Once you have decided the time is right for a home improvement project—especially a major one—it’s important to have a budget and take control of your renovation so that you stick to it.
In order to determine your budget, you must know your home improvement goals. Do you want a simple paint job or do you need to overhaul your kitchen? Spread out your options: if you want the latter, expanding your house by 19 square metres can cost you at least $65,000AUD. If you’re on a tight budget, converting an existing room into a kitchen can save you a lot of money down the track.
Make sure to pull out all the stops: consider material costs, safety requirement permits, contractors’ fees, and labour wages. Consider several financing options such as government-sponsored loans, home improvement loans, and home equity loans as well.
The budget or plan is the starting point for a home renovation, so make sure you don’t deviate from your initial plans too much because this will impact your budget. When it comes to your renovation budget, a little discipline will go a long way.