It’s the tough part. It begins well before you get to the fun, where creativity and imagination reflect your dreams of a whole new space. It’s your budget.
And before you begin a renovation project, you’ll need to get it carefully established. What’s the best way to go about it?
Consulting with a financial advisor is likely the best first step. Then determine what makes sense to you. What should you invest in that takes into account your overall family budget?
One good strategy is to hire a firm that is design-build rather than a designer or architect and then a contractor. A company that offers both professional architectural design and quality construction will be able to give you an idea of the cost of the whole project. It makes the cost (not to mention the project itself) more streamlined.
Decide on the scale of your renovation. Will it be a whole-home reno or just a room? Will it be phase one of several new improvements? Will it be a new addition? Not sure? An experienced designer can guide you.
Your design-build firm will first tell you if your project is feasible through design and then give you an idea of your options. You will want to know right away if your project is affordable ‒ or if, realistically speaking, you should wait until it is.
Typically the renovation process is to have a design done first, in detail. Then you will decide on finishes, flooring, and fixtures, and you’ll need to have an idea of the cost of these.
Decide which company you wish to work with before designs begin so everyone is working as a team in your best interest to achieve your goals.
Your budget should be generous enough to allow for upgrades required for electrical, plumbing, roof, or foundation. If you have an older home, any toxic substances discovered during demolition will have to be professionally and safely removed. An experienced design-build company can help you very early on in the process so you can make informed decisions.
Another aspect of renovation budgeting is to be sure there’s enough money to choose quality products and finishes so you’re not having to re-do everything in a few years.
A practical potential savings is to get your design-build company to help you plan this current renovation with upgrades in the future. That way you won’t end up needing many parts of the project taken apart and created again when the time comes.
Make a wish list. What do you want the most? What can’t you live without? What can you sacrifice? Once you know your priorities, it will be easier to decide what you can and shouldn’t do.
Consider things you might need to do during the renovation. Will there be times when you will want to move out? Or will you get temporary accommodation during the whole project? An experienced renovator will be able to guide you here.
Ask your design-build company what you need to budget as a contingency plus ask what “incidental costs” I should be responsible for (like insurances, appliances, window coverings etc.)
And then…let the beautiful dream begin.
