Knowing the costs and having them under control will save a lot of stress even before the demolition of the first wall. A home renovation budgeting guide to set off on the right foot to a stress-free renovation process.
Break Costs Into Clear Categories
Divide your budget into 4 key elements, often described as: Labour, Materials, FF & F (Fixtures and Fittings), and Professional Fees. By allocating your budget into these four elements you can get a better handle on your finances before the demolition begins. A rough rule of thumb is that the Labour element will cost 40% to 50% of your total budget, therefore it is wise to price this element first. You then have a better idea of how much you can afford to spend on the remaining elements.
Set Aside a Contingency Fund
Most renovations contain hidden problems in older homes. This can be due to damp or worse issues like outdated wiring and structural problems. Allowing for 15-20% contingency on your renovation cost is essential for issues like these to arise. In this example we have a £20,000 renovation budget, that’s £3,000-£4,000 for unknown issues that can come up in older homes like this.
Get Several Quotes and Read Them Carefully
Get quotes from at least three different companies. Ensure each written quote clearly details what is included within the price. The cheapest quote could omit items like skip hire, scaffolding and waste disposal for example. For home renovations in Stroud, check whether your renovation project falls within a conservation area as this can affect items like the types of materials used as well as your permitted development.
Watch for Hidden Costs
Additional costs that are often overlooked are surveys, the charges of the building control officer, temporary accommodation should you need to move out, and the hire of skip(s). Check ahead of time if any of the work that you intend to carry out will require you to obtain planning permission. These fees can add up quickly, and cause considerable delay.
Phase the Work If the Budget Is Tight
If your budget is insufficient to complete your home renovation project in full it is always possible to phase the work to complete the necessary work first and then complete the cosmetic work later.
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A clear budget will mean you are in control of your home renovation project, not the other way around.
