Realestate.com.au’s latest Consumer Intentions Study shows that it is a challenge for most people to stay on budget during renovation. Nearly 50% of the 2,343 participants surpassed their budget by over 10%.
Costs can be higher than renovators expect due to lack of planning. Because of the excitement that people feel with the thought of renovating their home, they forget to plan carefully and make bad decisions, ultimately resulting in an unsatisfactory finished product.
Below are some of the costs that renovators come across and how to handle these issues:
Avoiding tradie costs from increasing
Tradie fees were higher than 39% of the people surveyed anticipated. It is costing you money if a tradie is doing nothing in your house while waiting for you to make a decision. Likewise, if a tradie has to repair a mistake, wrong measurements for instance, you’re budget will go over.
With better planning, you would be able to see mistakes that should be fixed by a tradie, leading to lower costs.
Materials, fittings and finishes can be expensive
36% of the people surveyed found that the cost of materials, fittings and finishes were higher than they’d expected. Products often end up costing more because people need to replace originally less expensive materials afterwards.
You can avoid this by doing a thorough research of various products in the market. You can talk to tradespeople, go to different showrooms or hire an interior designer if your budget would allow it. Having an interior designer can save you money in some cases.
If you go to a showroom without any planning, you’d likely get overly excited by the wide selections, and you can blow out your budget without a plan.
Budget for unforeseen problems
There are several unforeseen issues that renovators should include in their budget:
- Removal of asbestos
- Creating structural problems by removing load-bearing walls
- Incorrect measurements
Changes in the floor plan
17% of respondents’ budget blew out because of changes to the overall specifications, like adding a room, for example. Ninety per cent of the time, with good planning, people don’t have to make radical changes to the floor plan. By making a buffer in your renovation budget, you can factor in unforeseen problems.
If you have extra money or you saved some in your budget, you can use it to buy a new piece of furniture or artwork for your newly renovated home.