Top 4 Ways to Manage Renovation Costs
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Published by TOP4 Team
The cost of renovation can weigh heavily on the mind of anyone faced with a property improvement, repair or upgrade. The last thing you want to experience is this scenario: You've waited for quite some time to push through with the renovation of your bathroom or your kitchen. Now that the project is ongoing, you have discovered that you've blown your budget and may now have to dip into your other savings in order to finish the project.
Renovations can get quite tricky, especially in terms of costs. It is fairly easy to go over budget, especially if you fail to pay attention to the costs involved. Prevent the associated hassles by following these tips for managing renovation cost.
Set a budget and stick to it
To effectively manage renovation costs, the most important thing that you can do is to create a budget and stick to it. Start out by asking friends or relatives how much they spent for the renovation of their bathroom, kitchen or other parts of their home. This can give you a fair idea of how much money to allocate.
Next, make sure that you know how much everything costs, exactly, from the labour down to the smallest building material. Do remember to spend enough money not just for the acquisition of quality materials, but also for quality labour.
Once you have created a budget, be sure to stick to it.
Get a detailed breakdown
Before hiring a contractor, it is prudent to get at least three quotes from different reputable contractors. Each contractor should provide you a detailed breakdown of the project cost and timeline.
Be wary of contractors that offer estimates that are too good to be true. Usually, they are indeed highly unlikely. Once you have found a contractor, make sure to put everything into writing.
Set an allowance
Sometimes, you have to spend more than you intended to for the renovation. It is possible that the contractor did not foresee a particular problem which has come to light while he and his team were working on the project. Sometimes, additional materials are needed.
In any case, it is a wise move to set aside at least 20 percent of the projected cost.
If you wish to keep costs down, it is advisable to list down the things that you want and need. For your wants, you may opt to settle for low-cost alternatives. This will help you save more money which you can use to splurge on your needs. Sometimes, swapping one material for another can translate to bigger savings.
Manage your renovation costs and ensure the quality of your projects. Find out how from Australia’s top renovation professionals today.