Home renovations can easily spiral out of control. Here are 4 ways Hotspace Consultants recommends you tame your spending and keep your renovation costs on track.
Even with careful planning & preparation, unexpected costs and challenges can arise. So, if you’re planning an exterior renovation for your home, it’s essential to keep your budget on track to avoid overspending and financial stress.
1. Start with a realistic budget
One of the most common reasons that renovation budgets get out of control is because the initial budget was not realistic. Before you even start your renovation, be sure to do your research and get a good understanding of what your project will entail. Look at prices for materials, labour, and any other costs that may come up, and use this information to set a budget that is realistic and achievable.
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2. Prioritize your needs
When it comes to home renovations, it’s easy to get carried away with all the fun and exciting possibilities. However, it’s important to remember that not every upgrade is necessary or even worth the cost. Prioritise your needs and wants, and be prepared to compromise on items that aren’t essential to the project.
3. Shop around for materials and contractors
One way to save money on your exterior renovation is to shop around for materials & contractors. Don’t just accept the first quote you receive. Compare prices from multiple sources to ensure you’re getting the best deal. Keep in mind that the cheapest option may not always be the best, but you can often find good quality materials and contractors at competitive prices if you’re willing to do your research.
4. Be prepared for unexpected costs
No matter how well you plan, it’s inevitable that unexpected costs will arise during your renovation. Always allocate at least 10% of your budget as a contingency for unexpected extras.
If you’d like help with setting your budget and coming up with an exterior renovation that will fit within that budget (and look amazing!), you can reach out to me here at Hotspace Consultants to see if we can help… https://hotspaceconsultants.com/preliminary-enquiry/
Jane Eyles-Bennett x