How to prepare the budget for your home renovation project?

When you plan to renovate your house, budgeting is the most important thing to get in place. You need to figure out how much you plan to spend and how you’re going to finance the renovation.  Once you have a general idea of how much money you have to spend on renovations, you will be able to make better decisions.  

1. Prioritise projects

There are various reasons to renovate your house. It could be you need extra storage space or an existing home causing troubles or you wish to sell the house. But not all home renovations projects are the same. If a room is out of whack, it needs to be fixed. If your primary goal is to increase home value, prioritise projects that will earn you more money at your home sale. Then, there are projects that increase the aesthetic appeal of your house. To decide which project to take up, you must figure out what are your needs and what are your wants.  

2. Create a specific list of renovation goals 

To arrive at estimated figures, create a list of major structural changes to and cosmetic changes you want. For instance, if you are renovating the kitchen, be specific in terms of countertop materials, painting, backsplash tile, and floor tiles. 

3. Outline cost estimates

Once you have created a list, it’s time to do some maths. Break down the cost of everything that goes into that project, starting from materials to labour. To arrive at a ballpark figure, you will have to do some research. 

But remember, you may still not get the exact cost until you talk with contractors.  

4. Call for bids from contractors 

Ask your friends and family for recommendations for good contractors. After shortlisting contractors, you can request project bids and timelines from each one and compare pricing. It can be tempting to go with the lowest bid, but do not let the price be the sole deciding factor as quality of work and materials used matters.  

5. Budgeting for the unexpected

There are plenty of renovation expenses that can’t be predicted beforehand. This is especially true for older homes. A broken pipe or damaged wiring could be discovered during renovation which can add to the expenses.  If you’re renovating an older home, budget 20 to 30% over projected costs.

6. Know where can you cut costs: 

To cut down renovation costs, keep in mind that do not compromise on building materials as they affect the longevity of your house. However, there are many other ways to cut back on renovation costs. 

• Buy building materials in bulk. 
• Ask wholesalers for discounts on bulk purchase. 
• Do a little DIY work (make sure you possess the right skills to do the job otherwise you will have to spend again to hire a professional to fix the bad job)
• Schedule renovation work during non-peak season.  

Use our cement quantity calculator to figure the number of bags you need 

When it comes to the house construction estimation, you can use our calculators. We have material calculator for all home-buidling material cost calculation.  The only information you need to know the estimated cost is the built-up area and the number of floors you wish to construct. Our calculators can give you an approximate house construction cost that you can crosscheck with contractors and architects.