Wednesday 6 November 2013

Budgeting for Your Next Renovation

Imagine when you first moved in to your new place. You are very excited in planning on how to design your new living space. You decide on the theme. You lay out on paper on how it will look like even if you do not have the rudiments of interior design. You probably have gone thru a number of home design magazines to just have ideas on how to deal with your initial plan. Sometimes you try your best to articulate your ideas to a designer friend. No matter how tiring it is from the planning stage to executing it, you have the adrenaline rush to just imagine your new place.

Now, the best part is to renovate the place and this is where the real work comes in. When considering a home renovation the first step is if you have the budget to work on and how much it would cost. Budget does not mean about renovating the new place, but it also about engaging a self storage facility to place your existing items that you do not want to throw away while your place is currently undergoing renovation. When most of the items are set aside, you will have non-cluttered space for your renovation works, and it will actually be faster to do. It is important to create a carefully prepared budget to avoid costly delays, overspending or an incomplete home. You may not have all the money at hand, but you just make sure that there is constant flow of money that will comprise your budget. Allocation and sticking to budget is the game plan, but you also have to make sure that you have a buffer, in case you need to spend a little bit more on certain things in the renovation process. Moreover, you have to make sure you know what you should be paying and how best to spend it.

There are a number of things to consider, apart from engaging a self storage facility to clear out some items before you do your actual renovation.

Firstly, consider the specific costs of renovating each room in the house. The biggest cost of renovating the kitchen, for instance, is cabinet making. Bathrooms will need the largest amounts of money set aside for tiling and plumbing.

Secondly, try to imagine what your new space will look like, and try to make a list of exactly what you want to do, especially if you are going to be renovating multiple rooms as well as landscaping. Do not forget to even make a computation for small items because sometimes, these small items will bite you especially if these are not budgeted.

Plan your sourcing of materials well. Find good quality materials that do not hurt your pocket that in the end you will sacrifice a lot of the renovation. Don’t buy in haste! Make sure that you talk to your designer about the budget and go thru the materials yourself. Sometimes, it also helps to be hands on in this.

While it is tempting to try the 'do it yourself' option to save money, if you cannot do a renovation job correctly you will end up having to pay someone to repair it later on. Ideally, you should hire a professional tradesperson for plumbing, electrical work, or any work to the foundations of your house. Hiring someone professional would be easier (although it can add a little to the cost) and will save you a lot of time when it comes to design issues. However, do monitor their spending, especially before they buy materials. Keep communication open at all times. It is still best that even if you have hired some who is professional, you are on top of things at all times. After all, this is your home and you will live most of your time here, and not your designer.

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