The true cost of a Spring spruce up

Spring is in full swing! As the sun is shining and the weather entices us ever outside, it’s a great time of year for home improvements and renovations. But before you ruin your Christmas holidays with  renovations  that have taken too long to finish and cost more than your initial house deposit did, here are some quick pointers to make sure your Spring spruce up runs on time, and more importantly, to budget.

Determine what work needs to be done

Take the time to walk around your property and decide what “needs to be done now” in terms of maintenance and security, and what would be a “nice to do”.  If you have big plans that will require council permission, make sure you ask the experts for input and advice. Use this time to plan what schedule you would like the work to follow, and what order you need your tradesmen to work to so that the process is as efficient as possible.

Remember that little things can make a big difference. It’s important to decide early if you are after a full blown renovation, or just a simple tidy up. Sometimes doing something quick and easy like changing a light fixture or painting the walls can breathe a big burst of fresh air into your home.

Set a budget, then add a buffer

If you’ve never renovated before, it can be difficult to know where to start with estimating your budget.  Step one – ask a lot of questions. Use tradie’s expertise to anticipate costs for all facets of the renovation or landscaping. If you’re just doing something small like a paint job, or some planting, think about the costs of materials, and time investment. Write all this down in a clear budget. Once you agree to your expenditure, it will provide clarity and ensure things don’t spiral out of control.

It’s also wise to allow a 10-15% buffer either side of your total projected costs – as a ‘just in case’. With unpredictable weather, or other commitments, it pays to cover yourself should things push out.

Secure financing, if you need to

Once your budget is set, you need to think about where the money will come from. There are many ways you can finance your renovations: dip into your savings (or the bank of mum and dad), take out a home equity loan, redraw from or refinance your current mortgage, use your credit card or take out a personal loan.

Which option is right for you will depend on your individual circumstances, and what you want to achieve. That’s where we come in. We can help you determine which option best suits your needs and serviceability.

Track your spending

So you have made a budget, and you have organised the funds. Now, you need to stick to it. We suggest you use a simple spreadsheet to track your expenditure. Remember, your budget needs constant attention. Make sure you continually assess what has been spent on all aspects of the project. Using a spreadsheet will allow you to easily and quickly see when and where costs are starting to blow out – so you can jump on the front foot.

Enjoy it

The sun is out, you’re investing in your property, and we wish you well! Remember, good planning and sticking to your budget will help to make this an enjoyable and successful experience.

If you’re planning to renovate or spruce up your home this Spring, we can help with finance options! For more information, contact us today.