A complete guide for setting a budget for your next reno
31st Mar '17 • By Emily Ayers
If you’re planning to renovate your home, you might be worried about runaway expenses. Don’t worry, we’ve put together a complete budget setting guide to help you.
Know Your Limits
Before anything, you should understand your constraints. Budgeting is not just saving money - it is about knowing where it's best spent. Think in terms of minimum input maximum output. When you understand your limits, you will be able to put your resources to better use. It might be the case where you'll have to make certain tradeoffs. For example, compromising on your benchtop material in order to afford an island bench. Allocate your resources as per your priorities and limitations.
Plan and Research
Research, and then do some more research! We cannot stress this enough. John Flavell, Mortgage Choice CEO suggests “while you may be itching to get started on a renovation, it's important to plan out the process, as this will help you to stay on budget and on target.” As well as researching the costs of materials, service provider rates and a time schedule, you should also find out comparative costs of homes in your area. “It is important to understand the cost of real estate to ensure that your renovation does not exceed the value of your home” says John Flavell.
Get Multiple Quotes
Once you have decided your plan, it’s time to get the right people for the job. We recommend getting 3 separate quotes from local service providers. This will help you make an informed decision and get the best price for your project.
If you want an accurate and up to date cost, get up to 3 quotes from local renovation and extension experts.