Do you want to renovate your home? When the location of your house is perfect, but the existing layout isn’t working, sometimes an extensive renovation is the answer.
Home renovations can alter your current home to suit your lifestyle to create the lifestyle you’ve always wanted and a space for you and your family to enjoy everyday, without relocating.and change your day-to-day lives without relocating.
The majority of home renovations in Sydney are a more cost-effective option compared to buying a whole new property. It costs a fraction of the price and doesn’t require you to pack up your entire life and move away. Not to mention, it is the more convenient alternative.
However, just because it doesn’t cost the price of a new home doesn’t mean the final bill won’t have an impact. For the most efficient experience, extensive renovations and alterations are required, bringing a hefty bill along the way. This means you must budget to ensure you get the most out of your renovations without breaking the bank.
A budget will help you set boundaries and achieve a realistic design within your means. But to keep your renovations within budget, you must remain mindful of the set figure.
Here is what you need to do to ensure you stay on track with your budget.
Set a budget but consider contingencies
When it comes to renovating, things don’t always go to plan. Usually in construction projects, many elements can go astray that are outside anyone’s control.
The most common aspects that are bound to have changes include the timeline, material, product availability and any oversight fixes that need immediate attention. Because of this, your budget can be pushed to its limit.
Be prepared that the initial figure may not be the final spend once your renovation is complete. A good rule of thumb is to set a budget with a buffer. To do this, we advise factoring in 20% above your expected budget.
While you should aim not to exceed your initial figure, the 20% gives you peace of mind for extra spending if it is required. It accounts for when things don’t go to plan, so you don’t find yourself struggling when problems arise.
Prioritise the must-haves to fit your budget
By prioritising the must-haves you want from your renovation, you will ensure the essential renovations are covered before you fit in anything else.
Before deciding on a renovation, there would have been a reason behind wanting to make changes. It is essential to understand this reason, whether for practicality or to increase the property’s value.
For example, if a new kitchen with a spacious butler’s pantry is your top priority, revolve your project around this. Any other home updates you have in mind that are not directly related to this initial renovation goal should only be second in priority, especially in terms of your budget and time.
To implement your priorities before the project begins, sit down and write a list of the changes you want to achieve from your home renovation. This will help you define the critical inclusions you wish to fit within the budget and assist your builder to develop a design that caters to your needs and wants.
Shop around for fixtures
Shopping around for your fixtures and appliances is a great way to save money. There are many options on the market for fixtures and appliances giving you control. While there may be some products you need to source yourself, this can be an excellent opportunity to keep under budget.
You should be open-minded when it comes to this stage. While you may desire a top-of-the-range product from a leading brand, it can come with a price tag to match. To stay under your budget, you may find a product equal in quality from a different brand for half the price. This makes it essential to explore your options as it can save you money to use for something more substantial.
While it’s always good to have a clear vision of your renovation goals in mind, don’t get too fixated on very specific brands, materials or designs. Always be open to finding alternatives, whether in price or design.
Try getting different quotes and browsing across other stores. You may even find a better deal on the identical product from a different supplier.
Ask the professionals for cost-effective alternatives
When in doubt, ask the experts. If you want to save money on certain items, speak to your builder. A credible and experienced home renovation builder will know their trade and should be able to provide you with alternatives if something doesn’t fit your budget.
Your builder may be able to provide you with a different design for your floor plan or suggest different materials.
While you may think you need a specific material to get the look you want to achieve, it’s not always the case. You could get the exact look from a substituting product you hadn’t considered thanks to an expert’s advice! You may even be able to design your home in a different layout that doesn’t require as much work.
When finalising your home design, our team will discuss the plan and materials used with you. We can also suggest cost-effective alternatives that will better suit your budget while still delivering the same results.
At SBS Building Services, we offer a complete service for home renovations, extensions and second-story additions. With you throughout the whole process, we help you from the plan concepts to the completion. It is our mission to deliver exceptional customer service and high-quality workmanship. To discuss your home project, send us an enquiry or call us on (02) 8279 1234.