5 Tips To Reign In The Renovation Budget
We’ve all heard about the rising cost of building and renovating.. So we wanted to give you some tips to curb the inevitable increase in the cost of your reno. Whether what you wanted 2 years ago when you first started planning has now risen just out of reach or you’ve just got champagne taste on a beer budget, we've got a few tips for you.
1. Shop around
When it comes to appliances, fittings and fixtures… Get online and do some research. Get your spreadsheet out and look for similar products on competing websites and see if you can get a better deal. Call the company directly and see if they have any sales or have a loyalty program which may give you discounts if you buy multiple items. Check out auction houses as well. Better yet, move to the second hand market and check out facebook marketplace, gumtree or head to demo yards. You can often find great quality solid wood doors for example which only need a sand and coat of paint, but will cost you three times as much brand new. Apart from the fact it's better for the planet you can find some great steals, and then head to pinterest or (Tiktok!) to get inspo on how to upcycle!
2. Multiple quotes
We recommend getting multiple quotes for any works planned. Nothing crazy, but between 2-3 is what we’d go with, pending if there's a big discrepancy between the first two. When you are getting a tradie through to quote, have a quick google of some of the questions you should be asking them about what is or isn't included in the quote. For example, looking at getting an electrician to quote? You might be getting new exhaust fans in your bathroom or powder room. Find out if they’ll be supplying the actual fan (if so check the quality specified) or if you are expected to supply them and they are simply quoting to install. Same with if you are getting a new reverse cycle installed. Make sure you know what size and brand you are getting, and whether or not you are to purchase separately. Getting new downlights installed? Make sure you know exactly which ones you are getting (there’s a huge range available!). Do you want dimmers? Do you want specific light switches? These things all impact the quote, so when you’re comparing one electrical quote with another make sure they are specifying comparable products to ensure you know which one is actually better value.
Always make sure any tradesperson you work with has the relevant licences and insurances. And for smaller jobs, see if paying cash can bring the price down at least 10%!
3. Switch to cheaper fixtures and fittings
Sometimes, budget friendly options can be the easy answer you’re after. Vinyl flooring used to give scary flashbacks but it’s come a long way since the 70’s. So if you don't want to commit to the re-engineered flooring (and restumping that’s likely to come along with it!), then you might want to check out vinyl planks. Same with light fittings. You can get stunning and affordable lighting options if you shop around. Try an engineered stone bench top instead of granite, or laminate as opposed to marble. Consider quarry floor tiles instead of ceramic or laminate flooring in place of hardwood timber. And finally tapware… Chrome is on the way back in (brushed if you can!) which is going to give you more lasting power compared to matt black that chips within the year, no matter how cheap you go!
4. Put things on hold
Not everything has to be done immediately! Doing renovations in stages can be a great way to do it all. Obviously there are pros and cons to this. A big plus is that you can often renovate whilst living in the property. The biggest con is that you never get past stage 1… Hello half renovated houses, we see you and your big plans!! The name of the staged reno game is to prioritise what you need upgraded first. Work out which area you use most and will get the most enjoyment out of being ‘done’ and get stuck into that first! Then immediately put the plans in place for stages 2, 3 and so on.
5. Delete the non-essentials
This can make a huge difference to the bottom line if you’ve tipped over budget. We know you want light dimmers, ducted vacuum, heated towel rails, automated blinds, designer light features and a plumbed in coffee machine.. But you can easily manage without these things and switching them out for basic options or simply deleting them all together could save you tens of thousands! AND they won’t even add value to the property when it comes time to sell. We promise!
We hope these tips were helpful! Planning is key and creating a budget from the start is important…. You could also DIY bits and pieces, like the demolition stage or painting… Resell any working items you are replacing like appliances or kitchen cabinetry… We could go on and on… You may need to be creative, but where there's a will, there's a way!
Happy budgeting!