What can your renovation or building budget afford? - Episode 3 (Launch Season)

What can your renovation or building budget afford? - Episode 3 (Launch Season)

This episode uncovers question 3: What can your budget afford?

Ugh … money. At some point it was going to get here, wasn’t it?!

Budget is the main thing that concerns homeowners embarking on their project. What will my build or reno cost me? And will it blow out along the way?

In the last financial year (2015/2016) Australians spent a record $7.7 billion on home renovations according to the latest ABS figures.

That’s over $150 million a week.

The figures for new homes are similar.

When most of us tackle a renovation or new build, we have a figure in mind about how much we’d like to spend on our project. So our research and preparation becomes a study in what our money will buy us. How far we can stretch it, and whether it’s enough for the dreams we have for our home.

Amelia starts with this advice. Do not ignore your budget. Do not avoid setting one. Doing this work early is one of the most significant things you can do to preserve sanity for your project, and not have it run away from you.

It may sound obvious. However, the countless conversations Amelia has had with homeowners that have got terribly awkward when she's asked “OK, so what is your budget?” shows her the gaping hole in how we plan our projects!!

Set a budget early. Of course, it won’t be perfect, or fixed, but don’t let this stop you! Start crunching the numbers and determining rough estimates for your plans. Then you can finesse and firm up as you progress along your journey.

There are many free online calculators you can check out. This is a fave:

Home Design Directory

And cost guidelines are also useful for new homes:

Construction Cost Calculator

Flip your thinking …

Your budget is actually what is enabling you to undertake this project. Many homeowners see it as a limiter, because it never feels like enough to do all the things they want it to do.

This may sound a little woo woo … but if you see it as a limiter, you’ll be fighting it every step of the way.

Instead, think of it as the tool, the facilitator, of your build or reno. It’s fantastic that you can access these funds to create a home for your family! Don’t be scared to talk about it, and keep tracking it the whole way through. Educate yourself on what things cost, how to stretch your budget, and empower yourself to invest it well.

Amelia is a firm believer that your home can be great, whatever your budget.

How do you get bang for buck?

  • Get professional help
  • Take your time in preparing
  • Be aware of the costs in the things you don’t see

Head to the podcast now for more detail on my tips to get bang for buck in your project.

FOR RESOURCES MENTIONED IN THIS PODCAST CLICK HERE

See omnystudio.com/listener for privacy information.

Jaksot(396)

Outdoor living spaces and swimming pools - Episode 11 (Season 2)

Outdoor living spaces and swimming pools - Episode 11 (Season 2)

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15 Touko 201728min

Stairs and Garages - Episode 10 (Season 2)

Stairs and Garages - Episode 10 (Season 2)

Stairs and garages. Whilst it may seem odd to put these two items together, there’s a few things they have in common. Firstly of course, they don’t need to go into every home. If you’re renovating o...

8 Touko 201726min

Study nooks, studies and home offices - Episode 9 (Season 2)

Study nooks, studies and home offices - Episode 9 (Season 2)

Listen to this episode to learn how to get it right in your study nooks, studies and home offices. Our lives are busy. And whilst we do what we can to bring intention and quiet into them where possibl...

1 Touko 201723min

Secondary bedrooms for your kids and guests - Episode 8 (Season 2)

Secondary bedrooms for your kids and guests - Episode 8 (Season 2)

This episode is all about secondary bedrooms. “Secondary bedrooms” is the terminology Amelia uses to refer to any bedrooms that aren’t the main bedroom. These can include: Nurseries for infant babies...

24 Huhti 201730min

Wardrobes, linens, laundries - Episode 7 (Season 2)

Wardrobes, linens, laundries - Episode 7 (Season 2)

In this episode, Amelia will be talking about wardrobes, linens, laundries and mudrooms. She'll also cover walk-in robes and other storage. These spaces can be important to get right for a home to w...

17 Huhti 201729min

Bathrooms, ensuites and powder rooms - Episode 6 (Season 2)

Bathrooms, ensuites and powder rooms - Episode 6 (Season 2)

This episode is about the wet areas in our home, namely bathrooms, ensuites and powder rooms. These are cost-intensive areas in our home. They, as well as our kitchens, will have the highest cost ra...

10 Huhti 201728min

Bedroom Number 1: Your master suite - Episode 5 (Season 2)

Bedroom Number 1: Your master suite - Episode 5 (Season 2)

The main bedroom of the house … Bedroom Number 1. This can be simply a bedroom, or it can be arranged in combination with extra or attached spaces such as a walk-in-robe, ensuite and even a parents’ r...

3 Huhti 201726min

All things kitchen (including butlers, walk-in pantries and appliance cupboards)  - Episode 4 (Season 2)

All things kitchen (including butlers, walk-in pantries and appliance cupboards) - Episode 4 (Season 2)

There’s a huge amount to consider when it comes to designing your kitchen. And it, more than any other area of your home, you can feel a lot of pressure that you’ll stuff it up. This episode is about...

27 Maalis 201735min

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