How to budget wisely for a new home reno project

Any new project around the home is going to cost you money. But just how much money you need to spend can be controlled with a detailed and well-thought-out budget. Doing your research and taking a bit more time can pay dividends, even with the smallest of reno projects. 

So, to help you save some of your hard-earned cash, let’s take a look at what you should be doing to budget wisely for your next home reno project.

Take the time to assess the job properly

You may be wondering why so many people go over budget when they’re renovating their homes. And the simple truth is, it’s easy to underestimate the size and complexity of the job. 

For instance, you may think that decorating a room is just a case of stripping the walls and putting up new wallpaper or splashing on some paint. But without checking the condition of the walls underneath, it’s impossible to know what other work may be involved. The walls may need a new skim coat of plaster or there may be holes and cracks to fill. This takes more time and a bigger budget to complete. 

So, it’s important to take your time and assess everything properly when planning a project. That way you can make a more accurate budget for the materials and labour.

Be realistic about what you can and can’t DIY

In an ideal world, we’d all have the time and skills to complete our home reno projects ourselves. But realistically, that just isn’t going to happen. Most of us are busy working and looking after family, so time is in short supply. And most of us aren’t qualified in practical skills such as electrics and plumbing, so we can’t safely undertake these important tasks ourselves. That means we need to be realistic about what bits we can do and what parts will need the help of trades. 

Once you’ve worked out which bits of your project needs to be done professionally, you can take a look at the relevant tradespeople rates and add those into your budget. Understanding what you can expect to pay per hour for trades such as carpenters, builders and electricians will save any nasty surprises when you start asking for quotes. 

Shop around for materials and be open to alternatives

When we start thinking about a home reno project, many of us have a set idea of how it will be done or how it will look when it’s finished. And there’s nothing wrong with that. But it’s important to be open to alternative solutions and materials. 

Sometimes there can be a simpler way to tackle something or a cheaper product you can use. For instance, you needn’t pay a premium for branded products when there are very similar unbranded versions available. This is often the case for big items such as new baths and butler sinks as well as for small materials and tools including adhesives and paint brushes. 

You can also save money by looking for alternative ways to complete your project. For instance, if you’ve got your heart set on a designer kitchen, scout around for ex-display and high-quality pre-loved units to save yourself money. If a fancy pantry cupboard is out of your price range, why not upcycle a wardrobe into a larder instead? There’s usually a way to get the kitchen or bathroom you want without blowing your budget, just think outside the box.

Be wary of hidden costs

It’s easy to make a budget and think you’ve included everything but beware of hidden costs. Overlooking some of the tasks and materials involved in a project can easily throw a spanner in the works. 

To budget wisely, you need to detail all the jobs involved, so you can calculate all of their associated costs. This can help stop you from overlooking hidden costs associated with remedial work and initial prep work. 

For example, you may have calculated exactly how much your new kitchen units will set you back and worked out the fitting costs. But have you included the cost of removing the old units? Try going through each step or phase of the project from start to finish, listing the jobs that need doing to help you uncover some of the hidden costs. And set aside some extra money, so there’s no panic if you have forgotten something.