Renovations can be expensive. Understanding what you want to do and the likely cost to complete your project will help you avoid over spending or not being able to get the end result you wanted because you have gone too far over budget.
The three reasons why knowing how much your renovation will cost is so important are:
Too often we have seen homeowners get excited with their designs and end up with plans they absolutely love that are way over their budget. Knowing your budget and being open about it with your team is crucial if you want the best advice possible.
You don’t want to end up with designs that you can’t afford to build. Paying close attention to the cost of your renovation and obtaining a builders price opinion during the design process is a great way to stop you from ending up with unrealistically expensive plans.
The last thing you want to do is over capitalise. Whether you are planning to sell your property after the renovation or not, you want to make sure that the works you are doing will add more value to your property than they will cost. If you end up selling in the future, you will be able to enjoy the extra profit instead of being in a losing position after all costs.
“A budget is telling your money where to go instead of wondering where it went” – Dave Ramsey
5 Things You Must Know Before Starting a Renovation
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