HOW TO CREATE A BUDGET FOR YOUR HOME RENOVATION IN NEWMARKET PROJECT

Your Wish List

A wish list can sound trivial but it is essential when doing a home renovation in Newmarket. Your list should include items that you’d like added into the project with a ranking system. What we advise our clients to do is to divide the items into 2 categories:

• Things You Need
• Things You Like

The first category is items that are essential and of great importance to the project. The second category is for elements that you’d like to have but are not essential and thus can be scrapped if the budget becomes tight. By grouping the elements in such a manner, you make sure the process is well thought out and realistic.

As experienced contractors, we have done many home renovations in Newmarket. Feel free to consult with us for guidance on how to properly draft your wish list.

Setting Priorities

This step is very similar to the first, however there is a slight difference. For this stage, you must create a set of goals before the renovation process begins. The goals should describe a clear image of how you’d like to improve the space. When setting priorities, consider the following:

• How you’d want the lighting and brightness of the room
• How you’d want the space to be used or split up

These are two key things that’ll help in the formulation of the design.

Create a renovation budget spreadsheet

This is a crucial step when considering a home renovation in Newmarket. A budget spreadsheet will help you manage the costs of the project and make sure you stay within your estimated overall cost. This spreadsheet should not be complicated. The main aspects/headers that should be included are: the items purchased, estimated costs, actual costs, and lastly added costs. Of course, some research needs to be done to come up with the estimated cost. Atera Construction and Home Renovation can help you with project budgeting by guiding you in selecting cost-efficient materials for your budget.

Last Steps

• Don’t forget taxes and shipping

Make sure that your spreadsheet accounts for things like taxes and shipping costs. Purchasing online can sometimes fool us because we sometimes forget about the taxes and shipping expenses at the checkout. Make sure to have a realistic approach to taxes and shipping costs.

• Ensure no budgeting mistakes

Budgeting mistakes do occur. We are only human after all. These mistakes are generally in the form of additional costs that were never considered. At Atera Construction and Home Renovation, we always inform our clients to share their budget plans with us so that we can help. We can have a professional go through your budget. They may notice potential added costs that you may not have seen otherwise.

• Consider Changes

Often it happens that as your home renovation in Newmarket starts, you may decide to add a few more elements. That is why it is wise to include about 10% extra in your budget for ongoing changes. The added element of change may come with extra service and installation fees, so always be prepared for the additional costs.

• Recognize the hidden cost for custom finishes

Custom finishes might look nice, but they do come with their headaches as well. Custom materials might delay the project due to late arrivals or difficulty in installation owing to their unique nature. Both scenarios will add to the cost of the project, so be sure to keep that in mind or go for a stock finish.