When starting out your renovation, it can be easy to get carried away and have your ideas blow out your renovation budget entirely.

That’s why it’s important to plan your renovation budget well before you start knocking down walls. At JM Homes, we have been involved in countless renovation projects and know the tips and tricks to stick to a budget.

Here’s what we recommend for renovation budget success…

Figure Out How Much You Can Spend

Looking at your current finances and seeing how much you can borrow from the bank is arguably the most crucial step in planning for budget success.

Whilst most banks won’t usually give a pre-approval without a detailed building quote, it is better to have an idea of your borrowing capacity so that you don’t waste money by having to change your design plans because you over-estimated how much you could actually borrow.

Remember to keep in mind additional council fees and money that needs to be spent on any structural issues that could be discovered during your renovation.  

Know Your ‘Must Haves’ vs ‘Wish List’ 

Sitting down and figuring out what things your house actually needs versus what would be nice to have is a great way to control your spendings.

Once you determine the things that your house desperately needs, whether it be new flooring, an open plan design or a new kitchen, you can price those things accordingly. Then, once you know how much you have left over, you can start to think about adding the things that would be nice to have, such as a pool, tiles or expensive finishes. 

Utilise Your Existing House Design

When you start the actual design process, it’s useful to figure out the features of your home you can use in your new design.

By keeping with the structural features of your home, you will save a lot of money and have some left over for those ‘wish list’ items!

Limit Your Variations By Having A Fixed Price Contract

When it comes time to get quoted on the work you want done, you’d expect the quote not to change. However, this isn’t always the case.

On average, each variation is $500 in administrative fees and extra site meetings before the work is even quoted or approved. A variation could be as simple as a change of colour to the bench tops.

The best way to ensure a fixed price contract is to have EVERYTHING selected BEFORE you sign the final contract AND make sure the exact model and item number are listed. Not to mention, this can remove the margin for error.

Talk To A Reliable Builder

Your builder should be an experienced industry professional, and should be able to tell you the ins and outs and the dos and don’ts of how to go about budgeting for your renovation.

With proper communication of your vision and the process throughout the renovation, you will be able to work together to build a dream home all within your renovation budget. 

Need a reliable builder for your next project? Get in touch with the JM Homes team today.