Even a budget kitchen renovation can come with a hefty price tag, so how do you complete an entire home renovation within budget? First things first, it's worth remembering that even a basic renovation can increase your property value, so keep that in mind as you plan your changes. Even the most well-organised renovations can spiral out of control, so here's how to avoid falling into money traps while planning your home, kitchen, or bathroom renovation.
Home renovation ideas on a low budget
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Whether you're making small changes to upgrade your bathroom floor or launching full-scale renovation in the kitchen, every renovation budget needs contingency. However big your budget, however grand your plans are, add an additional 10% to your budget to cover unexpected costs. You never know when a contractor will uncover a serious problem or materials shortages could cause a holdup and force you into different appliances, finishes, or fixtures.
Make a plan and stick to it: kitchen cabinets, butler's pantry, dining room, bathroom makeover
The quickest way to blow your budget is to start making decisions outside your plan. If you intend to embark on a bathroom makeover, stick to the plan for the bathroom instead of adding renovation ideas for the dining room or kitchen. Likewise, if your budget kitchen makeover doesn't include a budget for kitchen cabinets, don't change your mind halfway through the project. Make a plan and only move forward when you're sure that's the finish you want.
Create a renovation tracking system
Whether you keep an old-fashioned journal or use a spreadsheet, create a tracking system to follow up on your spending, remaining budget, and timeline. Daily updates might be over the top, but you should check in with your renovation regularly enough to avoid overlooking any issues that could threaten your budget and cost money.
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Budget kitchen renovation or budget bathroom renovation: Double-check materials and supplies
While you may work with a contractor who will handle the materials and supplies, if you're taking care of ordering the items you need to ensure you're purchasing the right stuff at the right cost. You want to ensure it's high quality, but the materials should also meet your needs. If you've costed stone benchtops, stick to that instead of ordering marble. If you decide to replace cabinet doors rather than the cabinets, stick to ordering cabinet doors. Once you select your bath for the bathroom renovation, don't change your mind and start adding new fixtures and accessories.
It's really easy to get carried away when you look at the total budget rather than factoring in just how many outgoings there will be to cover everything. New ideas are for the design stage and once your design is set, that's that.
Keep existing layouts
Unless your bathroom or kitchen is a dysfunctional disaster, you'll make big savings by working with your existing layouts. Not only is plumbing and electrical work expensive, but according to finder.com.au's Bessie Hassan, you never know how much you'll pay when the contractor starts knocking through walls to install or reroute pipes.
Consider the worst-case
The reality of home renovations is that sometimes the worst case can come true. The best way to avoid these types of issues is with a thorough property inspection, but even that won't catch everything. So, expect surprises and plan for them. A housing and pest inspection will cost anywhere between $150 and $500 but should give you insight into what you're dealing with, which makes it a cost effective exercise. Alternatively, spend time carrying out your own inspection with a qualified builder.
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Limit demolitions
A renovation doesn't mean tearing everything down to the studs and starting over. You can add interest and enhance any room with little changes, such as fresh paint, a new floor, and updated lighting. If your floor tiles are in good shape but don't match the aesthetic, you might be able to paint them.
One of the most effective ways to maximise your budget is to know what can stay and what must go. For example, cabinets might need a paint job, installing a mirror adjacent to a window might be all the light a room needs, and energy efficient appliances will save you money in the long run.
Get to know your floor space and look for great options that deliver quick wins. The old tiles don't have to be to your taste, you can paint or cover them. A fresh coat of paint on the ceiling and walls and you have a new kitchen without renovating. You can transform the style of your bathroom with a new vanity, sink, shower and shower screen.
Create a modern family house everyone can be proud of without blowing the budget. Get a clear view of the average costs of labour and materials before you source quotes.
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