Renovation budget: How to avoid “off-the-shelf” pits?
The renovation is not just an aesthetic art, but a rigorous financial planning. The vast majority of the renovations were overspent not because of “material price increases”, but because of the lack of initial budget planning and the proliferation of “additions” at a later stage.
1. Renovation of the four core sections of the budget
- Basic construction (hard-fitting): It includes water and electricity rehabilitation, wall demolition, masonry work and carpentry. This is the “bonest structure” of the house and recommends the selection of the highest-level material for hidden works such as water and electricity.
- Main procurement: Floors, tiles, cupboards, baths, gold. This segment of the price is less transparent, and it is suggested that comparisons be made and that attention be paid to the nodes.
- Soft home electricity: Furniture, curtains, electricity for everyone. This element is most flexible and can be acquired in batches based on actual post-inhabitation needs.
- Management and design costs: Professional design fees help you to avoid household defects, but beware of the high material deductions behind the “free design”.
2. Proportion of reasonable cost of refurbishment
According to industry figures, a healthy budget allocation for renovations should be:
- Hard-packed component: 40 - 45%
- Main component: 25 - 30 per cent
- Household electric furniture: 20 - 25%
- Design and management costs: 5 - 10%
3. How to secure the budget line?
- Retention of 15% of the reserve: However well planned, the renovation process will always be accompanied by unexpected expenditures (such as the breaking of walls and the blocking of old houses).
- Look at the furniture and then the renovation: The size and style of the furniture determined can reverse the direction of the position and hard-coloured tone of the plugin and avoid later modification.
- The following is a list of the most important issues: The contract with the renovation company was made with the clear indication that “the construction drawings will not change and the prices will not be adjusted” to prevent malicious increases in the price of the works.