Renovating a home is a great way to put your own mark on a property and improve the way you live. It can also add value if you’re considering selling your home in the near future.
It’s usually a given that you will go over budget when you start a home renovation project because contractors often find it hard to give an exact cost for the works needed. There will often be unforeseen circumstances that could cause the costs to rise.
As a general rule, contractors recommend factoring a 20% to 30% buffer, but being clear on what you want from the start can help your project to stay on track. Here’s what to consider from the outset to prevent your budget spiralling out of control.
Setting a realistic budget
It’s important to set a realistic budget from the start and allow enough funds to go up to 30% over budget for contingencies. You may run into unforeseen circumstances such as difficulties with the structure or damage to other areas of the home during the works. You may also change your mind on an aspect of the design once the project gets going. This contingency fund should be completely separate from the funds you intend to spend and it’s important only to use this where necessary rather than to think ‘it’s ok I have some extra money’ if avoidable costs should come up.
Consider your motives for renovating
Are you renovating to improve the quality of your home life, to create more space for your growing family, to improve the layout, to cut your energy costs or simply to increase the value the your property for a resale? It could even be a combination of things – but whatever the reason this could impact your budget. There’s no point in buying a top of the range kitchen if you’re simply going to sell your home as soon as the works are finished, as you won’t get the value back. It’s important to be rational about what you’re doing and why and adjust the budget accordingly. There’s also no point in spending money on an expensive oven if you don’t cook, a designer bathtub if you only have a shower and so on.
Prioritise what need over what you want!
Think about what you really need to spend your money on in order to achieve your project and what’s on your wish list but isn’t necessary. Although a good architect, designer or project manager will help you to understand what you need to achieve your goal only you live your life at home and know what’s important from your living space. Talk to friends about ideas and carefully consider each aspect so you get the most from your budget and achieve your goals.
It’s a good idea to write everything down and get ideas from discussion boards and online on sites such as Pinterest or Houzz. This will also help you to avoid spur of the moment choices that you may regret further along in the project.
Clyde Property is a leading independent, multiple award-winning estate and letting agent with more than 30 years’ experience in selling and letting property in Scotland. Just call your local Clyde Property branch today for friendly, impartial advice on finding your next dream home.
