How to plan your home renovation
Renovating a home is exciting but it can also feel a bit daunting. After all, you want to create your dream home without breaking the bank. That’s why it’s important to have a realistic idea of what things will cost before you start swinging the hammer.
1. Scope your project
Before you get out the sledgehammer or order a kitchen benchtop, it’s best to take the time to think through everything you may need. Do you already have products in mind – if so, is there a lead-time attached, or are they in stock? Can your renovations rely on DIY, or will you need licenced tradies to do the job? Equally, with larger renovations, you may need council or strata or lender approval. All these take time, so it’s crucial to get everything co-ordinated before getting started.
2. Plan your renovation budget
If you’re using a loan for your renovation, then chances are you’re taking on a bigger project, so planning and budgeting will be key. Depending on your priorities and the complexity of the renovation, you can also encounter unexpected expenses such as electrician and plumbing costs.
And one more thing - it could be a good idea to plan in an extra buffer on top of your budget to cover unforeseen costs.
3. Look for peer support
There’s no harm in asking for help or seeking guidance. And if you don’t have a seasoned renovator in your family or friendship group, you could turn to online forums (such as Australia’s Renovate Forum) to seek advice. You’ll be amazed at the wealth of knowledge offered up – and they may even offer you that extra bit of inspiration you hadn’t thought of.
4. Quote and compare
It’s a good idea to ask suppliers to provide a breakdown of labour and material costs so you can see where any potential savings might be found.
5. Don't forget a plan B
Plan everything – and it’s good to have a contingency. It can help to have an alternative if one part of your plan can’t go ahead. You’ll be able to quickly adapt and re-route your renovation to plan B.
Your initial idea might change or grow along the way as you get quotes from professionals, scope out materials and begin the loan approval process (if needed).