Just about any renovation task in the home is likely to run up quite a cost and this is the same whether you are installing a new kitchen, adding an extension or re-decorating a room. For many people the financial burden of a renovation project can be enough to put them off taking it on altogether, but this doesn’t have to be the way. The key to starting a project such as this, is to be able to go into it with financial confidence and the knowledge that you have plans in place to absorb the cost of the job, and resources to help your finances. To ensure you can gain the confidence that you need, here are some tips to help you out.
If you are worried about the finances of a renovation job, the key to your success and your stress levels, will be to budget meticulously before deciding upon the work which is to be done. When you complete a budget such as this, you need to be looking at what you can afford to spend, rather than what you actually have. Take into account every single monthly cost that you can, prior to deciding on what will be spent on the renovation. Once you have a budget, commit only 80% of it to the project, as they rarely come in under cost.
Once you have the budget for your build, you must allow this to dictate your choices when it comes to the renovation work in your home, rather than the other way round. Some costs cannot be spared, the costs of professionals completing the job, the cost of surveyors or architects for example. What can be changed to fit in with the budget however is selections for materials and parts, it can be easy for example to get tempted into buying a $200 shower head because it looks like a waterfall, but knowing that you only have a certain amount to spend, will ensure that you reign in these spontaneous costs. Whatever the budget may be, stick to it and allow it to influence your decisions.
In the weeks and months leading up to the renovation work, you should be all hands on deck when it comes to saving as much money as you possibly can. It may very well be hard work to notch up additional overtime or find a second job, or even to penny pinch, but this hard work will pay off once the renovation gets underway. During the project it will be more difficult for you to make extra money, so doing so prior to the project start is highly recommended. In working hard before the job begins, you will be able to give yourself the financial peace of mind, and ensure that you won’t be overly stressed out once the work begins.
Renovations do cost money, but they needn’t be the cause of financial stress.