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How to budget for a home renovation in 6 easy steps

Knowing how to budget for a home renovation is a challenge. However, we’re here to help. So, whether it’s a loft conversion, bathroom refit or kitchen upgrade, we’re going to go through the steps you can take to maximise your pennies and create a smart budget.

Knowing how to budget for a home renovation is a challenge. However, we’re here to help. So, whether it’s a loft conversion, bathroom refit or kitchen upgrade, we’re going to go through the steps you can take to maximise your pennies and create a smart budget.

Thankfully, our experts are more than experienced when it comes to calculating costs for various projects. So, read on for our top tips and resources.

How to budget for a home renovation

Planning is key when it comes to budgeting for a home renovation. Firstly, ask yourself these questions:

  • What rooms do I want to renovate?
  • Are there any issues that need fixing first?
  • What do I want the finished result to look like?

For example, if you want to renovate your bathroom by turning it into a wet room, you’ll need to consider the plumbing, layout and any waterproofing required.

Read our How to plan a house renovation and House renovation checklist guides before you get started.

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How do you calculate a renovation budget?

To get an accurate cost for any type of renovation, you will need to hire a surveyor or builder to carry out a thorough inspection. However, our following cost guides will give you a general idea of what prices to expect for each type of renovation.

What is a good budget for home renovation?

It’s impossible to say what a good budget for a home renovation is as it varies from project to project. The best thing to do is to search through our cost guides to get a good idea of the cost for the projects you want to complete. We have hundreds of cost guides for you to read!

Once you’ve worked out the high-level costs associated with your renovation, the next step is to start budgeting the smaller aspects. And don’t forget to update your budget as you go so you’re not left with any nasty surprises when the work starts.

This includes costs for accessories, paint, furniture and any further labour. It’s the small touches that transform your home, so don’t leave them out!

How can I afford to remodel my home?

Checkatrade guaranteedOnce you’ve worked out your budget and added on some extra contingency for any unexpected works, it’s time to collect a few quotes from the relevant tradespeople. Be sure to ask several builders, electricians, plumbers and painters/decorators to get some well-rounded offers before committing to one professional.

We highly recommend hiring a local expert your neighbours know and trust. When you hire one of our trusted members, you’re able to see their profile and view their customer reviews. Even better, those reviews are from your neighbours and checked by us to make sure they’re legitimate.

If you book one of our members for the job, we guarantee their work, which gives you extra peace of mind and security that you and your house is in safe hands. Doing it this way also avoids you going over budget for potential mistakes that happen when you hire unregulated workers.

If you’ve tallied up your budget and it still seems too steep, then we recommend carefully reviewing your budget to see where you can save money. Sometimes we need to make a few compromises on materials and layouts to make our dream home affordable.

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Should I hire a professional?

Calculator for how to budget for a home renovationIf you’re wondering whether you should hire a contractor or find individual trades to support your house renovation, we recommend getting quotes from both and choosing the most affordable option.

Another option is to hire a project manager to help you with your home renovation. Studies show that they can save you money long term, not to mention stress and time! This is because they keep you on budget and on track throughout the entire process. Read our House renovation project manager cost guide for more information.

To summarise, here’s how to budget for a home renovation in 6 easy steps.

  1. Decide on the room/s you want to renovate
  2. Calculate an average cost using our helpful guides
  3. Include both the high level and low-level costs to avoid overspend
  4. Review where you can save money on materials/layout/labour
  5. Gather various professional quotes before making a final decision
  6. Consider hiring a renovation project manager to keep you on budget

Did you find this guide helpful? If so, there’s more where this came from. Check out our blog for more how-tos, cost guides and inspiration to support your next house renovation.

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