5 Tips for Sticking To Your Renovation Budget

Renovating a property is a lot of fun, hard work, and can be a serious drain on your wallet. If you want the end result to look the way you imagined it and to come in on, or close to budget, you’re going to need to follow these five tips.

 

1. 1. Plan It First

You’ve got to create a budget to know what your renovation budget is, you can’t simply pick a number out of thin air.

To arrive at an approximate budget figure, you’ll have to plan your work. That means drawing your intended renovation. You can then speak to a building consultant about whether your design is plausible.

With a little help, you’ll find the design you like and can plan all the work that needs to be done. At that stage, you’ll be able to obtain quotes or find rough pricing for each section of your project. Combine these with a healthy leeway to cover unforeseen issues, and you have your plan. 

 2. Get The Right Staff

Now you can start getting staff as it’s unlikely you’ll do all the work yourself. You can seek quotes from a reputable business for different sections f the renovation Alternatively, a good way of keeping the price down, is to hire the skilled tradesperson you need and do the rest yourself. You can check out professional labor-hire Sydney to get specific tradespeople.

Each person will be hired for a specific job at a set price, ensuring you’re always in control of your spending. Don’t forget that labor costs can dramatically increase your spending.

3.   3. Communicate Constantly

You are in charge of the project and it’s your money. The best way of making sure that everyone is doing what you’ve asked them to is to communicate with them every day.

They’ll appreciate you wanting updates while leaving them to do their jobs. The result will be professional quality work without any extras.

Communicating effectively really is the key to successfully managing any renovation project.

4.   4. Don’t Make Changes

Your budget should include a reserve fund that is designed to cover any unforeseen or unexpected issues. However, this is not a fund you should be digging into just because you want to change a feature or two.

Take your time at the planning stage to ensure you are creating the building you want. Then you won’t need to change your design or negatively affect your budget.

 5. Don’t Rush

Once you’ve started the project you’ll be eager to see things changing. However, the worst thing you can do is rush. If you speed through the design you’ll miss things and have to deal with them later. If you rush your staff they’ll take shortcuts which may not be beneficial in the future.

Renovating a property properly takes time, enjoy the process and you’ll have more chance of finishing within budget. There’s plenty of time to enjoy the property afterward.