According to the most recent Houzz Australia survey, 42% of the homeowners who renovated between 2015 and 2017 went over their renovation budget. At the same time, only one in five renovators completed their project under their initial budget (this is where we want to be).
Here’s how to be one of them:
Know the reasons why renovation projects suddenly cost more than expected.
Before you begin your renovation project, we encourage you to be mentally and financially prepared for something unexpected to happen. Understand that things might not go according to plan.
Here are a few reasons why people blow their renovation budget:
💸 The products or services were more expensive than expected.
💸 They suddenly decided to buy more expensive products or materials.
💸 The project was more complicated than expected.
💸 They decided to change the project scope or design.
💸 The designer or builder discovered an unexpected construction-related issue.
Once you realise that your project is over budget (or is going to be), you have to make a few adjustments and sacrifices.
Some are easy while some are hard to make.
Here are the things that you can do:
The easy way out
🗸 Switch to affordable materials and fittings.
The best way to cut costs is to return the expensive items to the supplier and replace them with ones that look similar, as durable, but cheaper.
For example, instead of using a marble slab as your kitchen benchtop and splashback, go for an engineered Quartz or sintered stones. Choose a white variant with grey veins, so it looks like precious marble.
Plus, these marble alternatives aren’t porous like the original material. These hold up well under high temperatures too.
There are a wide variety of building materials out there. Be on the lookout for stylish yet affordable building materials. They are worth every dollar!
🗸 Get multiple quotes for the same materials
It’s easy to get all the building materials you need from one supplier. Man oh, man! It saves you a lot of time and energy. You don’t have to inquire to multiple stores so you can piece together your new kitchen (or bathroom).
But, you might miss out on the deals that you can find from other stores.
We always tell our clients to get a second or third quote for the same items from many suppliers. We even help negotiate, so you get the best deals. (Architects can do that!). There are chances that firms have acquired building materials from them before. Repeat clients get the best deals from suppliers.
🗸 Remove the non-essentials
You have priorities in every renovation project. At the same time, you want to add a few features and fittings that make the place more attractive. These features aren’t necessary, but you want them to give your place a ‘wow’ factor.
If you want to cut costs, be prepared to let go of these details and items. You can have them later after you finish the project.
The hard decisions to make.
Sometimes, the problem is worse than expected.
In this case, you have to make important yet hard decisions.
🗸 Revise the design
Changing the original design is tough, but it’s the only way to finish your project within budget. Replace the expensive finishes and fittings. Revise the complicated designs.
🗸 Stage the construction
It usually happens when you’ve blown your budget and still need to renovate further. You hold the next project until you can afford it. You can always pick it up from where you left it.