You’ve probably seen enough reality television shows to know that renovating is tough work, particularly when it comes to sticking to a budget. Most people embark on a renovation with a clear picture in their mind of what their dream home/room/backyard/whatever will look like, but expectations can’t always become reality.
A valuable lesson you’ll learn during or hopefully before you start renovating is to keep an open mind. You might not be able to get that white marble bench top, but if you do the research and calculations, you’ll be surprised at what cheaper alternatives are out there.
That said, here are our 7 Steps to Keeping Your Renovation on Budget. All the answers you need to avoid a financial blowout.
You might think you’re just renovating one room, but you’ll be surprised at how many elements and costs that may involve. First of all, you have to get rid of the old kitchen, which means knocking down old cabinetry, then you’ll need somewhere to put all the rubbish, which requires a removalist. The best way to break down all these different costs is to run through your renovation step by step, not skipping any details. You should attempt to do this yourself first, then get your builder or relevant professional to check your list over.
With all the separate elements broken down, you can keep track of the costs and your spending as the renovation progresses to monitor if you’re on target. Our Renovation Budget Template conveniently sets out how to do this.
The couples on the Block or House Rules make DIY seem like a good idea – but trust us, it’s best to leave the bulk of your renovation jobs to the experts. DIY can be acceptable for some tasks – painting, cleaning, furniture shopping, etc. – but if you attempt to do your plumbing, electrical and other skilled tasks by learning from a YouTube video, you’re going to find yourself in trouble. Luckily, we’ve got a platform here that makes it much easier than the good old days to find yourself a quality, local professional at a decent price. In the current renovation market, quote comparison is absolutely essential to avoid being ripped off by businesses that overcharge.
Post your job for free and let the quotes come to you; just remember what to look out for - licence, positive reviews & a reasonable price (avoid going for anything too low or too high).
A 10-20% buffer should keep your mind at ease and also won’t leave you short for cash if something goes wrong. The reality is that renovations can be very unpredictable – weather, slow tradespeople, incorrect measurements and other issues often arise that simply can’t be foreseen or avoided. Keeping a buffer there is one of the smartest financial decisions you will make.
Find flooring and painting experts.
Just because your old bed frame might be standing on three legs doesn’t mean that timber can’t be transformed into some shelves or storage units. The same thing goes for any chairs, sofas, and cushions that you were thinking of chucking away – bring them back to life by reupholstering them in a new colour or print. Even if DIY sounds a bit out of your depth, you can find upholstery professionals to do the job for you. You’ll end up saving money in the long run because you’ll be cutting costs on materials.
Furniture shopping can be the cherry on top of an already stretched-out budget, but if you put in the legwork, there are ways to find a better deal. Auction sites like eBay and Gumtree have lots of hidden gems – some which may need refurbishment and others which look like they’ve come straight from the shop. The trick is to stay alert and be constantly monitoring for new listings – the good ones get snatched up quickly. These sites are also handy for buying products like tiles and fixtures from people who may have over-ordered – just make sure to check you’re sure before you purchase, as return policies don’t always operate online.
Ask any plumber, and they’ll tell you that one of the best ways to save money on a bathroom or kitchen reno is to leave the plumbing where it is. Moving the plumbing requires cutting new holes and installing new drainage, both of which will put a great dent in your budget. You’ll be better off keeping the existing layout and changing cabinetry, fixtures and tiling to modernise the space. Another way to save money in the bathroom or kitchen is to re-grout the tiles rather than completely retile the space – you can do this DIY or get a professional to help.
For all your renovation jobs, you can find local businesses to help at ServiceSeeking.com.au.