Renovating is expensive but there are ways to save money.
1. Downsize
First and foremost, cutting space will make the biggest impact on the costs. It is very common in the planning process to get caught up in the excitement, but if you are over budget the quickest way to save dollars is to look at the plans again. Your designer can help you downsize without compromising on the design intent or quality of finish. If you budget $3000 a square meter which is a realistic cost for a renovation in Brisbane, then you can get a rough idea of what your savings could be.
2. DIY
The biggest cost in any project is the labour component. If you have the time and expertise then doing some things yourself will save money. In general, I don’t recommend this option as people often have an unrealistic expectations of their own abilities, especially after watching “The Block”. Plumbing and electrical work should always be done by professionals. Tiling is a lot more difficult than it appears and anyone who has spent an afternoon trying to put together a piece of Ikea furniture with their significant other can imagine how stressful a kit kitchen could be. However, if you have time to learn, friends or family who can help and UTube you can save a lot of money this way.
3. Simplify
Take another look at the plans, but in detail this time. Simplifying high cost areas, like kitchens and bathrooms, can save money. If you can live with one basin instead of two in the ensuite then you save money on plumbing, fittings and cabinetry costs. Your designer can guide you in the most effective modifications.
4. Re Select
Your finishes and FF&E [fixtures, fittings and equipment] generally are about 10 - 20% of the overall budget and so re selecting does save money. Talking to your designer can help you make effective cost cutting variations. For instance, choosing a $30 tile over a $80 tile might save you $50 a square meter, but if you only have 10 square meters, this is only a saving $500 which might not have the impact you need. However, choosing a pressed edge over a rectified edge tile saves money in installation costs as well as the supply and this can double your savings.
5. Stage the build
Look at the plans and talk to your designer and builder about staging the build. This might have the added benefit of allowing you to live in the home for some of the stages, meaning rental and storage costs can be reduced significantly.
6. Say “What the Heck” and go for it anyway!
Sometimes biting the bullet and getting it done is the best option. This depends on your reasons for the renovation, but if it is your family home and you are expecting to be paying the mortgage for the next 30 years, then the extra money spent now could be worth it in the long run.