How To Budget Your Renovation In 5 Simple Steps
Renovating your house? Check out these expert tips on how to make sure your funds are used wisely.
One of the biggest hurdles in renovating is coming up with the budget and keeping it under control. If you’ve bought your house from a previous owner, or if you purchased a home that needs a few tweaks to make it liveable, then you’re probably going to renovate it. And sometimes, building costs and materials can go up, and construction can take forever. Here are some professional tips on how to keep things within your budget.
1. Assess your space
Tristan Jovellana, a designer and instructor at the School of Fashion and the Arts (SoFA), suggests evaluating areas that you plan to renovate, then “listing down the things that you want to accomplish for the renovation.”
2. Make a plan and consult with professionals
“Renovating is best when one has complete plans—from structure to interior finishes and furniture,” says interior designer Hannah Acab-Faustino.
Design know-how does give you an advantage, but if you have no idea, architect Arlene Sanchez-Maslog suggests consulting an architect or an interior designer. It is better to leave it to professionals than to mistakes, which could cost you more.
3. Set your budget
Tristan says your budget depends on whether you plan to do a major or a minor renovation of your home. Important things to consider are your savings, your potential sources of funds like bank loans, and the bills you are currently paying. Listing down items under “Needs” (paint jobs, tiles, etc.) and “Nice to have” (chandeliers, accessories) can also help you figure out how much you would shell out.
For major renovations, Hannah says you may have to move out and temporarily rent a place. Include incidentals like this in your renovation expenses.
4. Stagger your renovation
You don’t have to redo your entire house in one go. “A simple paint job can already change the look of the place,” architect Arlene advises. Doing a major renovation on an “installment” schedule is helpful and practical especially for those who are too busy or are working on a tight budget.
5. Keep a time frame
Hannah suggests setting a schedule and making yourself available on those times to check on the progress. Sit down with your contractor and come up with a workable time frame—one that also allows for possible or inevitable delays.
This article originally appeared in Real Living’s “My First Home Book: Your Complete Guide To Buying And Decorating Your First Home”
More on Realliving.com.ph