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Budgeting Business: 5 Useful Tips to Stick to Your Renovation Budget

June 21, 2018

 

 

With the excitement and joy associated with your house renovation, the last thing you want is being greeted with an atrocious bill at the end.

 

Careful planning and firm resolve are needed to ensure your budget is safely achieved within your desired amount.

Curious to know how? Here are some ways you can keep to your renovation budget!

 

Look at Your Finances

Before creating a budget, know your limits first. Assess your finances and find out what you can and cannot afford. Many couples nowadays have to settle the hefty fees for their lavish weddings, dream honeymoons and BTO down payments.

This often leaves little savings left for home renovations, which easily go into the five and six figure digit ranges. Although there is the option of a home renovation loan, are you really sure that you want to add on to your financial obligations?

We all want a Pinterest-worthy home, but it’s not worth breaking your bank over. Some little indulgences here and there are perfectly fine, but don’t overdo it.

 

 

 

Get Real

We all want to keep our costs as low as possible, but you must set realistic expectations. If you know that you want a great deal of carpentry work or hacking to be done, be prepared to set aside a budget that takes the higher costs into account.

Do you need experts to come in for specialised and difficult renovation aspects? Are you eyeing that high-tech piece of equipment? If so, manage your expectations realistically on the potential costs. This prevents being horrified by the resulting expenses when the bill is handed to you.

 

Compare and Contrast

The first furniture shop you visit might seem to offer fantastic deals and discounts, but is that truly the case? In order to get the best deals, do your research and dig deep for potential massive savings.

Always remember to compare between what different merchants offer for the same products. However, remember to avoid choosing cost over quality as it may backfire on you.

 

 

Change Should Not Be the Only Constant

Being picky and indecisive will only serve to put a hole in your pockets. Be absolutely sure of what you want before putting any money down.

Do your completed tiles suddenly look unacceptable to you one week after? If you want to change them to another design or material that looks nicer, the costs of doing so will not be pretty. 

 

Expect the Unexpected

Sometimes, as much as we hope for it to not occur, the inevitable can happen. We may encounter problems with different areas of our renovation, like cracked tiles, faulty furniture, maintenance issues, or hidden fees.

 

When you’re planning your budget, you must consider these possible problems and prepare for them. Even if the renovation process is not smooth sailing, at the very least you can still stick to your budget and give yourself a buffer for unpleasant surprises.

 

 

 

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