It’s probably so obvious that you’ve already considered how much money you have to use for the renovation plans you want. But dedicate a good amount of time to it. It’s probably not enough simply to know how much you have to spend because there are many eventualities to consider. So, sit down and make a budget plan. Here are some handy pointers on what to consider:
- Get some quotes from your contractors/architects and run with the more costly scenario, even though you will likely opt for a more budget-friendly option that still offers great results and value for money. It will mean that you have some wiggle room for all the extras you might need, or you have some money left over.
- Cost up any additional materials you might need, as well as any administrative costs that come with planning permission and add them to your budget. Some renovation options won’t need planning permission, so these options, such as utilising the space you already have, might come at a more manageable budget
- Create a separate budget for your décor requirements, as it will be easier to keep track: furniture, paint, wallpaper, and all the finishing touches.
- Create an overflow budget and an unexpected costs pot: An overflow budget will come once you decide which quote you are running with, and what sort of renovation you decide on. Because you will start with the most expensive scenario but probably choose the middle ground, use the left-over from that option as an overflow, where you can plan for more luxury items/plans, if you would rather do this than save it for another time. An unexpected costs pot will just be an additional sum that you add to the budget that can be used for any additional or circumstantial costs that you did not foresee.
Plan for time
Renovations shouldn’t be rushed, so speak to your contractor(s) at the very beginning of the process to fully understand what your chosen type of renovation will entail and get an idea of how long it will take. Be realistic with your expectations but don’t allow your contractor to take a mile if given an inch. Usually, professional architects/contractors will come recommended or will have such substantial knowledge of the renovation process that they will remain open, honest and true to the timescale they set, unless under exceptional circumstances. Planning for time also means that you can plan to begin the renovation work at a time that suits you – whether this is while you have some time away from work, or whether it just means you can be more flexible, and be there when you might be needed, and a way when you are not. Renovation work can be quite disruptive to your day-to-day, so it might be a good idea to give yourself some flexibility to enable you top be away from the property while works are being carried out during the day.
Be prepared for unexpected events
As we mentioned, it’s good to have an unexpected costs sum in your budget, but it can also be useful to assume that the unexpected may occur throughout the process. Although you and your contractor will plan for as much as possible, you won’t know everything about your property and what is needed until works begin. This could be anything from requiring additional materials, a modification to your existing facilities (such as writing or plumbing) or even an extension on the anticipated timeframe – especially if work may be affected by weather, materials ordering or any unanticipated complications causing delays.
Preparation is everything. If you prepare in the above ways, you will be less likely to encounter any costs or delays that you weren’t already aware could come up, therefore your renovation will run more smoothly, and you will avoid potential frustrations that come with lack of prep.