Upgrading the condition or features of your home is always a great investment in increasing its overall value, not to mention the quality of life and enjoyment you’ll get from spending your down time in a sparkling, modernised living space. Renovations offer a world of potential opportunities to entirely revamp an environment but, of course, budget is an important constraint to keep in mind. If you’re going to plan your future renovation properly, there are a few key things you should bear in mind. We give you an overview of what to consider and plan for to ensure that your home renovations cost falls within the budget you have available.
Determine Your Safe Overall Budget
As a general rule, you should budget your project in accordance with your home’s current market or resale value. Your renovation costs must be roughly 10% of that value – this will ensure that you’ll get a safe return on investment should you decide to sell the house later on. Factors that will affect your house’s market value is the neighbourhood it’s located in, size of the plot and house, as well as the current condition of the house.
Should you be planning a full structural renovation and not only cosmetic work, you should expect to budget for roughly 40% of your total home market value. This is due to the costs involved in moving walls, changing floor plans and altering ceilings, among other things.
How To Keep Your Budget In Check
When you’re working with a fairly tight spending limit, you’ll need to decide what you absolutely must have done and what is more of a ‘would love to have’ element. If your windows and doors are still in good condition, rather keep them and give them a new lease on life with a fresh coat of paint. The same goes for your floors and other features: take some time to look into affordable revamp ideas to refresh your existing home fittings on a budget – there are many great DIY or budget-friendly options available.
If you’d like to see the dream you have for your home realised in the most streamlined, efficient and stress-free manner possible, contact us today for friendly, professional assistance.