How to Stick to Your Renovation Goals

Truth be told, even builders will admit that it’s hard to provide an exact price on the work, because there are often unforeseen circumstances that could cause the price to rise. It’s always wise factoring in about 20% over what you think you should budget.

But knowing what you want from the very beginning — and sticking to those goals — can greatly help your project stay on track. Even if it seems like it’s going off the rails.

You can avoid getting lost in the sea of renovation decisions by using these 5 steps as an anchor

Understand the Reason You Want to Renovate

Are you seeking to increase resale value? Improve layout? Improve energy efficiency? It could be a combination of a number of things, but make sure you’re being rational. If you want commercial kitchen appliances but you eat out most evenings, you might want to reconsider.

Set a Budget, Then Subtract 20% to 30% for Contingencies

Create a budget you’re comfortable with, then set aside 20% of that to cover the unknowns that inevitably come up. This is your “build to” budget.

During the design phase, your designer should make you aware of the amount that is your build-to budget. You should avoid the temptation to spend your contingency before you begin construction. A contingency is not a slush fund that, if you can avoid spending, you can direct toward appliance and finish upgrades.

A contingency is an integral part of the cost of building, especially renovation, that is as deserving of budget allocation as any other component of your project. Unknowns are very hard to predict and can easily drive your project over budget otherwise.

Prioritize What You Want

When you make an initial list of wants, there will likely be many competing items, but don’t start whittling it down just yet. You’ll want to put it aside, discuss it with family. Talking about your ideas can help clarify the project.

Designers can help you understand the impact of what you want to achieve (and often help you find efficient ways to get there), but you are the expert on your life.

Sometimes it pays to document how you do things around the house (cook dinner, entertain). This can help pinpoint areas that are frustrating. Those are the places to concentrate on so you can get the most bang for your buck.

Write Down Your Priorities

You can also write it down and store it in a document online. This can seem like a waste of time (you know what you want), but in the thick of getting your project done, there are many shiny objects that can stand between you and a successful remodel.

Having your priorities written down will allow you to stand back in the heat of the moment and evaluate if a new option will get you closer to your goals or farther away.

Refer Back to Your Priorities Later in the Project

Even though there are probably many decisions clamouring for your attention, referring back to your list will help you maintain a clear head when it seems like there are way too many decisions to make.

Construction has a way of distracting homeowners from the overall goal, because there are so many details to consider. Hardwood or tile floors? Pot lights or pendants?

In discussions with your designer, you can put decisions into roughly two categories: personal preference (usually details such as fixtures) and design direction (things that impact the overall goals you established in your priorities list).

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This article via Houzz does not constitute advice; readers should seek independent and personalised counsel from a trusted adviser that specialises in property, a tax accountant and property design specialist.