Planning a renovation? 5 ways to prevent budget blowout
We’re experienced in construction and have poured a few slabs around new home builds. The apprehension and excitement that comes with renovation can overshadow money matters until it’s too late. You’ll have a lovely home, but can end up with some excess debt you don’t need.
Organise your quotes
The builder, the concrete delivery and trades, the painter…everyone working on the home. You’ll have an initial budget planned already. Having those quotes laid out in front of you will help you allocate what needs to be spent where.
Reduce, reuse
Recycle! New isn’t always better. It certainly doesn’t equal a better bank balance. When you renovate you can save more money by going to a charity shop or some other reseller.
Remember this old saving trick?
Only the essentials
Essential expenses like concrete slabs and plumbing are what you need to ‘splurge’ on. Plumbing, carpentry, concrete delivery and laying, electrical wiring; these come first. Decoration is fun but it needs to take a backseat sometimes. Having proper drainage and running water is more important than a few designer throw cushions.
I’ll pay you in…
Family loves you, so they’ll naturally help out, right? Well…
Organising a ‘working bee’ or a ‘please help us move back in’ event post-renovation will help you get the little jobs out of the way. Even some of the bigger ones, like painting and general maintenance jobs, can be done for ‘mates rates’. Mates rates can include a barbecue with the works: burgers, sausage sizzles, and good times with friends.
It’s important, though, to give people advance notice that you need help. Tough, sweaty work isn’t everyone’s idea of weekend fun and they mightn’t help out if you just spring it on them. Put up a Facebook event and promise a barbecue at the end to thank everyone for their effort.
Have extra ‘just in case’
Unforeseen circumstances happen; extra expenses due to complications. There’s a problem with the wiring, plumbing, etc.
These mightn’t happen to you, but the general amount to set aside ‘just in case’ is 20 – 30% of your total budget.
