The most important part of the beginning process of a renovation is the budgeting period. Getting a budget for your renovation helps you to understand how much you need to spend, how much of your monthly income you’ll need to save, and how much of your renovation can you do at a time.
Getting a budget can also help you to categorize your renovation projects in the order of most expensive to the less expensive. So the need for a budget before embarking on a renovation project cannot be overemphasized. But, not everyone knows how to design a renovation budget.
This Patrick Ryan McCann’s step-by-step guide will make designing a budget easy for you. So, are you planning to renovate your home but getting a budget done is difficult? Then you need to continue reading because, at the end of this article, you will have all the tools you need to complete that budget.
According to Patrick Ryan McCann who is a top home renovator in Brisbane, designing a renovation budget can be done following these 3 steps.
Plan out a Renovation Schedule
“A renovation schedule is a scale of preference table of your renovation jobs according to which one you would like to go first” says Patrick McCain. If you have great affection for a particular room which is meant to be renovated, you could start with that room.
But, you should most likely start with a room that needs the renovation the most, a room that is causing you the most trouble.
If you plan on staying in the home after renovations, you should start with the aspect of the renovation that will make you happy after renovation, like the kitchen, bathroom, or bedroom.
But if you’re looking to resell the property after renovation, you might need to start with the part that would increase the face value of the property like the roofing, or the flooring.
Prepare the Cost Estimates
Having prepared your schedule, the next step is to prepare a rough cost estimate for your renovation project. You can not know the exact amount of materials and equipment you might need, hence the term “rough”.
Naturally, Patrick Ryan McCann advised that you never spend above 15% of your home value on any room renovation. He suggests that you set 15% of your home value as the benchmark for the renovation of each room you plan to renovate.
Let’s assume that after preparing your schedule, you choose to start with the kitchen. Your kitchen rough estimate should include rough prices of the cabinets, countertops, flooring, walls, ceilings, windows, doors, appliances, design, labor, lighting, installation, and labor. You get rough prices for each of these things and write them out.
You do the same for other rooms that you have decided to renovate until you run through all the rooms. Your write-up of the rough price of your renovation costs is your rough budget.
Call the Contractors
This is the last stage because you already have a rough sketch of what you are looking to do. All you need to do next is to call the contractor and collect the bids and timeline. Make sure you explain all your renovation plans and work to them in detail to eliminate the probability of hidden costs coming up.
Compare prices and timelines with each other and choose the best one for you. Be careful not to go for the cheap simply because it is cheap. Ask around from other people, neighbors, or friends that have recently had their renovation done for referrals. Then, go for the best at the best price. You can sure try Patrick Ryan McCann.