Estimating Your New Home Renovation Costs: Moving Budget
Know how much you should spend on a home renovation
If you want to get a proper idea of how much money you should invest in your home renovations and additions, first you need to consider the value of your entire house. Experts believe to renovate your new house in a budget-friendly manner; you should not spend more than 10 to 15 per cent of the total price of the property in a single room. If you spend more than that, the value of the renovation will not be in proportion with the value of the house. For instance, if the value of your house is AUD 1, 00,000 then you should not spend more than 10k to 15k to remodel your bathroom or kitchen.Determine financing options
Before you calculate the budget for the renovation, you need to decide how you are going to finance it. Whether you are applying for credit, taking out a loan or paying in cash, the budget of your renovation should fit within the funds available with you. When you know how much money you can afford to spend, keep aside 10 to 20 per cent of your funds for the unpredicted expenses. Keeping aside this amount is very important because things can go wrong at any point of time and the overall cost can jump suddenly. If you save a small percentage before starting the process, you know you have the funds available to complete the project, and that will give you peace of mind.Understand your priorities
The easiest way to renovate your house in a budget-friendly manner is to know what exactly you want. Prepare a list of all the changes you want in your house and then set your priorities. For instance, you want to change the countertop of the kitchen, change the floor of your bathroom and replace the appliance. You can wait to change your appliances, so you need to focus on your bathroom and kitchen. Creating such a list and sticking to it will help you to renovate your house within your budget. If you fail to set your priorities, the renovation can be very costly.Create a detailed plan with cost estimates
Once you have set your priorities, it is time to create a comprehensive plan with cost estimates. This will give you a better picture of how much money you need to spend on the renovation work. In this detailed analysis, consider everything including costs for architects, engineers, plumbers, locksmith as well as handymen. Moreover, you should also choose the fixtures and estimate what you will spend on them. This includes knobs, faucets, paint, flooring, tile, and everything else that you will require. You should remember to include the taxes and shipping costs as well. To calculate all these things, you need a lot of time. This is why experts advice to hire removalists in Canberra. They save you time and let you focus on other essential aspects of moving.Compare bids from multiple contractors/ agencies
When you start contacting the contractors and agencies, make sure to get a quote from at least 4 to 5 different individuals or companies to get the best price. Stay away from those who offer a massive discount because later they add unnecessary charges. Look for the reliable names, even if you have to pay a little extra. Before finalising any company or person, do your research and know about their reputation. You can also talk to your friends, family or even removalists in Canberra and ask them for recommendations.Do not renovate the entire house in one go
Renovating your whole house in one go can be extremely expensive. Thus, you need to break and do it step by step. Prepare a list of things you want to changes and start doing it as per your priorities. This way, the renovations always stay within your budget. People who renovate their entire house in one go spends a lot of money and waste a lot of time. With so many things going on at the same time, it can also be a confusing process.Cut cost where it’s possible
If you want to keep the renovate cost within your budget, then you need to do the cost-cutting where it is possible. You can start it by choosing budget removalists in Canberra. You can also cut the cost of moving by packing on your own, declutter your excess things and purchasing all the products yourself for the renovation work.Conclusion
Estimating your new home renovation costs is not as difficult as you think it is. All you need to do is to focus on the essential factors that can affect the budget of the renovation. To get the result, spend time in your research and make your plans appropriately. The next time you estimate your renovation cost, consider the points mentioned above.
