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Discover the secret to keeping remodelling expenses under control
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
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.
Plan, plan and plan again
Prior planning and preparation is everything when it comes to successful budgeting. The clearer your idea of what you want to achieve, the more detailed quote you can agree and the fewer changes and additions you will have to make. Draw up room plans to scale on graph paper and try to imagine everything you would like in each room. Watch inspirational TV programmes (not cheap and cheerful makeovers), research magazines and search the internet for the type of look you want to achieve. Above all, experiment. The more experimenting you do before the physical work starts, the better.
Don't skimp on the architect
If you need to have plans drawn up for your project, don't think you can save money by getting as cheap an architect as possible. Unclear plans mean costly delays, extra architect visits and a great deal of stress. These plans form the blueprint for the build and should be as clear and detailed as possible. A good architect will also add thousands to the value of your property with a strong, intelligent design. Don't be afraid to discuss your design ideas with them. A recent client of my firm had employed a cheap architect who turned out not to be qualified; he missed vital details like how the roof was to be constructed and the need to raise the chimney stack.
Choose your builder wisely
A good builder is fundamental to keeping control of the budget. A good design-led builder can advise you where best to spend your money, what you can and cannot compromise on and what your most important priorities are. He will have the contacts and the knowledge about products and materials that look great but do not cost the earth. (Don't always go for the cheapest option; it may well cost you far more in the long run.)
Get a detailed quote
These days, the best builders invest time in preparing as detailed a quotation as possible. It is better to ask them to try and account for absolutely everything they can think of to begin with. You can then work out what you don't need. Ask them to break the job down and price up each aspect. For example, the cost of each light switch, spotlight and double socket. That way, you can decide where you need to compromise. Perhaps you didn't need 16 double sockets in the living room after all...
Keep luxury items to a wish list
One of the most exciting and hands-on parts of the building process is buying your statement pieces. However, it is also the one that can get you into the most trouble. Spending £3,000 on a stone bath and then discovering the foundations need further underpinning is the most sure-fire way to bazooka your budget. Don't commit to buying expensive tiles, flooring and statement pieces until you know the essential construction work has been done without any unforeseen costs.
Research carefully before you buy
The trick to successful budgeting is seeing your heart's desire and then working out how you can imitate it cheaply. Scour the high-end shops and catalogues for inspiration, then do the same at the cheaper stores and work out how to re-create the look. The Internet is a wonderful tool for this.
Mix and match
Don't be afraid to mix and match from different suppliers; example, source cheap white kitchen cabinets and spend the money on stainless steel pan drawers, fridge/freezer and a stainless steel range cooker. You don't have to buy your shower head from the same supplier as your shower door. Sometimes, you could even dress up your existing bathroom suite by adding new shower glazing, taps and tiling etc.
Keep one person responsible for the job
A common temptation is to try and cut costs by using the kitchen supplier's kitchen fitters, your own electrician or a friend to help with the plumbing. This can be very dangerous as organising their timescales with your main build team can get very complicated, causing problems and delays. It will generally cost you more money than it will save. Ensure your builder is happy to also act as overall project manager; if not, be prepared to be very busy with this role yourself. Alternatively, look at appointing a separate project manager or quantity surveyor who can oversee the job and control the spending.
Felix Milns is a journalist, property developer and building contractor. His company, Zulufish Ltd, specialises in design-led refurbishment, extensions and conversions in west and south west London. For more information contact Felix@zulufish.co.uk.
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