If you’re anything like my tradie husband and me, our goal is to buy an old, dilapidated ‘fixer-upper’ and, over time, renovate it into our dream home. That way, we’ll still be able to buy into the property market at a comparatively affordable rate, while crafting our new home to our taste. Modern bathroom appliances, walk-in robes and a fancy kitchen will all be within our reach, albeit with some patience and hard yakka along the way.
That being said, home renovation can still be quite expensive, even if not as costly as acquiring a shiny, brand-new build. Stay with us as we take you through building on a budget and how to make the most of your money.
Setting Realistic Goals: What Can I Afford to Do?
When we first buy our forever home, it can be tempting to be a little grandiose with our vision for the property. Yes, we might want all of the top-of-the-line fixings and finishings, the deepest bathtub, and the whizz-bang coffee machine built into the kitchen wall. But are we being realistic about what we can actually achieve?
The key to avoiding disappointment when renovating our homes is to set realistic expectations around what we can afford. As such, knowing what’s most important to us when deciding what to invest in is essential.
Planning the Build: What’s Most Important to Me?
When planning a renovation, we need to understand where we should be investing our money. This is where smart planning and making informed, strategic decisions about what’s necessary (and what’s not) come into play.
For instance, we need to plan for purchasing materials and engaging the services of architects, builders and engineers, as well as experts who specialise in affordable home inspections in Pakenham or our local area, to ensure the property is structurally sound before we start renovating it.
Knowing When to Outsource: What Can I DIY?
With costs to outsource the build quickly adding up, it can be beneficial to think about the parts of the renovation you can do yourself. DIY is a great way to cut costs when renovating your home, as you won’t need to outlay extra funds to get someone else to complete the work for you.
When it comes to my tradie husband, his expertise is in carpentry. As such, he can easily DIY any handy work involved in building walls, doors and window frames, and even kitchen cabinetry. However, there also comes a point where we need to be realistic here, too. If you’ve never picked up a hammer in your life, it might be best to leave the build to the experts.
Reducing Budget Blowouts: What Risks Can I Avoid?
There comes a time in almost every project where things start costing more than we originally planned for. But there are ways to reduce budget blowouts and avoid the risks that can cause renovation expenses from spiralling out of control.
Coming back to the original plan, be sure to check if any structural, drainage or soil erosion issues need to be attended to before you start the build. Also, try to avoid any last-minute changes of mind that cause you to stray from your initial vision. Sticking closely to your plan will help keep your budget on track and reduce the likelihood of overspending.
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When it comes to home renovation, there’s no doubt that it can be costly. That being said, going the renovation route can save you money, especially when compared with buying a new build.
As discussed today, there are ways you can make the most of your budget when planning your build. First, we must set realistic goals about what we can actually afford to invest in. Next, we need to cover all bases and make a plan that outlines where it is we need to spend. We can also consider DIY-ing some elements of the build, especially if we have expertise in a trade. Finally, sticking to our original plan and avoiding any last-minute changes or mishaps can help us keep the project on track and within our initial budget.
