Home Renovations – Knowing Your Budget – The Key Part
Determining what budget you can afford is a fundamental step when planning a home renovation. This is because it helps you to avoid possible frustrations and wasting a lot of your time and energy as your hopes might be crushed when an experienced home renovation contractor provides you with an estimate that is way beyond your means.
By first establishing the amount you can afford, you make it much easier for you and the renovation builders.
Common questions regarding a home renovation budget.
How To Know What I Can Afford To Renovate Or Do Within My Budget?
There are various factors that determine the prices for home renovations budgets in Auckland
- the floor area of the building
- the current condition of the building
- is the plot of the building flat or sloping
- the grade of the renovation materials you desire
Generally, home renovation costs in Auckland are $2,300 per sq metre, therefore, it will cost you $445,000 to build an average new house.
Still, you have to keep in mind the “unseen costs” which include:
- The price of the land
- Architect or designer costs
- Groundwork in case of sloping sections
- Council and regulatory permits
- It can cost $60,000 to get services to the building
Therefore, you can expect to incur costs around $600,000 before considering the land cost.
Create A Clear Understanding Of Your Renovation
One of the main reasons why clients exceed their home renovation budget is being indecisive before the construction process. This means they often change their mind which brings about numerous complications for the builder. That inevitably results in additional, often significant, extra costs. These additional costs can be around 50% of the initial cost. Therefore, to prevent these extra huge costs, you need to have a clear idea from the beginning.
Develop two lists:
- The essentials
- The desirables in case the budget allows
An expert home renovations contractor will advise you on what is practical and what you should let go of.
Keep in mind that you need to have Council consent for certain renovations. Getting these permits can take months. If you then want to make any major changes once building has started or consent been granted, the home-owner will need to resubmit the plans for approval, and this can take yet more weeks. In order to reduce the delays to your home renovation project, you need to agree a clear and firm idea from the onset.
Be Very Clear On Your Home Renovations Budget
After you get a good sense of your budget and created a clear plan of what you want, you can now find an architect who will transform those aspirations into plans for your construction.
These steps help to avoid frustrations and time wastage for the builder and you as the client. Be certain from the onset about what you want to achieve with your construction or renovations.
When To Involve The Builder
A builder can guide you when assessing the initial costs of transforming your hopes into the finished home you desire. They can advise on the costs for groundworks, permits, materials, finishes and labour which includes sub-contractors.
Consult the builder before hiring the architect or designer in order to give you a rough estimate. This way, the designer will be able to come up with a design that is within the specified budget.
The Quality Of The Renovation Finish
Finishes include carpets, appliances, fixtures and fittings, lighting, bathroom fit-outs, and also the paint quality. All of these will affect the costs and can determine your budget.
Often, finishes will lead to substantial additional costs to the project. You can look at luxurious taps, higher spec appliances or even certain types of door handles. Each of these can add up to thousands of dollars to the cost.
For example, upgrading a simple thing like a door handle from a $60 to one that costs $250 can quickly cost you $3,000 more.
Clearly state the quality of finish you want or that suits your budget and stick to it.
Summing Up Renovation Budgets
The takeaway point is that you should have a good understanding of not only the budget but also your expectations from the onset and avoid making any major changes. Even the slightest changes can cost you a lot of time and money. This way, you will be able to fix these ideas and expenses early enough.
For advice or an initial chat about your home renovation budget, Cain Built near Dairy Flat, Auckland has plenty of experience in this area. You can find more details on their website https://cainbuilt.co.nz.