Setting a budget for your home renovation project is a very tasking process, Patrick Ryan McCann has highlighted some ways to do this in earlier articles. After setting your budget, one of the most difficult parts of your renovation project is staying on that budget, without exceeding the limits you have set for the whole project.
Setting a budget simply means the amount you have set is the highest amount you are willing to spend for the project. Almost 30% of homeowners in Brisbane, Australia agree that their renovation projects go well above budget.
Following these 6 tips below can help you refrain from exceeding your renovation budget.
- Prepare Everything in Advance
If you are trying to prepare the budget, then you should prepare for everything. Colors, texture, painting, material type, and every other detail should be decided and prepared for before the commencement of the project.
Patrick Ryan McCann says that all these details, if not properly prepared for, can cost more in the long run during the project.
- Communicate every detail properly with your Contractor.
Clear communication in every relationship is of the utmost importance, be it the romantic relationship or the relationship between you, your contractors, and your designers. Discuss every detail, and every design with your contractor before starting the project.
Failure to communicate properly can lead to errors in designs, colors, materials, or texture. And correcting these errors can cost you more which will lead you to surpass your budget. Competent and experienced contractors such as Patrick Ryan McCann need to fully understand your idea and they will transform your home into your new heaven.
- You don’t need to Renovate every part of your home all at once.
Regardless of the number of repairs a home requires, there are parts of the home that do not require renovations immediately. You can categorize your renovation projects into segments to contain your project within the scope of your budget.
- Additional and Unexpected Expenses
Your budget is faulty if there is no provision for additional and unexpected expenses. If you do not budget for those added expenses, you will find your expenses to be more than your budget.
Expenses for extra lodgings, extra take-out, construction permits, and inspection costs. Additional costs should be around 3% – 5% of your total renovation cost.
Also, you should never assume that everything will go as planned, so unexpected costs such as rotten walls that were hidden behind proper wall coverings, failure in structural components of the building, and other setbacks. Patrick Ryan McCann believes that if setbacks are properly prepared and planned for, the extra costs will shoot up the total cost above the budget.
- Investigate more Quotations Properly
Call for quotations from more contractors, at least 4 contractors, to ascertain the best prices and quality for your renovation project. After getting the quotations from different contractors, investigate each quotation and contractor. Ask the necessary questions, check the prices, and check the integrity of the contractor by seeking out former clients of the contractor.
Contractors like Patrick McCann have a good track record of completed renovations and satisfied customers. They also have moderate prices for most materials.
- On some easy parts of the project, DIY!
Some of the projects, like cleaning the worksite space which would normally cost you, are works that you can do yourself even if you are not handy.
If you are handy enough, you can try to do the painting works, the carpentry works needed, and others. This will save you some part of the money you would have spent. Be careful not to involve yourself in handy works that you do not have any skills in, so as not to damage the project totally and incur additional costs.
Take note of these tips, and you will stay within your budget, make sure you keep track of your expenses so as not to get lost in the process and spend above the budget.