Clever budgeting for any renovation is about more than simply spending the lowest figure to complete the job – it’s about making sure you spend your money wisely to acquire long-term savings and rewards.
Follow our step-by-step budgeting guide that will deliver a fabulous finished space without breaking the bank, whether it be for your commercial space, office building or dental/medical establishment:
The first step to planning a renovation should be to research everything thoroughly, including:
- Contractors – get quotes, references and examples of similar projects they’ve undertaken.
- Suppliers – take the time to research suppliers with a good reputation that will provide the standard of work / product you’re looking for.
- Materials – think about the materials that will work for your needs and be realistic about the areas in which you can compromise with cheaper materials, and where it’s important to go for good quality.
- Trends and future-proofing. What is popular in terms of style and functionality? Can you work with Smart technology? Some savvy forward thinking could save you the money you might otherwise have spent on another renovation within a few years.
- Planning permissions / building regulations – make sure you’re aware of any permissions / licences you may need to apply for in advance, to avoid costly delays during the project.
A successful renovation project that comes in on budget will always follow a meticulous plan which sets out everything clearly, including:
- A detailed cost breakdown so you can see what you have budgeted for in every area, broken down into unit costs as much as possible. If you’ve done your research, you can base your budget on realistic costs, and by setting them out clearly you can pick up any discrepancies much quicker and act accordingly, so your costs don’t spiral out of control. Make sure you include a contingency to cover those unforeseen extras.
- A clear and realistic timeline setting out a schedule of works to be carried out, when, and by whom. By communicating timelines with your contractors, clearly in advance, you can avoid costly delays during your project.
Project management is key to the success of any renovation. Hiring an experienced contractor to project manage your renovation may seem like an added expense, but having someone take responsibility for your budget and liaise with your suppliers and contractors will ensure clear lines of communication and smooth progress, and will save you time and money in the long run. Your project manager will also be able to provide expert advice on industry standards, materials and processes.
Considering environmentally-friendly materials and designs can also help you save money, so take the time to consider what would work for your home or business, including:
- Recycled materials – can you use reclaimed wood? Recycled furniture?
- Recyclable furniture – it provides value for money and makes it easier if you’re likely to change your furniture often.
- Solar panels to generate some of the electricity you use.
- LED lighting – environmentally friendly and much cheaper to run.
Avoid false economies
It’s easy to be tempted by cheaper design or build solutions and materials, but if they’re not fit for purpose or won’t last, you’re simply storing up more expense for the future.
Investing in good design advice, high quality materials and professional services will ensure you have a realistic budget for a renovation that will look great, achieve your objectives, and continue to do both in the long term.