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How to: Budget for your next renovation

By Lauren Ellis โ€ข Leave a Comment

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Like a runaway train, a renovation budget can quickly derail once you lose control. It can happen to the unlucky, the unsuspecting and even to the most experienced renovator. Thatโ€™s because youโ€™re nearly always dealing with older properties where tricky problems arise and one can of worms can quickly lift the lid on another.

It underlines why itโ€™s so important to be highly disciplined about all the aspects of a budget that are completely within your control and allow a 10% contingency for the inevitable ones that arenโ€™t.

flip-4-before
BEFORE
AFTER
AFTER

Here are four ways to help you budget for your next renovation:

Set your budget limit

For any cosmetic renovation, I recommend you cap your renovation budget at 10% of the total value of the property. So that means if you purchased your property for $600,000 you should spend no more than $60,000 on your total renovation. Thatโ€™s for everything, inside and out. If youโ€™re doing every room in the house, then you might want to break it down room by room, keeping in mind the kitchen and bathroom will generally always be the most expensive and trade-intensive rooms to renovate. If youโ€™re handy with Excel, I recommend keeping a running sheet of costs.

Research, research, researchโ€ฆ

Nearly all professional renovators and developers work to a set formula: they know roughly what repairs cost, what the various trades charge and when to walk away from a project because the cost of repairs or improvements simply doesnโ€™t make the numbers stack up. Things like replacing an old roof, re-stumping or doing a complete rewire of a property could prove cost-prohibitive if you were looking to make a profit on the renovation. The internet is full of information, so educate yourself as much as possible about what things typically cost, especially remedial works. Knowledge is power in the renovation game.

BEFORE
BEFORE
AFTER
AFTER

Always get three quotes

The only real way to know if youโ€™re getting a fair price for the task at hand โ€“ whether itโ€™s waterproofing and re-tiling a bathroom, or getting the faรงade rendered and painted โ€“ is to get a minimum of three quotes. It might seem like a lot of extra hassle, but youโ€™ll be staggered at how much prices can vary: sometimes itโ€™s not hundreds of dollars, but tens of thousands! A ridiculously low quote should ring alarm bells, as should an absurdly high one. If thereโ€™s a massive disparity between your three quotes, then get a couple more. And make sure youโ€™ve detailed all the works required, in writing, so youโ€™re comparing apples with apples.

Shop around for materials

Unless youโ€™re a bargain shopper, youโ€™re not stretching that budget as far as it can go. Finding a floor stock vanity for 50% off, end-of-line tiles, a heavily discounted kitchen on an auction site like GraysOnline, and comparing prices online for all your major fixtures and fittingsโ€ฆ this is where youโ€™ll save serious dollars. And letโ€™s face it, thereโ€™s nothing more satisfying than bagging a bargain.

–Cherie Barber is the director ofย Renovating for Profit, a company that teaches everyday people how to buy and renovate properties for a profit.

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September 19, 2016

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Bravo @wendymooreedit ๐Ÿ‘

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@andrewtwinter
There's nothing like ticking off little jobs! We f There's nothing like ticking off little jobs! We finally knocked out our 60s brown tile back step and replaced it with a smaller grey one made from @trexcompany Island Mist decking to match our deck (that went in 4.5 years ago) and now painted brick exterior. Making the step smaller allowed us to add in an additional manhole under the back door too to allow easier access under the house at the back. And we made a cover for that too (final slide) using Trex. I say "we" but I really mean our handyman ๐Ÿ˜‰ One plank was enough for both jobs. Why we didn't do this ages ago I do not know but it's done now! ๐Ÿ˜ Installed with @trexrainescape to ensure it stays dry and lasts!

Disclosure: Plank of Trex decking was gifted. I paid for the handyman.

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Mat from @doormatau
Me and @fantasticfurniture go WAY back! When I fir Me and @fantasticfurniture go WAY back! When I first came to Australia in my 20s, it's where I headed to buy everything I needed for my first apartment at an incredible price! And I've loved watching the range get more and more impressive over the years as my knowledge of furniture has increased. I had no idea how extensive their Aussie Made sofa range was though. I'd love you to check out the options via link in bio as I think you'll be impressed! I think we have a renewed appreciation for Aussie Made and supporting local manufacturing and jobs and this is a great success story. We love a bit of high low decorating, and turns out Fantastic Furniture is a great place to find your family lounge, a special accent chair, an extra ottoman for occasional seating and so much more. 

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Read all about it via link in bio now.

Love your work @twin_palms_lennox

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Feeling relaxed ๐Ÿฅฐ
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