1. Understanding the Work Scope:
This is crucial when calculating your expenses. Familiarising with the scope of the work allows you to plan ahead. Getting estimates for different phases of the project, material costs, labour costs, etc. is much easier. If you’re DIY-ing, you cannot forego this crucial step. In cases where you hire professionals, like the KIND Kitchens team, you’ll get a detailed run-down of all the possible work involved.
2. Knowing the Trades:
There are many trades involved with renovation, such as plumbers, electricians, carpenters, joiners, and stonemasons. Discussing your project with the tradies gives you a better understanding of the work and where issues may arise. Many of these issues may result in a delay or an increase in cost. Unfortunately, many of these issues are situational and can result from poor work coordination due to a lack of experience. Nevertheless, it’s better to be prepared.
3. Contingency Funds:
As much as you want everything to go smoothly, projects rarely go how you want. Unexpected issues may bump your spending over the line. This is why it pays to have some contingency fund in your budget. Tradies can advise you on the most common problems associated with the project. This helps you prepare beforehand; if the worst were to pass, your project would remain relatively undisturbed. For example, you’ll need a replacement if a floor tile has developed a crack due to its age and is no longer usable during the renovation. Trades that work with tiles can provide this information when budgeting, allowing you to allocate extra funds for such mishaps.
4. Comprehensive Planning:
Planning ahead reduces the chances of potential delays and ensures on-time project delivery. It also allows you to take on unforeseen situations, confidently preventing any hold-ups. The key is understanding all the sub-tasks involved in each trade and knowing the necessary components to finish without delaying other trades. For example, a supplier delay may cause a delay in the cabinetry manufacturing and installation. Coordinating a 2-step installation may reduce delays as consequent trades are unaffected. The delayed items can then be installed while the stone is being manufactured. Otherwise, a butterfly effect may flow on, causing deferred appointments, cancellation fees, etc. When we talk about comprehensive planning, we mean covering all possible aspects of what could go wrong and allowing for a backup plan. Again, many of these are situational and require extensive industry experience.
5. Creating a Buffer:
Considering all the above points, creating a buffer is the only logical conclusion. By now, you should have a fair understanding of the project’s actual cost. In your discussions with the experts and trades, they will have apprised you of the costs involved. Use this information to create a budget with a buffer. For instance, if you’ve earmarked $10,000 for kitchen cabinetry, allow a bit more. This provides a wiggle room in case anything goes off-piste.
When working on creating a renovation budget, experience makes a difference. If you’ve taken on such projects before, you’ll have a wealth of knowledge to draw from. If it’s your first time, don’t worry. There are plenty of renovation companies that will assist with such details.