Some would say the best time to renovate would be — when money isn’t an issue. Since most of us can only dream of having a limitless budget, the first order of business when tackling a renovation project is budget planning. Whether it’s to accommodate your family’s growing needs or give your space a much needed design update, revamping your home can come at a hefty cost. Your renovation budget should strike a perfect balance between what you want and what you can afford. To get you started, we’ve outlined a list of things you need to consider when setting a home renovation budget.
Zero in on the extent of your project
Defining the exact parameters of the renovation is a crucial part of budget planning. Are you going to do a major overhaul or maybe just concentrate on updating a few key areas? Where your budget will fall on the spectrum depends heavily on the extent of the renovation. Spend much of your time mulling over these decisions because they need to be determined right from the get-go.
List down your non-negotiables
The non-negotiables are the things that must be included in the project come hell or high water. A kid’s bedroom for your growing family? Beautiful glass-tile backsplash for your kitchen? Swanky new furniture for the living room? Those that make it to your list are basically your must-haves. They are an indispensable part of the look you envisioned for your home. Having a solid grasp of your non-negotiables will help you set your budget priorities. They will also dictate any adjustment to your spending limits and affect potential workarounds for budgetary constraints. When costs become too prohibitive, you can let go of those that don’t make it to the list or perhaps revisit them at a later time once your finances allow you to do so.
Get an estimate from contractors
Complex renovation jobs should be left to the experts. Seek out contractors with reputations built on reliability, transparency and quality. When requesting quotations, make sure to provide the scope of the job, the materials you plan on using and other important specifications. The accuracy of the estimates you receive will depend on how much detailed information you give. Be skeptical about contractors offering the lowest quotation. Do your due diligence since the cheapest option may not always be the best. Once you get a reliable estimate, don’t forget to add some serious wiggle room for surprise expenses that will surface along the way. Never underestimate costs as this will definitely wreak havoc on your budget.
Figure out your finances
Once you have an accurate estimate of what the project will cost, the most important question you need to ask yourself is: Can you afford it? Knowing how much you’re willing to cover at the outset is essential. Don’t get caught up in the excitement. Be realistic about what you can afford and take your personal circumstances into account. If you need to take out a loan, always factor in the cost of borrowing. Consumer banks in Dubai offer finance solutions for home improvement and repairs. Do your research and make it a point to choose lending institutions that ensure affordable financing for its clients.
The success of a renovation project is measured by its impact on your property’s liveability and value so planning your budget must always be done with these goals in mind.