How To Stay On Budget With Home Renovations

When renovating your property, it can be easy to get a little carried away and find yourself over budget. Here's how to avoid making a costly mistake!

It’s no secret that more and more homeowners are choosing to improve rather than move. High house prices, stamp duty and a lack of suitable homes are among the factors being blamed for more people staying put rather than trading up.

Of course, it’s easy to see how people can outgrow their current abode, but renovations can introduce more space, or allow you to make better use of the space you have.

While these kinds of projects are never cheap, they generally cost less than moving house does, which is why an increasing number of homeowners are going down the improve rather than move route.

But large-scale renovations, such as adding a loft conversion, building an extension, or creating an open-plan living space from two or more rooms, can be difficult to budget for.

A survey conducted recently by Which? found that 22.4 per cent of people who had carried out major renovations on their properties had overspent.

As a result, the consumer rights organisation has offered some advice on how to keep your renovation project on budget, and avoid any nasty financial surprises.

Top of the list is to get multiple quotes from traders before settling on one to do the work. The main reason for this is to make sure that you’re not overcharged. When you’re getting quotes, ask what’s included in the price.

You don’t want to agree to what you think is a good deal with a builder, only to find that there are lots of extras you need to shell out for that you hadn’t included in your original budget. Ask for a full breakdown of any quote, which should tell you what materials will be used and their cost, as well as the price of labour.

That said, there can sometimes be unexpected issues that crop up, in which case it’s sensible to have set aside an extra ten per cent on top of your main budget to provide a contingency.

Which? also recommends that you make decisions about your project early on and that you stick to them. Changing your mind once the work is underway can be costly, especially if it involves buying new materials or making alterations to work that’s been started.

When you start scoping out a renovation project make a list of all the elements you want to include in the space. If you’re creating a new living space, that could include wood burners in Stafford.

You might want to fit new doors that open into your garden if you’re having a single-storey extension, or think about extra windows for a loft conversion.

Whatever work you’re having done, you also need to think about the decor that will finish the space once the building work is complete. According to Better Homes and Gardens, one of the best ways to make your home look “purposefully styled” is to focus on textures.

This can take a number of forms, from rugs and house plants to patterned wallpaper and cushions, the news provider suggested.


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