If you’re finally ready to realise your visions for a renovation, it’s more than likely that you’ve put some money aside for the job. With most projects expected to cost tens of thousands of pounds, a sound budgeting plan is a sensible choice before embarking on any work.
In this guide we’ll online some top tips for setting a budget and sticking to it – while still making the most of your renovation.
- Set aside time
It might sound a bit plain and boring, but you should dedicate some time to think deeply about everything you’ll need to budget for. While Barclays recommend you should allow £1,000-2000 per square metre for an extension, it’s a good idea to add a surplus fund too.
Extra costs could pop up unexpectedly in the form of rewiring or safety work, so you should always aim to stay under your budget, not to meet or exceed it.
- Check out previous examples
If you’re still in the planning process, it’s a good idea to seek inspiration elsewhere to fuel your own ideas. Whether that means asking a friend who recently remodelled about their incurred costs or finding quotes online to get a realistic idea of current projects, you’ll benefit from being prepared.
Look intuitively for resourceful ways to save space, money, and time. Seeking quotes for smart solutions like fitted wardrobes or folding storage could be a cost-effective compromise for another room or outbuilding added to your house.
- Set clear priorities
What new and exciting features do you have your heart set on, and why? Do your really need to add it, or is it just on your wish list to meet the latest trends?
Deciding what you must change and what could be simply a cosmetic or aesthetic addition is going to be a crucial part of your planning process. If your budget allows it, there’s nothing wrong with splashing out on the latest tech to fill your home with fashionable mod-cons.
With the rising cost of materials making building work increasingly expensive, it’s wise to cancel any planned work that doesn’t need doing.
Keeping track
Once you get started with renovation work, it’s easy to start spending more money than you’d hoped to – and at a much faster rate, too. Although it might be frustrating, planning carefully and sticking to a budget will ensure your savings are spent wisely and productively.
