HOW TO START THE RENOVATION PROCESS
WEEK 2- HOW TO BUDGET FOR A RENOVATION
I’ve been receiving some fantastic feedback to our first article in our 4-Part “How to start the renovation process” Series! It seems like many of you are wanting to renovate but struggle with knowing where to start!
If you missed the first article in the series you’ll find it here. It’ll be easy for you to catch up and be ready for Part-Two in no time … and if you get stuck at any time let me know and we’ll work it through together.
Part Two: How much am I going to spend
This week we’re looking at the all-important budget. It would be nice to have an open-ended budget but the reality is that none of us have that luxury!
So, what’s your budget? In Part-One you worked out whether you are doing a room, several rooms, or a full gut and re-do, what restrictions might be on any renovation for your property. Now we’re going to look at how you can make that work for your bank account whether your tastes are champagne or sparkling wine budget.
Renovations can cost as little as $3,000 for an uplift or revamp of existing fixtures and fittings, or as much as $300,000 $500,000 for a full “out with the old, in with the new” transformation. The biggest expenses in any renovating are labour and materials.
Open your trusty notebook and following on from your assessment of the space/s you’re wanting to renovate let’s get to work on Part-Two:
1. The size of your renovation project will vary too: a full gut and renovation of an apartment will (in most cases) be significantly less than the full gut and reno of a 4-bed house. You should allow around $2,000-$5000 per square metre of renovation area.
2. What materials will you be using? You’ll need to consider that a material such as weatherboard might be cheaper to start but it doesn’t have the long-term low maintenance and durability of brick. In living areas carpet or timber flooring have differences in cost outlay as well as long-term care. For your kitchen, bathroom, and laundry benchtops engineered stone instead of granite is a more affordable option.
3. What did you determine about plumbing and electrical work? Wherever possible it’s a much cheaper option to keep your plumbing outlets in the same position – you’ll still need a registered plumber to disconnect and reconnect but that’s a lot less costly than relocating the outlets. It’s difficult to give an estimate on electrical and plumbing costs but at this point you’ll have an idea of how many new plumbing or electrical connections you’ll be needing so a quick phone call to a couple of local registered tradies for an obligation-free over the phone estimate will help you with this step – all you need is an estimate of how much they charge per install.
4. How much of the renovation work can you do yourselves? Painting, basic carpentry, demolition? If you do not want to do the work yourselves, you could project manage yourselves or engage in a builder to do this for you. More about this in point 9.
5. Rubbish removal also needs to be considered: will you hire a skip or will your do a tip run? If you’re going to hire a skip bear in mind that it’s cheaper to fill the skip over a day or two than it is to have it on site for weeks on end – if you’re going to fill it over a day or two will you be able to store all the rubbish until you’re ready to put it into the skip?
6. If it’s a major renovation (or kitchen or bathroom) where will you stay while the renovation is in progress? Do you need to move offsite for the duration or part of the duration?
7. What council permits do you need? If you’re not sure if you’ll need a permit make sure you get professional advice. Renovating without permits can be VERY costly if your council become aware!
8. It’s ALWAYS a good idea to consult a design professional with renovation experience. There are different levels of support that a professional interior designer can give you: whether it’s a consultation on colours and fixtures furnishings, assistance with a floor plan or cabinetry layout, or all of the above, it’s definitely a worthwhile investment, which gives you an assurance of a quality finished renovation and it also takes the stress off your shoulders. {raising my hand} I can help you here!
9. Project management of the renovation: is that something you’ve got experience in? It’s not as simple as choosing the materials and booking the trades … it can be super costly to have trades turn up and not be able to do anything because another trade hasn’t done their bit, or to under (or over!) estimate on materials. Engaging in a project manager or builder can help with this.
10. How much can you AFFORD to spend? Now’s the time to consider how you are actually going to pay for your renovation. Is your renovation something you’ve saved up for, do you need to take out a bank loan? What is the $amount that you have available for your renovation project? You also need to factor a contingency amount within the budget of approximately 20% into your budget; renovations are a tricky business and you don’t know what you’re going to come across once you start knocking down walls! Maybe you won’t need that contingency amount (yay!), but there’s not much that’s more stressful than running out of money before your renovation is finished.
At this point you might be too scared to look at what you’ve written down … don’t be! The reality of renovating is that it costs money, but it also adds value to your home. By budgeting wisely and thinking realistically you can achieve your dream home.
No doubt you’re feeling a little overwhelmed – all you wanted was an extra room or two and a fresh bathroom, right?! I’m here for you … if you’re stuck or needing advice send me an email and I’ll do my best to help you through.
In Part-Three we’re looking at the fun stuff: Pinterest boards, styling ideas, colours and furnishings. We’ll be looking at how to create your own design aesthetic!