Home Renovation – Budget Wisely


If you are considering home renovation and in the fortunate position of being able to carry out a Deep Retrofit, making plans for your new home can be very exciting. Nonetheless, there are a lot of practical considerations like ‘the budget’ which need to be taken into account at the very beginning. Here is some useful information that may help you along the way…home renovation budget wisely

First of all, it is very important to establish your priorities. Be clear about what you want to achieve from your home renovation. What are the main reasons for your project? Are you uncomfortable or cold in your home or are your fuel bills excessive? Perhaps your house is damp or draughty? Or your main concern may be a badly designed, old-fashioned home that doesn’t work well for you and your family. A great starting point in any home renovation project is to make a list of all the aspects of your home that don’t work well for you.

Being sure about what you want to achieve also means that all decisions can be finalised well before your home renovation begins. By being well-organised beforehand you will avoid the stresses of making important decisions under pressure while the works on site are ongoing. This will also speed up the whole building process and you’ll be able to occupy your home sooner which in turn prevents extra costs.

Don’t rush into building an extension. Here in Ireland, we tend to ‘extend’as part of a home renovation, which is usually motivated by a dissatisfaction with the internal layout. The result can be a great new kitchen and dining room but the same old collection of cold, dark rooms elsewhere in the house. Extensions are expensive and many people don’t consider that they will actually add to the cost of heating and maintaining your home. If your home isn’t functioning well for you, an interior architect/designer can help you to make the most of the space that you already have, which will also save you money.

When planning your home renovation, try to make decisions that provide both tangible and financial benefits. A good example of this is adding insulation, which not only will make your home feel more comfortable but will also reduce your heating bills. Also, prioritise works that provide the greatest return on investment. Again, attic insulation is relatively inexpensive but very effective.

Keep your home renovation specifications simple. By doing this you will avoid over-stretching your budget. It is always better to reduce your scope of works and to complete the works properly using quality, energy-efficient products.

Of course, your finances should also be arranged well in advance of your home renovation. Establish your budget and stick to it. The budget is an essential component of any plan because it dictates the scope of works that can be carried out. Your bank must also be informed in writing of the start and finish dates of your home renovation and the dates on which you are contracted to make payments. By doing this you will avoid a possible scenario in which the builder has to cease all works whilst waiting for a payment. This will cost you money in the form of ‘standing time’. So properly arranged finances can actually save you money.

At RENOVA we will establish the overall time frame for the works. The time frame is inclusive of the whole process from design stage through to the final handover. Remember that if everything is planned and ordered in advance of your home renovation, then the time frame will be shorter which means minimum time on site and less time spent out of your house, which saves you money.

In Ireland, we almost ‘expect’ a building project to run over budget but it really doesn’t have to be that way. At RENOVA we are budget led and organised from day one. Owners John Martin and Alan Stevens are both Chartered Quantity Surveyors with a combined 30 years’ experience in construction so you can be sure you are in good hands.

So, if you are in the lucky position of being able to undertake a home renovation/deep retrofit, and you want cost certainty from day one, then it makes sense to work with RENOVA!

 

Click here to download our RENOVA brochure.Renova-Custom-Home-Retrofit-Brochure-Cover

Web: www.renova.ie

Tel: 01 2021122

Email: info@renova.ie