Are you afraid of blowing your budget on your home renovation or extension?
No one wants to feel ripped off, especially when it comes to one of the biggest investments you’ll ever make.
Without proper planning, your renovation budget can quickly spiral out of control and you could be left filled with regret and like you’ve been taken advantage of, not to mention the stress of finding the extra cash to finish your project. If the costs continue to escalate, you could also be wondering whether you’re overcapitalising on your home which only amplifies your budget concerns.
Of course, everyone is budget conscious when it comes to renovating but the focus needn’t solely be on the dollar value. There are many other things to consider when trying to save money or avoid overcapitalising whilst renovating.
The Cost is Not Just In the Price You Pay
You may think that hiring a professional is more expensive than doing it yourself, and we don’t blame you! All too often, we hear stories of how people get hit with variation after variation which may give you the impression that variations are normal, but don’t be fooled by this myth, it’s a strategy used by unprofessional builders to trick you into signing what appears to be a cheaper contract. A professional builder will invest time and energy into completing the necessary measures to ensure that what you want is included in the contract, a fixed price contract.
Making sure you take the time to decide exactly what you want and choosing the right builder will ensure you won’t become another budget blowout horror story and will in turn, reduce your risk of overcapitalising. Because when you don’t put the time into pre-contract planning, the ‘price you pay’ won’t just be out of your wallet but also in poor workmanship, a devalued home and a terrible renovating experience.
To help you avoid paying the high price, we’ve put together our top five tips.
DIY = Drama and stress
It’s no wonder The Block makes for such good television! DIY projects are drama filled, highly stressful and almost never completed on time or within budget.
The world as we know it is changing and with everyone spending much more time at home this is leading to more people than ever wanting a home renovation or home extension. Any major project like this requires a professional, and working with a professional from the beginning will ensure you an affordable outcome. You can get creative with your architect whilst being budget guided by your builder, which helps you avoid spinning the wheel and being left exhausted and disappointed with an unaffordable design.
Plan Ahead
Whether your budget is big or small, the cost of renovating can easily spiral upwards, so taking your time in the planning stages is key. By investing the time to research and plan your project prior to signing the contract, you can be certain that you and your builder both know what’s been allowed for which will remove the risk of any nasty variations.
A bonus tip when planning your project is to consider your home’s existing floor plan. Drastically changing your home’s layout will increase the cost of your project, so if you want to add a bathroom or ensuite, consider adding it as part of an extension to the home, rather than renovating an existing area. This way you will increase the efficiency of labour and add valuable square metres to the home that will dramatically increase its value, and in turn, decrease your budget.
Think Energy Efficiency
By investing in superior building techniques, quality insulation and double glazed windows, you’ll help your home stay warm in winter and cool in summer. This will reduce your energy bills and save you thousands of dollars in the long run. All new homes or renovations in Australia must meet a minimum six-star energy rating. But a professional builder will exceed these ratings with superior building methods to deliver a highly energy efficient home. This means that you and your wallet will be comfortable all year round.
New is Always Better
Well, in this case it is! You may think that you can save money by reusing some materials that you already own or found for a bargain, but here is something that most people forget; labour is the most expensive cost item of your build. So in reality, you’ll be paying much more for all the extra time that it takes to fit and restore these second hand items. Instead, bring in new materials that are ready to go and easy to install, you’ll save big on your labouring costs.
One Man’s Trash Is Another Man’s Treasure
You’d be surprised how many people are eager to pay you for the old materials that you were prepared to just toss aside. Get on Gumtree or Facebook Marketplace to advertise your old materials such as tapware, bench tops, appliances and entire kitchens. Sometimes, people will actually come and remove them for you, saving you demolition costs from your builder. So take advantage of every opportunity!
Don’t be fooled by all the misconceptions out there, often spread by unprofessional builders who feel like they can still pull the wool over your eyes. Download our quick guide that tells you everything you need to know about the 6 essential things you must do for a successful home renovation. It’s completely free, which definitely fits in your budget! Just click the banner below and download it now!
