Remodelling your home is exciting, but the budgeting can be pretty daunting.
But, whether it’s a kitchen remodel or a simple paint job, remodelling doesn’t have to send you backrupt.
There are plenty of ways by which you can give your home a facelift without a big dent in your savings.
But to do this, it is essential to create a renovation budget.
It gives you a clear picture of exactly how much you can spend.
There are quite a few factors from materials to labour and appliances that influence the budget, so let’s explore them now.
Home Renovation Budget
Renovations come in all budget models, big or small, cheap or expensive.
So the first step in fixing your budget is to decide where you want to spend and how much.
“Start with a list of must-haves and then go on to luxuries.”
Keep in mind, not all renovations increase the property value.
Here are the critical factors you need to consider in your home renovation budget.
Architect Costs
Hiring an architect is pivotal if you consider any major renovation that requires structural changes. It is better to involve someone who knows the constraints of the structure. They can also design clever design solutions within structural limits.
An architect won’t come cheap, but they are worth the money.
Material Costs
One place you do not want to skimp is the materials. With so many options, from tiles to ceramic and concrete, the choice for materials is endless.
Using quality materials will ensure that end result is high quality and durable.
Labour Costs
Labour costs amount to about 20%-35% of the project’s budget. It includes architects, plumbers, engineers, carpenters Gold Coast, handypersons, and electricians etc.
Structural Rebuilding
You may want to budget separately for a structural rebuilding if you are planning on a significant renovation. This includes the addition or removal of walls, adding more floor space, etc.
Repairs
Renovation is the best time to perform any repairs you may have. Inspect the structural integrity of your foundation and roof and repair if need be. However, they may cost you quite a pretty penny.
Lighting and Fixtures
This is the best time to replace any fixtures or maybe just upgrade them to a new look. Do not forget to include the shipping charges and taxes in your budget. This includes paint, knobs, faucets, lighting, and anything else you may need.
Appliances
Include appliances in your renovation budget if you plan on replacing them. Along with the cost of the appliance, you may want to count in the delivery and installation cost.
Painting
Painting can boost curb appeal and increase property value. The cost of having interiors painted in Australia is $20 – $30 per square metre. If budget is your constraint, you may want to paint only the key areas.
Cleaning Charge
Every renovation comes with waste and tear down materials.
Disposing of them will also cost you along with renting a dumpster and transporting them to the waste or recycling facility, so factor into the labour charge.
Contingency Plan
Set aside 5% of the project budget for contingencies.
This covers any unforeseen issues that may crop up during the renovation.
Conclusion
Once you settle on a budget, shop around for quotes and estimates, but remember that the lowest price probably won’t result in the best quality result.
Talk to our team to discuss your next renovation project.
