Get Started: What can your renovation or building budget afford?

This episode uncovers question 3: What can your budget afford?

Ugh … money. At some point it was going to get here, wasn’t it?!

Budget is the main thing that concerns homeowners embarking on their project. What will my build or reno cost me? And will it blow out along the way?

In the last financial year (2015/2016) Australians spent a record $7.7 billion on home renovations according to the latest ABS figures.

That’s over $150 million a week.

The figures for new homes are similar.

When most of us tackle a renovation or new build, we have a figure in mind about how much we’d like to spend on our project. So our research and preparation becomes a study in what our money will buy us. How far we can stretch it, and whether it’s enough for the dreams we have for our home.

Let me start with this advice. Do not ignore your budget. Do not avoid setting one. Doing this work early is one of the most significant things you can do to preserve sanity for your project, and not have it run away from you.

It may sound obvious. However, the countless conversations I’ve had with homeowners that have got terribly awkward when I’ve asked “OK, so what is your budget?” shows me the gaping hole in how we plan our projects!!

Set a budget early. Of course, it won’t be perfect, or fixed, but don’t let this stop you! Start crunching the numbers and determining rough estimates for your plans. Then you can finesse and firm up as you progress along your journey.

There are many free online calculators you can check out. This is a fave:

Home Design Directory >>> www.homedesigndirectory.com.au/calculators/building-cost-estimates.php

And cost guidelines are also useful for new homes:

Construction Cost Calculator >>> www.bmtqs.com.au/construction-cost-table

Flip your thinking …

Your budget is actually what is enabling you to undertake this project. Many homeowners see it as a limiter, because it never feels like enough to do all the things they want it to do.

This may sound a little woo woo … but if you see it as a limiter, you’ll be fighting it every step of the way.

Instead, think of it as the tool, the facilitator, of your build or reno. It’s fantastic that you can access these funds to create a home for your family! Don’t be scared to talk about it, and keep tracking it the whole way through. Educate yourself on what things cost, how to stretch your budget, and empower yourself to invest it well. 

I am a firm believer that your home can be great, whatever your budget.

How do you get bang for buck?

  • Get professional help
  • Take your time in preparing
  • Be aware of the costs in the things you don’t see

Head to the podcast now for more detail on my tips to get bang for buck in your project.

Recommended links:

How to work out the cost of building or renovating your home

What does renovating or building cost?

How to be inspired by design on any budget

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