenings online, sourced what I would like to have and got a lot on sale. I kept the layout of the kitchen, it worked well, passed up on a couple of things but splurged on the countertop and absolutely love the quartz in a suede finish. And no, you do NOT see fingerprints on it, I don’t know where that experience cited so often comes from. But I compared 2 companies for the countertop prices and the second was several hundred dollars less and absolutely amazing! I am very happy, so now we plan the new bath, the last big ticket item in the house (besides maybe a new furnace in some years....) Here the before and after.
Jill Krol