If you are a homeowner looking to renovate your home, you would go through a challenging time navigating the cost increase. How to balance your home renovation needs and what your budget can afford?
The material supply and cost are stabilising, but the construction cost won’t go down. It will, however, stabilise, which is good news. This makes it easier for homeowners to reset and re-plan the budget for your project.
Perhaps your home renovation project is one that can’t be delayed because of urgent needs. If your budget hasn’t changed to cater for the cost increase, then you need to change your strategy to continue with the renovation plan.
Or your consideration to proceed with the renovation is because it is difficult to find a ready-to-move-in home that suits your needs and budget. Renovation is still the best and more affordable option for you and your family.
How to balance your home renovation needs and what your budget can afford?
Here are 5 steps to balance your home renovation needs and what your budget can afford:
- Revisit and prioritise your goal for the project
Some goals might not change, but some might. For example, if you have 3 renovation goals; to extend the house to meet the growing family’s needs, to update the style of the living and family room and to upgrade the kitchen. Out of those 3 goals, you might end up with only 2 goals according to priority and what you can afford for the budget that you have.
- Revisit your project brief and requirements
You might have a brief where the cost of materials and labour hasn’t increased, which allows your budget to stretch further. Now that the circumstances have changed, it is important to revisit your project brief and requirements; what can you do without or postpone? What can be moved from your have to list to your wish list?
- Revise the design, materials and finishes of your project
You might have certain design ideas, materials and finishes prior to the cost increase. This will be a good time to revise some of those ideas and explore alternative ideas, materials and finishes that are of similar quality and meet your purpose, goals and budget. You can see that when you have set a clear goal for your project, it helps to direct your other decisions based on your goals.
- Work with your architect/designer, builder, and building professionals
Be open to discussing with your architect, builder, and building professionals in your project team how to balance your home renovation needs and what your budget can afford. Be open and transparent so everyone in your team can help you achieve your vision and goal.
- Collaboration and respectful communication go a long way
It is a tough time for everyone in the industry; homeowners, architects/designers and builders. We are in it together. Collaboration and respectful communication for a mutually beneficial outcome are the best approach to this challenging time.
We understand that as homeowners; you want to meet your family’s needs. As service providers in the industry, we want to help homeowners reach your goals.
If we help each other, you can help us stay in the industry so we can continue to serve and help more homeowners create a safe home and sanctuary for you and your family.
If you need help navigating your home renovation or home-building project, we would love to help you!
Book our Free Clarity Call to discuss your unique home needs.
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