Reno's - Don't Break Your Budget
Here are a few tips to avoid breaking the budget when you reno
The first step is to know exactly what you want your reno to cover. After that, you must get an estimate of how much such a reno will cost. You have to be very clear as to what you want, to the smallest detail – this will help you get an accurate estimate, as well as more accurate bids from contractors.
Get the contractor to give you the estimate in writing. Remember that some contractors just want to get the job, then the cost keeps going up as you progress!
If you see that the numbers don't fit your budget, you can simply scale down the project. One of the ways to do this is to only carry out a portion of the reno for now. Another way is to go for low-cost alternatives. If there are appliances, furniture etc which are in decent condition, retain them and choose to upgrade them at a later date.
Remember to set aside up to 15% of the total cost for surprise expenses. After arriving at how much the total project is going to cost, you will have to arrange financing if your savings are not sufficient. Finally, make sure that you stick to this budget and not carry out fancy unplanned additions here and there while the work is in progress.
There’s a difference between low-cost alternatives and low-quality alternatives. It would be better to postpone a reno project or a portion of it than go for low-quality alternatives so that it fits your budget.
We have contacts that you can use who will advise you before you get into your reno.