How to avoid going over budget when remodelling
The first rule of budgeting is you will go over budget. Even with the best will in the world, the most detailed plans and in-depth quotation there will always be something that you decide to change, add at the last minute or discover halfway through the build. For more information on where your money can disappear to during a renovation, read our article on Building Black Holes.
- Be realistic
- The 10 per cent rule
- Plan, plan and plan again
- Don't skimp on the architect
- Choose your builder wisely
- Get a detailed quote
- Keep luxury items to a wish list
- Research carefully before you buy
- Mix and match
- Keep one person responsible for the job
Be realistic
Building and refurbishment is expensive, whether you get the professionals in or do it yourself. Getting rid of the rubble alone on a loft conversion can cost £1,000. Setting yourselves unrealistic budgets from the outset will only add stress to an already stressful situation. Your home is your greatest asset, both financially and as a sanctuary from the outside world. It is far more important to spend money on your home than a status symbol like a car or expensive piece of jewellery. Be prepared to shell out; as long as you do it intelligently and with a keen eye for design, it will reward you by increasing the value of your property and adding to the all-important joy of living in your home.
The 10 per cent rule
You should always allow 10 per cent for unforeseen extras. If you follow our guide and try and stick to the suggestions below you can seriously mitigate your extras but the beauty of the 10 per cent rule is that if you don't spend it all on extras, you can use it for the last-minute luxuries that will really make your build.
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