Here’s how to create a renovation budget

Whether you’re in the middle of a renovation or build or just planning for one down the track, the number one concern people have is around their budget and how they get their dream home at a price they can afford.

I get, I’ve been there! Renovating is really hard, it’s full of challenges and pitfalls and a lot of the time it’s only through experience that you can learn those lessons. I’ve been doing this for 10 years, with multiple renovations under my belt, so I know what it takes to get the numbers right. 

My neighbours started renovating, but they’ve had to move back in without finishing because they ran out of money
— Donalds dad

This was what I was told at the dog park recently. Yes, you read that right…Donald’s Dad was describing how he’s lived next door to a renovation for the last 18 months. I wouldn't be surprised if you'd heard similar stories from family, friends or even your colleagues. It's a nightmare situation for any home owner to find themselves in.

The budget is the biggest single concern of any home owner because after all, you've saved all this money and you really don't want to stuff it up. Sometimes, this can take years to save up the type of cash needed to do a big renovation and the same amount of time to get comfortable with spending that kind of money in a single hit.

Whilst I'm fiercely passionate about creating homes for clients that reflect their unique personality, I'm equally passionate about pricing home renovations accurately and finishing projects on time. 

One of the first steps home owners will take, once they’ve gathered their ideas, is to contact a builder, architect or designer. This is a topic that is never talked about but it’s something you need to know before you start; a request for a site visit or quote is a two-way interview…you’re checking them out just as much as they’re checking you out. 

You need to know that you can work with this person, that you can have honest conversations about money, schedules, timeframes and everything else that goes with renovating. You need to know that you can have disagreements but still find a way through because you’re both working to the same goals.

However, chatting with people and gathering ideas and clarifying what you want will only get you so far; at the end of the day you need to know what it’s going to cost you and how long it’s going to take you. And that’s the only way you’re going to create an accurate renovation budget.

You cannot start a renovation based on estimates or what your brother spent or by Googling looking for averages. The only way that you can create an accurate budget is by asking for accurate quotes. BUT, it’s quite a daunting task, especially if this is the first time you’ve done it.

The amount of projects that remain unfinished, or where people are living in half finished homes is unbelievable, and it’s sad. It's one of the reasons I'm determined to help as many home owners as I can to understand that budgets can be priced accurately and it comes down to how you communicate with your trades and service providers. 

There’s no greater feeling of defeat than working tirelessly to create an amazing design only to have everything turn to shit because it wasn't priced properly. No one knows this feeling more than me because that was me in my very first renovation! Here’s where I went wrong:

— I hired the wrong tradies because I was in too much of a rush

— I rushed the pricing process because I was so eager to start the renovation

— I was so eager to start the renovation because my home wasn’t working for me

From that failed first experience, I realised that it was the way in which I was communicating with trades and suppliers that made all the difference and so I developed my process.

If you’re in the beginner stages of planning your home renovation, my Working with Trades Toolkit shows you how to gather all the information you need to find out what your dream home is going to cost you.

✔️ I’ll teach you the best communication strategies to get accurate quotes from builders, trades and suppliers. Use the best methods to secure project site meetings and reduce your tradies no-shows.

✔️ Learn how to hire the right trades for your project.

✔️ I’ll show you how to avoid the common pitfalls when hiring tradies for your home renovation project.

✔️ All templates and my step-by-step process are included to make it easy for beginners and first time home renovators.


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