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Keeping Your Renovation Plan on Budget

Keeping Your Renovation Plan on Budget

When planning a renovation you want your imagination to run wild. But not your costs. If you do, you may soon find your renovation dream turning into a nightmare of mounting expenses. According to a recent poll, the number of people planning to do a renovation remains high, with Canadians forecasted to each spend more than $17,000 on renovations in 2015. With any renovation you conceive, execute, and complete, the emphasis at every stage must be on planning. This saves you time, money, and stress. This article lists important ways to ensure your renovation plan stays on budget.

PLAN TO SUCCEED

Setting your budget is the first thing you should do when planning your renovation. You may want something, but can you afford it? Creating a budget helps you prioritize your needs and identifies how much you can afford to spend. Even with a budget in place, however, it can be easy to exceed it during the renovation process unless you stick to your original limit. If you exceed this limit you may go into unnecessary debt, or end up not even being able to finish the renovation. The best way to keep your renovation on budget is by making sure you plan out every detail before the actual construction begins. Never just ‘go for it’, plan it out first. Even ignoring a small detail may come back to haunt your cheque book at a later date. Or skimming over a seemingly trivial detail in the beginning may end up creating an expensive delay midway through construction.

CLEAR COMMUNICATION

Nothing is more important than communication. Clear and regular communication with your design/planning and renovation team is absolutely vital consideration to the success of any renovation project. A lack of communication can lead to a misunderstanding, which could set your renovation off track and your budget over the limit. Delays or adjustments cost time, and time costs money. Along with clear and concise communication have your design plans up to date and ensure that every member of the design/planning and renovation team know their job and budget.

EXPECT THE UNEXPECTED

Life isn’t about absolutes; it’s about negotiation and adaptation. Even a well laid plan can sometimes go awry. ‘Hope for the best and plan for the worst’ takes the example a bit too far, but we do recommend to ‘plan for the unexpected’. Don’t assume that everything will go off without a hitch. You should allocate around 20-25% of your budget towards dealing with unexpected problems that arise during construction. For example, once your contractor starts opening walls or digging up floors, they may find out that there are structural elements that are rotting that will need to be replaced. Setbacks like these do happen, and you’ll want to make sure you plan for them in your budget. A construction permit may also need to be purchased, or an electrical inspection completed if electrical rewiring is required.

COST SAVING METHODS

Even if you can’t assist with the actual renovation, maybe you can help clean up, transport materials, or, depending on your DIY capabilities, do some painting or drywall. This can save you money. Also, you may find that a compromise is in order. Perhaps during the construction process you decide to go for a composite instead of a marble countertop, or you need to go with a more affordable type of hardwood floor. You don’t always have to buy new; recycled materials can often be just as effective to realising your goal and at a (often significantly) reduced price. Some things may be set in stone for you, while others may have to become more malleable in order to stay within the limits of your budget.

Most importantly, staying on schedule – a schedule you have planned, mapped, and budgeted for – will keep you within budget and afford you the renovation you desire.

At Accent Renovations we are extremely passionate about our work, clients, results, and ability to make a positive impact on the environment. We strive to stay on top of changing industry trends in order to best serve our clients and the industry as a whole. If you are looking for a reliable, trustworthy, and professional renovations contractor, we have you covered. Contact us today so we can tell you more.

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