BUDGET AND FINANCES
Keeping costs under control is a crucial point in any home renovation project. As there are so many aspects homeowners are not aware of or miss when planning, budges can easily go skyrocket high. Read the most common tips below to take into consideration when thinking about home renovation budget and finances. For extra help, you can always contact us!
Some helpful tips for you to consider when planning your budget:
- Keeping services (i.e. plumbing and electrical) in the same position in a kitchen renovation will mean you can reallocate your to budget other items, such as the high-end benchtop you have your eye on.
- Likewise, in a bathroom, maintaining the positioning of the services for your vanities, shower, toilet, and bathtub will be much more cost-efficient than redesigning the bathroom layout, specially the location of the WC and waste points. Functionality may be compromised if you choose this option, and this cost/benefit decision is one that frequently needs to be made in bathrooms.
- Changing the existing footprint and structure may also incur costs if it means that you will need building approval from your local council or Strata body. These costs may be much more that you are willing to commit to for the benefit obtained. Can also lead to time delays, which can also be costly, and not just add to the timeline.
- One unexpected cost that can affect your budget is the mandatory replacement or updating of existing plumbing or electrical features, such as wiring and fuse boxes that do not meet current Australian standards. It is better to know about such requirements at the commencement of a project so that there are no surprises once work has commenced. It is therefore essential for you to have a reliable team to advise on any possible requirements in this regard, at the earliest opportunity possible. In this way you will be better able budget for your project.
- It is also crucial to ensure that your waterproofing is done by a licensed professional – it would be simply heartbreaking to have to rip up sections of a new kitchen or bathroom due to a faulty and unwarranted installation.
- The materials that you choose will also impact the budget considerably. For example, a solid timber floor is a lot more expensive than vinyl flooring. A laminate benchtop will also be a more affordable option than engineered stone, granite, or marble. Consider these choices carefully, specially to meet your needs, not just aesthetics.
- Consider your tiling – ceiling-to-floor tiling in a bathroom is more expensive than tiling to half height. The size of your tiles as well – large-format tiles, or special tiles such as mosaics, look great, but can require more labour to lay, so could increase the cost.
- The size of your kitchen or bathroom will also affect the cost, more so for kitchens that bathrooms, as in bathrooms the plumber and electrician have, generally, the same amount of work to do, and it is only the tiler who has less.
- There is also the possibility that when the strip out is done, water or vermin damage is revealed which were not apparent prior to the removal of the things covering them up (i.e. the old kitchen cabinets, tile removal, etc.). These are generally referred to in the industry as additional costs due to ‘unforeseen circumstances’. In these cases, we give you the option of undertaking the additional works for you (which will result in less delays) or give you the option of engaging an external contractor to do the work.
- It is recommended to keeping a buffer of 20% up your sleeve to cover the unexpected costs that may occur.