Your reno wish list might be limitless, but remember that your bank account isn’t!
Home renovations can soak up your spare cash like nothing else, therefore renovation budgets are imperative if you want to avoid unnecessary costs. Treat renos like a project. It’s up to you to ensure they come in on budget – because not doing so can be quite a costly lesson.
You want your home to look fantastic and be practical for the whole family. But remember you should also consider which renovations will increase your property’s value. Renovation budgets assist people in deciding where best to spend their money. It’s therefore important to be particular when deciding what you’re going to spend your money on – remember that poorly planned or unnecessary renovation projects often add little value.
Sort My Money’s top three reno budgeting tips are:
1. Be realistic
Make a list of those renovation elements that are necessary for your home to be liveable, as well as a list of those “must-have” features that you really want (but don’t necessarily need). This way, you can prioritise your spending before you start planning your budget. Yes, that breakfast bar is terribly endearing however your problematic toilet hasn’t really received the attention it needs. Once you have budgeted for your most important features, you can focus on the more attractive plans that you’re really excited about.
2. Recognise your skills
When renovating, you can certainly save money by undertaking some tasks yourself – but remember to be realistic about what you can and can’t do. Whilst hiring tradesmen may dig into a larger portion of your budget, it’s important to use someone qualified for those not-so-simple jobs such as electrical wiring or plumbing. Dodgy wiring will end up costing you more in the long run. So, call the electrician and save yourself wasted time and money!
3. Bag a bargain
Shop around… Compare prices and consider shopping for second-hand items when decking out a fresh space. Whilst a $2000 cabinet might seem appealing at first, pre-loved furniture can often be refurbished to look just as great! And, the savings you’ll make can then be spent elsewhere…