Just as when we buy a house, almost everybody is on a budget when they’re renovating. It’s just a question of how big the gap is between our aspirations and our resources. But in recent years rising inflation has certainly meant that we now get less bang for our buck. That doesn’t mean that we can’t be smart with how we spend money on our homes. Here’s how you can spend your renovation budget wisely.
UNDERSTAND WHERE YOU ARE NOW
Before you can start any work on your home you need to understand what state it’s in now. What are the bare bones of the spaces you want to work on? Is the basic infrastructure sound or do you need to do some remedial work on the roof, doors and windows, electrics or plumbing? These are costly but essential items, so it’s crucial to understand how much of your budget they will take up. If you’ve recently moved and have had a full structural survey done, that’s a great place to start.
Once you’ve understood what state the infrastructure is in, move on to looking at all of the fixed furniture, fixtures and equipment, for example the flooring, bathroom fixtures, architectural lighting and joinery. Do they all need to be changed or could some of them be kept or redeployed, or even sold? Which surfaces need repainting? These items are also big investments, and if you ever sell your home and move, you won’t be taking them with you.
Finally, consider all of your moveable items of furniture, your soft furnishings, artwork and decorative lighting. How much of this can you keep for now, then update as and when you have the money?
Changing the infrastructure and fixed finishes and furnishings will cost you the most in terms of products and labour. They’re a big investment but will often increase the value of your home.
HAVE A GOOD PLAN
Once you know where you are now, you can start to develop renovation plans. Consider all the work that you’d like to get done, even if you can’t afford to get all the way there yet. This is the time to develop an overall design concept (including colours, materials, and style direction) and some initial layouts. This will enable you to work on individual areas while keeping consistent with an overall look, feel and flow. If you don’t put this groundwork in now, the risk is that you’ll develop things piecemeal, and end up with spaces that don’t connect with each other or feel part of one home.
Creating a consistent colour palette and selecting materials that will connect your space will make it feel integrated and coherent. Likewise, developing a floorplan will ensure that your rooms flow well into each other and function well within your home. It will also enable you to get some of the infrastructure work done in a way that will minimise the need to redo work further down the line.
Whether you’re working with an interior designer or on your own, make a note of any specific finishes, pieces of furniture or fixtures that embody the look and feel you’d like to create at home. It will help you and anyone you’re working with to understand your aspirations, and to build an initial budget.
DRAFT A (FLEXIBLE) BUDGET FOR THE BIG TICKET ITEMS
In truth, budgeting for any home renovation work isn’t a straightforward or one-off task. It’s an iterative process: you put some initial figures in, based on roughly what you think you want to do, or have to spend; then you gasp, have a rethink, and make some adjustments! But just because the first draft isn’t quite right, it doesn’t mean it wasn’t useful.
Start by putting in some top line figures for any infrastructure work that you know has to be done. Then move onto the fixed furniture, fixtures and equipment that you think you need to replace. Remember to factor in both the products and the labour. Finally, add any loose items of furniture or decoration to the list, based on products that you’ve seen and liked. Having all of that information in a spreadsheet will highlight whether your plans are realistic, and over what period of time you might need to phase this work. If the first cut is more aspirational than realistic you can go back and redraft it, removing or amending items that you can live without or leave undone.
WHERE TO SPLURGE AND WHERE TO SAVE
Buy the best quality that you can afford, because value isn’t just about price, but about how enduring and resilient a material or product is. There’s a well known saying: “buy cheap, buy twice”, which definitely applies when it comes to all things interiors. Don’t skimp on flooring, worktops or taps. Instead, save on soft furnishings and furniture by buying second had or using what you’ve got in the short term.
Any kind of custom joinery will be expensive, and you won’t be able to take it with you if you move. Freestanding furniture can be more affordable and useful long term. Alternatively you can go for bespoke flatpack joinery which comes in somewhere between off the shelf and full bespoke. You can also save on kitchen carcasses by buying them from Howdens or Ikea and adding custom fronts for an elevated look. However, it often makes more sense to have wooden cabinets that you can repaint over time. Buy for the long term whenever you can – it will save you money and is better for the planet.
EMBRACE SLOW RENOVATING
Good homes take time. We need to live in them to understand their particular character and potential. There’s also a unique sense of satisfaction that comes from creating a home that evolves rather than appears overnight. Having said that, there are always occasions when a full, top to bottom renovation is required. That’s when the delayed satisfaction comes from saving, planning and anticipating the day when you can finally press go on your plans. The journey is as important as the destination, because your relationship with your home will develop and deepen through this process.
So do what works for you: take one room, one floor or one issue at a time. Parcel up bits of work that make sense to do together. If you’ve followed the steps above you’ll have established everything you need and want to do already, and you’ll be able to put together a logical scope and sequence of work.
USE PROFESSIONALS STRATEGICALLY
We’re all different in terms of our appetite and capability for creativity, DIY and project management. If you’re clear on your own skills and capacity you can bring in professionals strategically for some or all of the work. For example, I offer three levels of service: advice only, design, and implementation. You might only have the budget for advice, and then will feel confident enough to make decisions yourself . Equally, you might want to invest in some designs – mood boards, concepts, layouts and sample boards. These will serve as a blueprint for all of your renovation work, and you can bring in your own contractors when you are ready to proceed. Or perhaps you want to hand the whole process over to save you stress and time.
I hope this post has helped you to understand how you can spend your renovation budget wisely. If you’d like my help, send me a message telling me a bit about your project.