How long is a piece of string? Since every renovation project is different, it can be difficult to know exactly how much it is all going to cost before things get under way. What we can help you with though, is understanding what type of costs are involved and why having a budget is so important.
Your budget is the first step
Putting a budget together is not only crucial for understanding how much your renovation project is going to cost overall, but it also helps with keeping track of what payments need to be made and when. If you find that mid-way through renovations you have actually spent less on one room than you had intended, you could use the extra money to splash out on some fancier features that you originally thought you couldn’t afford.
If you are getting a loan from the bank, it is possible that they will want to see your budget to ensure that you have a realistic plan for the money.
One golden rule to remember is that it’s always best to over budget rather than make things too tight, so you have some room to move if anything unexpected should happen.
What costs do I need to consider?
As a guide, these are the things that you will need to include in your budget:
Planning fees: This includes fees for inspection and surveying, planning permissions and regulations.
Accountant fees: If you are using an accountant to keep track of your books.
Insurance: For your home and contents – you should have insurance before renovations begin.
Utilities: Power, gas, water
Materials: Wood, concrete, paint, windows, tiles
Labour costs: Fees for your contractors and builders, as well as designers and architects.
Waste removal: To ensure that waste is disposed of according to council guidelines.
Furniture, fixtures and homewares: Installing appliances, lights and taps, furniture and decorations
What is the best way of getting an accurate budget?
Unless you have many years of experience renovating period homes and understand all the ins and outs of how to go about it, it can be difficult to create a true budget. The best way of getting an accurate budget is by working with a professional design and build team that know all the pieces of the puzzle, from council permits to material and labour costs.
Having a clearer idea of what the whole project is going to cost right from the start will save you a lot of stress and sleepless nights later on.
Looking for a professional design and build team?
Our expert team at Period Extensions have an amazing wealth of experience behind them and would be delighted to work with you on your next project to ensure that you have a budget in place before the first tool comes out. Feel free to look around our site to see just what we can do, and don’t hesitate to pick up the phone – we’re happy to have a chat.