How to Carry Out a Successful Renovation Project on Budget

The decision to start a renovation project is usually a result of a very exciting and hopeful vision of a better future. It is like having a dream of a better world and waking up the next day and trying to achieve that dream. But the enthusiasm of taking on such a project can quickly turn into stress and despair the more you look into the associated costs. In some cases, having the renovation projected completed by a specific date also adds a time constraint.

So how do you carry out a successful renovation project on budget and on time?

Plan, Plan, Plan, then Plan Again!

It might seem counterintuitive to over plan your renovation project if you’re short on time or if the prices on the market are lucrative right now. However, there is nothing more costly and more time consuming than to rush in without proper planning. 

A poorly planned renovation project can result in expensive mistakes in the purchase of materials, furniture, and professional services. These mistakes can in turn lead to delays and unsatisfactory results in the end.

Carefully plan out your renovation project, identify your key areas to improve and work on. More importantly, prioritize those key areas so you can confidently allocate your budget to them before you even start.

Expect the Unexpected

It is a fact of life that renovation projects will force you to do more work than you initially intended to. If you’ve gone through multiple renovation projects in the past, you might already understand this piece of wisdom. 

However, for the inexperienced, it is important to understand that renovation projects almost always run into unexpected expenses. You wanted that marble fireplace in that corner of the room? Your contractor inspects the walls around it and finds out they will need to be reinforced with materials X, Y and Z to make that possible. Maybe building a chimney to support a fireplace like that requires a license by law and therefore more money.

There are many hidden and unexpected costs that come with renovation projects. It is a good idea to expect the unexpected and to budget for it too! At least 20% of your overall budget should be reserved for these unexpected costs.

Your budget is not enough. It never will be.

This might be a tough one to swallow. By virtue of having a budget in the first place, it inevitably means that you will have to make some compromises on your probably idealistic vision. That is not to say that you have to settle for low quality and mediocre results. Far from it.

What you do have to do, though, is manage your own expectations. Of course, it will be easier to have more realistic expectations if you’ve followed the previous tips in this article. Assuming you plan ahead before you start your renovation project and allocate your budget wisely, you should be able to pick the best quality materials and services that fit your budget. 

Given cost and time constraints, a budget for a renovation project will only ever feel enough if, and only if, you plan your budget wisely and operate only within that budget. If done right, you can even end up extremely delighted with a budget surplus that you can spend however you like!

But to have a higher chance of getting such a positive result you must consider the next point.

Consider Hiring Professional Renovation Services

Remember when we said proper planning is crucial for a successful renovation project? It’s such an important first step for any kind of construction project that entire businesses are built around it. 

We highly advise you to consider hiring professional companies or individuals that specialize in architecture and interior design to help you plan out your renovation project. They will undoubtedly have more experience and insights having worked on projects like yours on different scales. They have dealt with their client budgets in a professional capacity before, and it is their duty to help you plan and deliver your renovation project in time and within your budget.

For medium to large scale projects, we encourage you to check out our project section. 

Sinoalex specializes in tailor made solutions to bring your vision to life through a range of services from renovation and furnishing to refurbishment of interior and exterior spaces. If required, our services extend to connecting our clients to some of the largest Architect & Interior Design firms in the Middle East & Africa. We have over 30 years of experience in the renovation, furnishment & refurbishment industry with an impressive portfolio of past clients and successful projects of all sizes.

Feel free to reach out to us with your project ideas and we’ll ensure your vision becomes a reality.