Setting a budget is an important part of any home renovation project. But how do you know what budget is reasonable and how can you make your money go further?
Good planning and working out your home renovation costs are essential. Budgets are a really helpful decision making tool that can help you avoid unexpected costs, as well as under or over investing in what is likely to be a considerable project.
Home Renovation Budget Tip #1
Invest the right amount
Before getting started, you’ll want to research how much your home renovation could add to your property value to maximise its return on investment. Local estate agents can help you learn which features and property improvements are desirable in your area (i.e. home offices or modern kitchens). A quick search of ceiling property values in the vicinity can also be helpful.
Home Renovation Budget Tip #2
Have a contingency budget
Set aside part of your overall budget for unexpected costs should they arise. The amount you reserve will likely differ depending on the size of your project, however 10-20% is a fair estimate. If your home is older (pre 1950), has moisture issues, woodworm, roof or foundation concerns, be aware that your contingency budget may need to be more generous.
Home Renovation Budget Tip #3
Remember easily forgotten costs
If you need planning permission or other types of building consent (such as a party wall agreement) these will also need to be factored into your budget. Be sure to check with your contractor if they will manage this for you or if you will need to. Remember if your home is listed or in a conservation area, this will need to be considered too.
Home Renovation Budget Tip #4
Itemise your budget
Splitting your home renovation budget into its components (i.e. lighting, hardware, flooring, cabinets, tiles, appliances etc.) makes it much easier to see which parts of your project account for the biggest spend and could offer savings if you opt for a slightly different fixture or fitting. Working with a professional is a really good way of quickly and easily assessing your options in this regard.
Home Renovation Budget Tip #5
Determine your priorities
Identifying your must-haves is an effective way of making room for compromise. For instance, a top-of-the-line stove might be really important to you, but you might also happily swap marble countertops for quartz. Alternatively, if you find a tile you really love, reserving it for the areas that actually need to be waterproof can be much more cost-effective than tiling a whole room.
Home Renovation Budget Tip #6
Choose impactful features
Similarly opting for modernising features (e.g. recessed shelving, concealed lighting, boundary free showers and handleless cabinets) can be a good way of maximising your home renovation budget’s aesthetic value. Keeping your colour palette neutral and choosing classic fixtures and fittings is another way of maximising your home renovation’s longevity and cost-effectiveness over time.
Home Renovation Budget Tip #7
Adopt trends carefully
If you’re likely to enjoy a bold, patterned tile for years to come it may be a good choice. However a classic material (such as a white subway tile) is likely to age better and provide a neutral backdrop against which you can update your home interior over the coming years. The key is to follow your own individual taste and style – moderate the impact of interior trends on your decision making.
Home Renovation Budget Tip #8
Work with a trusted contractor
Doing everything by yourself and/or hiring individual trades can be less cost-effective and more stressful in the long run than working with a single trusted contractor. Professionals undertake these projects everyday. They often have established suppliers and discounts already in place.
If you decide to choose a contractor, always read multiple reviews about those you’re considering and seek personal recommendations from people you can trust. Remember, the cheapest quotes do not always represent the best value for money.
Home Renovation Budget Tip #9
Limit moving ‘big items’
Moving certain appliances, sanitaryware, walls and windows can incur additional costs. While these changes can have a big impact on the functionality and aesthetic of your space, it is always worth considering all options with your contractor to assess the costs involved and understand if there might be more cost-effective routes to achieving similar results.
Home Renovation Budget Tip #10
Opt for energy saving solutions
Energy-saving appliances, double glazing, good insulation and water saving taps and showers are likely to pay dividends in the long run, both financially and environmentally. Sometimes, though not always, they can incur greater costs upfront. However if your home renovation budget can accommodate them, they are well worth considering.
If you’re thinking about transforming your home with a bathroom, kitchen or home office renovation in Edinburgh or East Lothian our expert team is here to help. We’d be delighted to discuss your project. Please email >>