Whether you\u2019ve just purchased a property and you\u2019re planning on completely rebuilding, or you\u2019re thinking about starting an existing renovation project on the home you already live in – it\u2019s vital that you get your budgets sorted before starting any major renovation project.<\/p>\r\n\r\n\r\n\r\n
Renovation projects often become \u2018your baby\u2019, as it\u2019s always a super satisfying feeling to put energy into something and then see it progress from conception to completion. However, it\u2019s very important that you get your finances straight and make a clear, concise home renovation plan before you begin, and in particular that you do not begin renovations at the expense of your general home maintenance budget<\/a>. <\/p>\r\n\r\n\r\n\r\n Not only will this forecast how much you\u2019ll be spending so that you can keep track as you go along, but it will also give you an idea of whether or not you can afford to start renovating in the first place!<\/p>\r\n\r\n\r\n\r\n For first timers, you should try to stick to not spending more than 5%<\/a> of your home\u2019s purchase price on renovations. If you plan your renovation properly and complete it to a high standard, it could add up to 10% to the property value of your home, making it well worth the effort.<\/p>\r\n\r\n\r\n\r\n Before you begin, sit down and make a list of everything that you would like to improve or add to your home. Then, divide this list into the aspects that are \u2018must-dos\u2019 and then other elements that would be nice additions. This will help you to keep everything in perspective as you prioritise the different aspects of your home renovation, as you\u2019ll be able to start with the things that have to be done, and then use any remaining budget to add the finishing touches. <\/p>\r\n\r\n\r\n\r\n Common areas that are major priorities when it comes to home renovations are high-traffic areas like kitchens and bathrooms, as well as communal areas like decks and patios. For example, you might prioritise redoing the appliances in your kitchen and updating the tiling in your bathroom.<\/p>\r\n\r\n\r\n\r\n When this is completed (and if you have the funds), you can then focus on installing a pool or building a granite kitchen island.<\/p>\r\n\r\n\r\n\r\n If you\u2019re working with a contractor or quantity surveyor, they\u2019ll be able to give you a more accurate financial representation of your project if you already know:<\/p>\r\n\r\n\r\n\r\n Have a look at home improvement or design magazines<\/a> to make sure you have a clear visual image of what you\u2019d like your home renovation project to look like when it\u2019s complete. <\/p>\r\n\r\n\r\n\r\n When you have a clear representation of what the different elements of your home renovation project will look like, it\u2019s time to start gathering and comparing quotes. You\u2019ll be surprised how much quotes from different tradespeople will differ, so it\u2019s important to compare them to make sure you\u2019re getting a good deal. <\/p>\r\n\r\n\r\n\r\n Of course, the price will depend on the experience and reputation of the company you\u2019re working with and the materials you\u2019re using. With this in mind, be sure to research the company\u2019s online reviews, or seek word of mouth referrals from people who have previously worked with them. <\/p>\r\n\r\n\r\n\r\n Another good way to break down a home renovation budget (if it\u2019s more appropriate for your specific project) is to divide the elements into \u2018structural\u2019 or \u2018cosmetic\u2019. Cosmetic renovations are easier to estimate, and include things like painting walls, replacing flooring, updating fittings and changing elements in kitchens and bathrooms. Structural elements, on the other hand, can be tricky and will probably need professional guidance and a detailed inspection in order to estimate. These include things like extending living areas or adding dividing walls. <\/p>\r\n\r\n\r\n\r\n Kitchen: <\/strong>$12,000 to $25,000 (ranging from a basic structural upgrade to cosmetic upgrades like painting and Caesarstone benchtops)<\/p>\r\n\r\n\r\n\r\n Bathroom: <\/strong>The average renovating homeowner spent an average of $16,440<\/a> on renovations of a large bathroom (more than five square metres) in 2015. However, you could do basic cosmetic upgrades like replacing a vanity, redoing tile paint and replacing a shower screen for $5,000 to $6,000. <\/p>\r\n\r\n\r\n\r\n Landscaping: <\/strong>The cost of this home renovation element varies greatly depending on the type and size of backyard you have. If you have a tiny little terrace or small garden, you could give it a makeover for less than $1,000. However, if you\u2019ve got a large garden in a brand new house, it could be up to $50,000. In both cases, you should allow $5,000 to $6,000 for quality landscaping efforts. <\/p>\r\n\r\n\r\n\r\n It\u2019s so easy for home renovation projects to get out of hand, which is why it\u2019s really important you make efforts to ensure you\u2019re sticking to your budget. You don\u2019t want to overcapitalise and then find yourself in a very tricky financial situation when it\u2019s all over. <\/p>\r\n\r\n\r\n\r\n Fortunately, there are a few things you can do to make your budget stick (and stretch). <\/p>\r\n\r\n\r\n\r\n Nimble offers quick online loans<\/a> for if you need a stress-free way to borrow money. Whether it\u2019s for starting a new home renovation or for fixing a leaky tap, we\u2019ve got you covered. Apply now to see whether you\u2019re eligible. <\/a><\/p>\r\n\r\n\r\n\r\n Disclaimer: Please note this content is provided as general information only and does not take into account your objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The above post refers to application software (\u201cApp, Apps\u201d) that is not affiliated or associated with Nimble. We do not have any control or responsibility over the content of the Apps. Use of the Apps may be subject to further terms and conditions imposed by the App provider, the owner of the mobile operating system and\/or other related parties. The above links belong to a variety of websites and not Nimble, so clicking on, and using them, will take you away from Nimble\u2019s website meaning we\u2019ve got no control or responsibility over the content. Nimble does not endorse and is not affiliated or associated in any way whatsoever to the businesses named in this blog post. The information contained in this article is correct at the date of publication.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":" Whether you\u2019ve just purchased a property and you\u2019re planning on completely rebuilding, or you\u2019re thinking about starting an existing renovation project on the home you already live in – it\u2019s vital that you get your budgets sorted before starting any major renovation project. Renovation projects often become \u2018your baby\u2019, as it\u2019s always a super satisfying […]<\/p>\n","protected":false},"author":52,"featured_media":6170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-6136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tips-resources"],"yoast_head":"\nCalculating your budget<\/strong><\/h2>\r\n\r\n\r\n\r\n
Make a list of the \u2018must-haves\u2019 and the \u2018nice to haves\u2019<\/strong><\/h3>\r\n\r\n\r\n\r\n
Get inspiration and make a detailed plan<\/strong><\/h3>\r\n\r\n\r\n\r\n
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Get a few different quotes (and compare them)<\/strong><\/h3>\r\n\r\n\r\n\r\n
A basic example guide for a home renovation budget<\/strong><\/h2>\r\n\r\n\r\n\r\n
How to stick to (and stretch) your budget<\/strong><\/h2>\r\n\r\n\r\n\r\n
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Financially planning for home renovations?<\/strong><\/h2>\r\n\r\n\r\n\r\n