Renovation budget: how to work it out and stay within it
Almost everyone who has renovated says the same thing: "it cost more than we thought". Usually it is not about greedy builders. The budget was simply based on a hunch. Here is a calmer way to approach it.
What the cost is made of
It helps to split a renovation into four parts.
- Labour. Demolition, partitions, electrics, plumbing, plaster, screed, finishing.
- Rough materials. Mixes, cable, pipes, studs, plasterboard. You do not see them, but there is a lot of them.
- Finishing materials. Tiles, flooring, panels, paint, doors, plumbing fixtures, lights.
- Furniture and appliances. Kitchen, wardrobes, sofa, bed, household appliances.
Many people count only the third and fourth parts, because they are easy to picture. Labour and rough materials then come as a surprise.
Estimate from a design, not by the square metre
A "turnkey price per square metre" is fine as a first guide, but not for a decision. Two apartments of the same size can differ in cost several times over. It all depends on the state of the walls, the number of bathrooms, the complexity of the ceilings and the materials chosen. An accurate estimate is only possible once it is clear what exactly will be done. That is what a design is for.
Keep a contingency
Something goes off plan on every site. A wall turns out less straight than it looked, the tile you chose runs out, you decide to add concealed lighting. It makes sense to set aside 10 to 15 % of the estimate from the start. If you do not need it, spend it on furniture or decor.
Where you can save
- Complex ceilings. A flat ceiling with well-planned lighting looks just as good as a multi-level one.
- The number of different materials. One floor finish throughout is easier to lay and cheaper than three different ones with thresholds.
- Decor. You can add it gradually after moving in.
Where not to save
- Electrics and plumbing. Redoing them after the finishes costs many times more.
- The base of floors and walls. A poor screed will ruin even expensive flooring.
- Bathroom waterproofing. A leak into the flat below costs more than all the tiles.
How to keep the budget under control
Keep a simple table: item, planned, actual, difference. Check it after every stage. Buy materials from the schedule, not on a whim in the shop. Before agreeing to any change in the design, look at what it does to the cost and the timeline.
If you want to understand the budget before work starts, begin with a design project that includes a materials schedule. We also help with sourcing materials and furniture, so prices and delivery times are known in advance. The order of work is covered in our article on renovating a new-build apartment.