How-to-Guide: Avoid Exceeding Your Renovation Budget.
Budget is probably the most important factor to consider when considering a home renovation. In many ways, working on a budget is actually a benefit, because if you know what you have to spend, your vision is more focused. You do away with the unnecessary and instead stick to the essential spaces that need a remodel. In this article, we’ll discuss ways to avoid exceeding your renovation budget—and how this can get the most out of your renovation.
Know your numbers
If it’s value you’re after, you should have a fair idea about both current and future market conditions. This means everything from your house’s value, to those in the neighbourhood and even the city. Then determine how much a renovation would add to its equity, and what kind of renovation in particular would do so. Avoid remodeling parts of your house unless they need it, and keep in mind that style is subjective.
Be upfront and honest
Your contractor is a part of your team and vision. Think of them as an extension of you, a guide. If you speak to them openly about what you want from your renovation and how much you have to make it a reality, they will tailor the quote around your means, and together you can work on a remodel that’s in line with your wants and needs.
Expect the unexpected
Even if you have a budget agreed on with the contractor, you should account for unexpected costs. As the work goes further into its lifecycle, the renovation might uncover wear and tear that might not have been visible before, such as to the plumbing fixtures or wiring. Rather than be forced to make a choice or, worse still, abandon the project, set some funds aside so that you can deal with the situation—should it arise.
Learn from experience
Speak to friends and family who have completed a similar renovation recently. This will give you the chance to learn how much it would cost, what to expect, and even help you get in touch with the right companies and vendors. An invaluable resource is learning from their mistakes, so that you don’t repeat them when you finally undertake your renovation.
With budget in mind and construction on hand, it might seem elementary, but you should determine why you want the renovation done. Whether aesthetic or resale value, livability or luxury, you should know your why, so that you and your contractor can get started on the how. A clear budget gives way to a clear vision, and with that, a renovation is made all the simpler.
At Georgian, we take special care to bring your wants, needs and desires to life through our luxury renovations. With every project, we install a sense of familiarity and craft spaces that truly reflect you. Join our waiting list for a free Design Consultation.