1) Work Out A More Accurate Home Renovation Budget
The one way to get a more accurate budget is by getting an estimate on how much the remodelling will cost. The best way to do this is by getting at least 3 renovation quotes from multiple suppliers – it’ll help you get an idea of how much you need to plan for.
2) Determine Your Needs And Priorities
Always keep in mind your goals for the renovation. This will avoid you from getting sidetracked with smaller projects that were not in the initial plan or budget. If you’re prioritizing the kitchen this time, stick to this plan, and this alone!
3) Create A Detailed Remodeling Plan
Once you’ve determined your goals, create a detailed plan that includes expected costs. If you want to be ultra organized, you could even build a spreadsheet that includes each portion of the project along with the estimated labor and material cost.
So, what are some of the common causes of blown budgets? Not adding up the little costs (appliances, clean-up cost, stamp duty, insurance, etc.) Not doing a thorough inspection to determine underlying problems (pests, water damage, issues with wiring etc.) Underestimating costs for labor and materials
