You need money to renovate – that’s called simple math. But how much money do you actually need? How much should you be investing in your home? How does one go about finding WHAT it’s actually going to cost?
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Money to Renovate
I follow a pretty structured way to come to a final renovation budget.
- I already have a design plan in place where the trades can provide me the most accurate quote for the labour.
- My clients and I have a good idea of what ‘pretty’ will go into the space. I start pricing out each product and adding that to the budget.
- When I pull the labour costs + the product costs together, I get a final budget.
The labour budget and the product budget, when added together, are more money than we thought.
most every client
This is SO common. I guess we have unrealistic expectations to thank for that (TV – I’m talking to you!)
Some people think the trades should sharpen their pencils however, I personally get great trade pricing that I pass onto my clients. I also know it’s not cheap to live where we do so prices will not be super low.
I run my company using best practices and best trades. While my trades may not be the cheapest, they are extremely qualified to carry out great work that I can stand behind. I want the best for my clients. I also want the job done right the first time. Ain’t got no time for half-assed work!
Splurge or Pinch?
Part of working with an Interior Designer who is also going to manage your project, is having them walk you through the entire process. When we have to revisit a budget, I call it the juggling game. There may be places where you can ‘splurge’ while there are other places where you can ‘pinch’. Every renovation has this scenario! Every. One.
Is there a huge difference?
Do you see how the product budget can be manipulated?
I often loose sleep over renovation budgets. It is a painstakingly process I go through to review the trade quotes, the product quotes. I see where we could pinch (if need be) to ensure my clients are getting the absolute BEST service they can receive.
Looking for more information regarding budgets? I’ve put together this mini e-book that goes into more detail.