How To Best Spend Your Renovation Budget
Image Source | Marie Flanigan Interiors
If you’re looking to renovate your home, you might be wondering how to best go about spending your budget. While renovations can be very costly, there are certainly ways to cut costs while still lending new life to your house and increasing market value. Here are my top tips on how to get the best bang-for-your buck when renovating.
Where to allocate funds
Image Source | Barta Interiors
The first thing to think about when renovating is what rooms you want to see the biggest change in. Are you after a complete kitchen overhaul? Do you want a bigger lounge room? Remember that complete overhauls of rooms with lots of fixtures like bathrooms and kitchens will incur the biggest costs… but they’re also most likely to have the biggest change out of all the rooms in your house. Taking time to nut out your biggest costs will help put into perspective how much you really have to spend on cosmetic changes, and where you really want to put those extra pennies.
Image Source | Krista Collard Interiors
You’ll see my recommendations for allocating your decorating funds above. It's easy to see how quickly things can add up, and this doesn't even take into account the actual renovation time, materials and labour that goes into a project. Be sure to have candid conversations with all of your trades and stay realistic. By budgeting properly, you won't get caught flat footed by not being able to finish the project.
Remember, your budget can and will change depending on how many rooms you are renovating and how extensive your renovations will be. Think also about where you can add value - maybe you have space to add a bedroom or two? Perhaps you can transform your ensuite into a real luxury retreat. Take the time to think about what it is you’re looking to get out of the renovation, and allocate your funds accordingly.
If you fail to plan…
Image Source: Living Etc | Photography: Paul Massey
Once you’ve decided which rooms to go big in, and which are receiving smaller changes, it’s time to plan out the order of your renovation. If you’re completing your renovation in stages, focus on working on one room at a time, and consider breaking up the order of your rooms with bigger and smaller jobs so as to not have huge bills all due at once. In contrast, if you’re doing your whole house at once, save costs by doing similar work at the same time e.g. paint all your rooms in one go, get a plumber in to do the bathroom and laundry in the same stage etc.
Image Source | Andee Layne
Have a think not only about which rooms you want done first, but also what needs to be done in a room and in what order. A kitchen reno usually comes later in the game than other rooms, for example. Check with your builder and your flooring company if cabinetry should be installed before any new timber flooring. Sometimes there can be warranty issues, and you'll save some coin by not covering parts of the floor that will be hidden by joinery. Remember, too, that planning for built-in fixtures and fittings is most important at this stage - furnishings come second.
Utilise the same footprint
Image Source | Holland Avenue
If you’re looking for ways to save money in your high-cost rooms, keeping the same footprint and focusing on upgrading fixtures and fittings can save you money all while allowing huge changes to your rooms. Your first option is simply to update existing fixtures and give a mostly cosmetic facelift. A fresh coat of paint, up-cycled cupboards and new hardware can completely change the feel of a room, all without the huge costs associated with a full renovation. Check out the before and afters above to see what I mean - looks like a completely different room, right?!
Image Source | Krista Collard Interiors
Aside from simple cosmetic fixes, you can also utilise the same footprint for a more in-depth renovation at lower costs. Changing the bath and shower out for new ones in the same spot, for example, will help you avoid the costs of new pipes and prep-work. But, as you can see above, you can COMPLETELY change the style of a room while still using the same footprint - think new colours, modern tiles, and fittings to boot!
Are you planning your next home renovation? Keep your eyes peeled for our next blog on 5 decorating mistakes you want to avoid!
Ready to Renovate? We guide you from dirt to cushions with our thorough 15-Step Signature Design Process.