Fancy giving your house a little makeover? Maybe you want to make it bigger, or maybe you want to update it to suit your tastes. Either way, a home renovation can be very fulfilling and make your life at home more enjoyable.
However, your wallet is likely to take a hit. It’s no secret that home renovations are expensive, and with rising prices across the board, it’s important to set a fixed budget before getting the renovation under way. But where to start? Here are just a few things to think about whilst deciding a budget.
Calculating your budget
Before starting your project, be clear about what you want to change, and where. Then, check if there are any lingering issues that need to be sorted first, moving on to consider what you want the finished project to look like.
Depending on which room you’d like to renovate, it will significantly impact your budget. Rooms like kitchens and bathrooms will require a sizeable investment as you will need to pay for plumbing and electrical work, as well as all the appliances and furniture.
Get a professional quote
To accurately come up with a budget for the cost of your home renovation, a professional is your best bet. Hire a surveyor or builder to conduct an inspection, explaining what you’d like to have do. From there, they can make a budget with all the labour costs included, and all the costs of the materials according to current market prices.
It might be helpful to get a few surveyors to have a look, just so you have a more general impression of what you can expect to pay. If your friends or family have a surveyor they know and trust, see if you can get them to come round. Alternatively, make sure they’re legitimate and registered officially.
No matter the amount they quote, always make sure you’ve saved a little extra. Renovations are notorious in throwing up unexpected fees and expenses, so ensure that you have a little wiggle room should anything crop up.
How to finance your renovation
Renovations are an expensive undertaking, and most people don’t have such amounts of money lying around. Equity releases are commonly used for renovation work, allowing you to liquidate some of the value of your home into cash which you can then spend on the renovation.
Alternatively, you could pay the costs using finance. When choosing your finance, beware of high interest rates which might land you in trouble later down the line.
Hire a renovation project manager
If you’re feeling overwhelmed with the responsibility and anxious about being ripped-off, hire a renovation project manager who will keep the project running smoothly and within budget.
