Undertaking a home renovation is one of the most exciting and challenging things you will ever do. Realising your creative dream, creating your dream home, however you look at it, it is a special project that your family will be able to enjoy every day of the year. Nailing your home renovation is not just a matter of style and taste – the key will be your ability to manage a budget.
As the 2019 series of The Block has unfolded, the Oslo terraces have proven to be one of the most challenging renovations in the show’s history. Each home is approximately 460 SQM, that is double the size of last year’s Gatwick renovations, and yet the budgets are only marginally more.
There is little doubt budget management will play a major factor in determining the winner in this competition, something Jesse and Mel have mastered!
The savvy renovators have their eye on the end game and are working closely to their design vision, backed by Jesse’s real estate knowledge, and are on budget, thanks to Mel’s impressive monetary skills. With her extensive project management experience Mel has some fantastic renovation budget tips, which she is kindly sharing with us today.
Mel from The Block’s top 10 budgeting tips
1. Good planning is number 1!
Work through your design plan and create a cost estimate for each room/area as thoroughly as you can. It is then a matter of sticking to each room’s budget. If you go under budget on one room you, you can then use the left-over funds for another room.
2. Obtain quotes
Before you take any action, make sure you get quotes for material, trades and furnishings. Get a couple of quotes for each item/ trade to make sure you are getting a good deal. This is the only way you can create a realistic budget.
3. Get recommendations
Be it word of mouth or reviews, always seek out feedback on trade and materials. The cheapest option is not always the best option and in the long run can become much more costly if there are faults.
4. Keep track
Make Excel your best friend. Create a spreadsheet for each room/ area. You can see how you are tracking against your estimated expenditure and this will allow you to make adjustments as you go. This process is imperative to keeping out of the red!
5. Negotiate
Where possible try to negotiate prices, if you buy in bulk from one source make sure you discuss a discount.
6. Shop smart
When it comes to furnishings, a high price tag doesn’t always mean better. I found some amazing furnishings from larger stores like Freedom, which looked exactly the same as high-end retail stores but at a fraction of the price!
7. DIY
Do as much of the work yourself as possible! The more you do the more money you will have left over to spend on other things you really want. More basic tasks, like painting, almost anyone can tackle. And YouTube is a wonderful source of advice, just ask @Jesse Raeburn ;-)
8. Good communication
Have good communication with your trades, talk to them if you have any concerns or issues. The better your relationship with your trade suppliers the better the outcome. This will lead to flexibility, which is important with any renovation given the unexpected speed bumps that can arise. It will also lead to great ideas and more of a contribution. They are the experts and are a wealth of knowledge.
9. Tackle problems head on
Don’t wait until it’s too late thinking it is something you can fix down the track. As soon as you notice an issue, or suspect something could become a problem, address it. This will give you the opportunity to come up with a solution.
10. It’s okay to compromise
While you may have fallen deeply in love with that $10,000 gilded bathtub, it’s not worth blowing the budget on one item if it leads to the rest of the room being sub-standard. Perhaps there is a reclaimed bathtub that will have the same impact. Get creative not stuck.