Budgeting for a home renovation can be a stressful and challenging experience. Most people don’t have a huge amount of cash hanging around and chances are your budget won’t stretch to exactly what you want to do. These are some of our best tips for developing your home building budget through from schedule to items you can leave till later.
So what is the best order to purchase items to make the most of your cash? What has to be bought up front and what can wait?
The traditional spending pattern on a refurbishment requires you to be stumping up a large sum at the beginning, a steady stream of bills at the middle, with a retainer held until completion. If you are struggling with cash flow you can reduce the size of the initial payment by arranging to purchase ‘non fixed’ items at a later date, say after your bonus has come in.
Items to be purchased at the initial stages:
If you are using an Interior Designer, or even if you are doing it yourself, know what needs to go where. It saves time as the builders won’t have to waste time measuring, guessing or changing the position of items later. The design creates Tender Docs and that is what your builder will be quoting from. No documents – no exact quote. A sure budget killer.
Builders will need upfront payment for materials required and then a weekly/fortnightly laybour wage.
ie anything that can’t be picked up and taken away. This would include flooring, tiling, baths, sinks, toilets, kitchen cabinets, boilers etc
If you have any other questions about how you could save money, or rejig your finances, please don’t hesitate to get in touch.
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