Tips For Keeping Your Job on Budget
If you’re planning on renovating your home, one of the most important factors to consider is your budget. Your budget will determine the scope of your project, as well as the materials used and expected completion date. Sticking to your budget is just as important as the initial number. Many home renovators find themselves going over budget on their renovations, with unexpected costs popping up everywhere. To help you stay on track, we’ve created this guide to keeping your renovation project within your budget.
Though everyone loves a bargain, it’s important to be realistic when settling on your renovation project. When planning your project, first determine the things that you absolutely cannot live without, then work from there. If your initial plan goes over budget, you can always drop some nonessential items. Make sure you have an accurate idea about labour and materials costs. These costs can add up quickly, so it’s a good idea to seek advice from the experts. Many builders will recommend that you add a small buffer to your budget, just in case any unplanned costs pop up through the renovation process.
Engage a Builder Early
Embarking on a home renovation project can seem daunting, but there’s no reason to do it alone. Speaking with a builder in the early stages of your renovations can help to keep costs down. Before they can produce the initial concept plans, your architect or draftsman will need a clear and detailed brief for your project, as well as an indication of your budget. While this might seem complicated, your builder will be able to provide expert guidance. By engaging a builder early on in the project, you’ll be ensuring you don’t exceed your renovation budget before work even begins.
Choose a Fixed Price Contract
If you’ve done your research into home renovations, you’ll know there are many different types of building contracts. To keep your project on budget, a fixed price contract is usually your best bet. Choosing a fixed price contract means you’ll know exactly how much your renovation project will cost before work commences. Unexpected expenses may pop up during the renovation process, such as price fluctuations for raw materials. If you’ve signed a fixed price contract, all variations will be presented to you for approval before the process continues.
Source Your Own Hardware
A great way to save money on your renovation project is by sourcing your own hardware. Some home renovators don’t realise they can actually purchase their own materials to pass onto their builders to install. This means you can hunt around for the best deals on things like door handles, taps and sinks. You could even source larger items such as your bathroom vanities or the range hood for the kitchen.
If you’re ready to take the next step towards achieving your dream home, I Build Solutions can help you out. Our team offers all the support you need during your home renovation project. Contact us anytime to start discussing your plans.