Tips for Managing Your Renovation Budget

Tips for Managing Your Renovation Budget | McColl cabinets

2021 is the year for renovating! So, let’s bring it on. However, after the tough year that was 2020, we appreciate you may have a budget to stick to.  We thought we’d help by sharing some of our expert tips on how to manage your renovation budget, as the last thing you want is a cost blowout and left with an incomplete renovation.

Tip 1: Plan the project

The most important part of renovating occurs before anything even starts. The key is to be super organised and map out the whole process. Sometimes costs can blowout due to variations to the builder’s contract during construction. We recommend going through every little detail of what the builder will be supplying and that way you’ll minimise any variations needed.

If you’re unsure what the process involves see our example of a typical renovation schedule for assistance. Or if you’d rather not plan it yourself, seek our help for some expert guidance to step you through the process in a seamless manner.

Remember to ask lots of questions. Questions will be your best friend during the planning phase.

Tip 2: Prepare for the unknown

Sometimes when it comes to bathroom or kitchen renovations there can be unforeseen costs that you just don’t know will be there until demolition starts. For example, asbestos might be found in wall sheets.

So, we recommend having a contingency buffer to cover the unforeseen costs. A good figure to work off is to have 10 percent of your budget left for contingency items.

Tip 3: Record everything

Whichever technology platform you prefer – word document, excel spreadsheet or traditional pen and paper, make sure you track what you’re spending. This will ensure you stick to your budget or are at least aware of when a budgeted item is exceeding the planned amount.

We also recommend speaking to your builder or contractor about having a system in place which deals with the way changes are notified. This could be that any variation on costs must be sent to you in writing for approval before proceeding. Documentation is very important for a smooth project.

McColl Cabinetmakers specialise in unique custom-made cabinet designs for kitchens and bathrooms using 3D design programs, top-notch manufacturing and hardware technologies so you know exactly what you’re getting before construction starts. Book a free consultation with us today.