Before you start renovating your apartment, you have to know how much you need to spend for the project. Doing so is necessary if you wish to avoid financial problems along the way.
What Needs To Be Done?
The first thing that you have to do is to create a list of the all the tasks that needs to be completed for your apartment renovation. You have to include everything even if it is a low-cost item. You can do this on your own or hire an expert who can help you. You can always seek out the advice of a quantity surveyor or a renovation consultant.
Should You Include The Moving Out Cost?
Of course, the answer is yes. At first, you may think that you can live in your apartment while the renovation is being carried out. However, this could be difficult especially if your space is quite small. If your apartment has limited space and the renovation project is sizeable, you need to move out and temporarily rent another place or stay at your friend’s home, for instance. Do not forget to double your moving out a budget to cover unexpected expenses.
Once you have listed all the required jobs, start breaking it down so you can determine which types of experts you need to hire. Doing so will help you with it is time to ask for quotes. If you are already obtaining quotes from various trades and you have plans of sourcing the materials yourself, be sure to inform them about that, too. In addition, you need to expect some additions to the costs for unexpected things from the potential tradespeople that you are planning to hire.
It simply involves the prices of certain items that are usually not included in the quotes but would be required during a renovation. These include skip bins, labor costs, as well as some unexpected structural expenses. Add these to your budget even if you are not sure if you will actually need them. Regardless of how much you think you will need for the renovation, always add up to 20% more as a contingency plan.
Add Them All Up
Add all of the costs that you have listed and check if you have the cash to proceed with your renovation project. During this phase, try to figure out if you there is any way for you to cut back. Once you have an estimate, it is time for you to check your savings or talk to a financial institution and ask for some recommendations as to how you can cover the cost or ways for you to make up for the shortfall.
By knowing your budget ahead of time, you will have a good idea of how much you need to save for your desired renovation. There are various ways to help you start your savings plan. You may choose a savings account particularly those that offer bonus interest. If you already have some savings, you might want to consider a term deposit. Sorting out your finances can be a difficult task. Moreover, situations vary from one person to another so you cannot assume that what works for someone you know is also applicable to your circumstances. To be sure, you can always seek the help of a financial expert.
Joe Nahas is one of the most successful developers that you should become familiar with. You can find some great concepts from his latest high-rise buildings. Acquainting yourself with the designs of his buildings will give great ideas for your desired renovation project.