Whether you are renovating to add value to your house or flat, or simply to improve the comfort of your home, your budget should be the guiding light for your project.
Planning, managing and monitoring your budget is essential.

1- Decompose

Divide the cost of your project into several categories.

The first step is to make a detailed list of the costs that will be incurred during your renovation. Ideally, you should break this down item by item. For example, the "demolition" category can be broken down as follows: demolition work, rubbish removal, site clean-up, hazardous materials disposal (if applicable), etc.

Splitting the budget will allow you to plan better, to control expenses and to stay on target.

2- Ask the experts

If you have never done a renovation before, it can be difficult to know where to start, and especially how to estimate the budget categories. So, to get started, talk to various suppliers or tradespeople. Use their expertise to project the expected costs for all parts of the renovation. By using this method, and once you have some experience in renovation, you will have a clear and detailed breakdown of what needs to be done to budget for the future.

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3- Pprovide a margin

Allow a margin of 10-15% in your budget.

There is likely to be an "unexpected surprise" on top of the expenses already included in your budget. This may seem like a lot, but if you're just starting out in renovation, it's best to have a safety net. This means that if an unexpected expense occurs, your budget will not be impacted.

4- Track your expenses

Use a simple spreadsheet to track your expenses.

It is all very well to have a budget, but now you need to stick to it. To do this, the budget requires constant attention. At least twice a week you need to look at what has been spent on all aspects of the project.

Using a simple spreadsheet, you can track your expenses and see if there are any variations from what was planned. This will help you make future decisions, and keep you on budget and on target for a successful renovation.

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