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How to set your renovation or building budget

Knowing where to start when setting your renovation or building budget can be challenging. How can you do it, and what do you need to know?

So let’s start at the beginning. In this episode, I share some of the first steps you can take when setting your budget for your renovation or new home.

Finding out what your renovation or new home will cost you is not a one-step exercise. In fact, in my experience, the best results come from approaching this question from various angles.

When you work out what your project will cost you in a more holistic way, using several inputs and types of information, you ultimately come up with a much more reliable answer. And can be more confident your project will stay on budget, PLUS create a great outcome for you as a finished home.

So, what do I mean by this?

Over the course of this season, I’ll be taking you through various strategies you can use to determine what your renovation or new home will cost. And what to do when it’s looking like it will cost more than you want to spend. What information to trust, and what not to. And how to stay informed and involved throughout. Because staying on top of your budget is one key factor to staying in control of your project overall.

So let’s start at the beginning. Where do you start when determining your budget? What are the first steps you can take when trying to work out what it WILL cost you to renovate or build your home. Or more to the point – what it COULD cost you and what it SHOULD cost you.

I think that’s the key … we’re really looking at three costs here when it comes to setting your budget.

  1. What it COULD cost you.
  2. What it SHOULD cost you.
  3. And what it WILL cost you.

And each of those three figures might be entirely different from each other, and also impacted by many other factors.

In this episode, I give you tips to get started on determining each of these ‘costs’. Actionable tips you can use right now to get started in setting your renovation or building budget.

And we also talk about cost vs value, and how you can use it to gain great clarity for your project.

Listen to the episode now, and learn where to start when determining your budget for your renovation or new build. It’s an important first step in any project starting well.

Links mentioned in the podcast:

Learn how early cost budgets can be set and how to convert square footage to square metres >>> Watch it here.
Start building your Kiiko LED strip lighting now! >>> Click Here

And if you’d like to geek out over “setting your budget”, this video is a must-watch.

Eric Reinholdt is an American architect with a You-Tube channel for his business called 30X40 Design. His videos are aimed at helping architects, but THIS ONE is sensational for understanding how early cost budgets can be set. I love his idea of factored costs. If you’re working out how to convert square footage to square metres, it’s really simple.

There’s roughly 10 SF / 1m2. So with costs, multiply his by 10 ($300/SQ = $3,000/m2) and areas, divide by 10 (400SF = 40m2). Watch it here.

This season, Undercover Architect has a podcast partner: Kiiko LED.

Kiiko LED is customisable, DIY, LED strip lighting, that you can order online to your specifications, for your needs and project.

Kiiko LED is founded by Craig Thomas, who I’ve personally had the pleasure of working with for over 12 years now, in my own projects, and in client projects.

And so I’ve been able to organise with Kiiko a fantastic UA Community only offer. If you head to their website at www.kiiko.com.au/undercoverarchitect you’ll be able to access a $25 discount to use on your first order.

Check it out, and start building your Kiiko LED strip lighting now!

Undercover-Architect-Kiiko-LED

 

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