House renovations costs: setting budget
Our very first piece of advice to any homeowner considering a home renovation or extension project is to assess your finances and set a realistic budget for what you’re able to carry out. Getting a sense of how much you are truly able to spend will be an important guiding factor when it comes to what work, and to what extent, you’re able to do.
If you’re set on a particular type of extension or renovation but your finances don’t hold up to the level of scrutiny required to carry it out, we’d recommend putting your ideas on ice and saving a little longer. Alternatively, you can book a free advice call with one of our in-house experts who may be able to suggest a similar alternative to your dream project that has a more achievable budget.
Have a contingency pot
Along with outlining a realistic budget for your renovation or extension project, our top advice would be to have a contingency pot in place. Construction is rarely predictable, even with the best team on board – deliveries may suffer delays, accidents may damage materials, life events can get in the way, the list goes on!
We suggest going into your home renovation or extension project with the expectation that you will end up spending more money than you originally planned to. That may sound counterintuitive following our advice to set a tight budget but the truth is that there are too many variables at play to guarantee smooth sailing. Setting aside a separate contingency pot is the best protection you can give yourself in the face of unpredictable circumstances.
Resi Finance for house renovation costs
If you’re looking for smart and trusted ways to help find your upcoming home renovation or extension project, look no further than Resi Finance. Our in-house expertise, paired with our access to over 90 lenders offers a unique level of support at the outset of your journey that you may struggle to find elsewhere.
Our finance expert, Sehar, recently presented a webinar outlining the basics of budgeting and financing for your home extension along with Connect colleague, Dan. Together, they help to demystify some of the difficult questions that come with financing a home extension – rewatch to see what you can learn. Alternatively, book a free advice call to discuss your plans in more detail.
Your personalised dashboard
Further to any personalised advice you may receive through getting in touch with Resi Finance, our unique Dashboard offers a start-to-finish timeline detailing each and every step towards your renovation. It’s developed to provide you with an overview of important actions that’s easy to follow and seriously satisfying to tick off as you complete each part.
Because there are so many different factors to juggle, keeping on top of your budget can be overwhelming and deadlines for payments can often be missed. Think of your Dashboard like your personal assistant, gently prompting you and keeping track of your balance at every checkpoint.
One at a time or all at once?
A subject that we often get asked about is whether it works out better financially to renovate your entire home at once or prioritise the work you have done room by room. It’s a topic that we’ve dedicated an entire article to previously and considered alongside other factors – click here to give it a read.
The short answer is that if you’re able to front the costs, it could work out better for you financially in the long run to bite the bullet and have full-scale home renovations done all in one. This is largely due to the labour involved in constructing and clearing up each room individually, rather than once – ultimately resulting in more labour and more costs for it too.
To stay or to go?
Whether you opt for an entire home renovation or approach your project on a room by room basis, there’s no denying that the entire process of construction and decorating work is disruptive and messy. If you have small children, are working from home or simply want to get a good night’s sleep, you may opt to live elsewhere as the work is being completed. If you’re not fortunate enough to have an alternative place to stay for an extended period of time for free (or for little) or the thought of pitching up with family is just a little too far, you may consider temporary accommodation while you wait for the work to be completed.
Depending on how long your renovation or extension takes to finish, this could add a significant amount onto your spending. It’s for this reason that we encourage you to think deeply about how disruptive the work may be ahead of committing to it so that you can factor accommodation into your initial budget, rather than it coming as a shock later down the road when you’re desperate for a slice of peace and quiet.
To discuss your project ideas in further detail with one of our in-house experts, book a free advice call today.
