How to Budget a Home Renovation

We have huge plans to renovate our home in the future. We hope to change our conservatory into a kitchen extension and have one large kitchen diner. Exciting times! This probably won't happen for another 10-15 years but I still find myself on Pinterest or googling all of the info I need. It's always best to be prepared I think! With that in mind, I am bringing you a collaborative post today featuring some of the information I have already researched.

Remember that renovating your home is a huge undertaking with lots to consider, research and pay for, so here’s how to budget for it…

Firstly, make a list of all the structural work that appears to need doing. Write a bullet point list of the renovations that need to be undertaken, such as fixing the roof, replacing the windows and treating damp in the walls. It’s worth paying a surveyor to check the property too as he or she will identify everything that needs your attention - now or at a later date. 

Then, get on the phone to a number of builders, tradesmen and suppliers. Ask for estimates (but bear in mind that these are not fixed, final offers), creating a spreadsheet of figures to give you an idea of what you can expect to pay for piece of work to be done. Also, gather as many no-obligation quotes as you can, as quotes will give you a firmer idea of what renovation work is going to cost you in a form that is fixed and final. (If you come to rely on any of these quotes, make sure you get them in writing so that you can challenge it if you’re asked to pay more in the future). 

Once you’ve done this, total up the numbers and see where your renovation budget has stretched you to. Add an additional 15% on to the final figure as a contingency, knowing that you’ll have it to fall back on if an unexpected cost arises when renovations are underway.

Next, make a separate list of all the cosmetic work that needs doing. Hate the kitchen cabinets or think that the bathroom suite is looking grubby or outdated? Write it all down, structuring your list on a room by room basis so that you can cost it up in manageable chunks. Again, gather estimates, quotes and even prices for individual items (such as the cost of a roll of wallpaper), putting these into a spreadsheet so that you can total the final figure. 

As with the structural renovation work, be sure to add a 15% contingency to your budget for ‘just in case’ scenarios. However, cosmetic work can be largely completed on your own rather than paying for tradesmen, so reduce this to 5 to 10% if you prefer. If you’re more comfortable paying the professionals to do all the renovation work, including tiling, painting and putting up shelves, make sure you’ve accounted for their fees and materials in your budget.

Finally, don’t forget to allocate some money for important finishing touches, such as Velux windows for your roof conversion. These details really make a house a home and can add a great deal of value to it, so click here if you want to investigate the price of high quality, affordable fixtures from a reputable supplier. You can account for finishing touches in your budget by adding them to the cosmetic spreadsheet you’ve already started writing, or by creating a separate ‘finishing touches’ spreadsheet.

Let me know if you have any rennovation advice or have been through it yourself. 


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