The home renovation comes with a price, and sometimes it may be hard to know the exact money needed for the project; anytime you are excited to embark on your home renovation remember there are ways to create a home renovation budget without compromising your other finances.
Whether you are planning a small or big home renovation, like installing a new kitchen floor or putting new cabinets, before you know it the cost of the project keep on pilling up and properly at the initial stage you have budgeted
N 200,000, for the project, you keep adding up to what to renovate and the project spiked up to N 500,000, how do you inculcate this into a walkable plan without creating a budget.
If you don’t want to go bankrupt renovating your home, you need a plan that helps you take control of your home renovation budget, this article will show you how to create a smart budget for the project and add real value to your home.
How Much Does It Cost to Renovate a House in Nigeria?
Many factors determine the cost of a home renovation project, some including room size, cost of materials, type of work needed to be done, and how big the project is, your renovation project could cost around
N 5,000– N 50,000 per square foot and some projects cost more per square foot.
The best and smartest way to create a home renovation budget is to list out the renovation projects you want to do and price them. Get bids for the project in different places, but the most important by start ranking them by priority and start a detailed budget for the project you want to be done first.
How Much Should You Spend on a Renovation?
It doesn’t make sense to spend half the price of your home on renovating a room or two that may in the end add no balanced value to the house. The best thing to do is to look at your current monthly budget and go from there with your renovation plan.
If you are making an income of
N 600,000 per month and you live in an N 350,000 home. Ideally, you‘d like to make N 300,000 worth of renovations to revamp a few things in your house, If you can save N 30,500 a month for renovations, you can tackle half of them within the first year of saving.
The 3 Ways to Create a Home Renovation budget
You can’t wait until you have the complete money for your home renovation project, start moving the project with what you have by these simple three smart steps to create a home renovation budget for yourself.
1. Prioritize Projects
If you want to renovate your home, it is better to go with most important than making it general when you don’t have all the money yet, let say a room has eroded to a point where you can live in again, and you have a kitchen furniture you want to furnish.
The deteriorated room need urgent attention than the kitchen. Let your budget start with the room and pick others along the line as you have money funds to do the renovation project.
Start with the popular home renovations that add the most value to your home and bring the most satisfaction to you as the homeowner.
2. Sum up Costs
Now that you have decided on the renovation to start with, get your calculator and break down the cost of everything that will be needed —including labour and materials to be used. You will need to spend a little time to make research to gather up the data needed.
To be real with your project you need to get all contractors you need and talk with them, this will give you the exact figures so you can be realistic about what you can get done with your budget.
With these, you will have a better idea of how much money goes into your renovation project and how you can reduce some cost.
3. Receive bids from Contractors
At this point, we assumed you have talked with contractors, you must have asked from local areas or through the internet, ask from as many legit contractors you like to work with.
Get project bids and timelines from each one and compare pricichoosechoice from the most affordable to reduce your home renovation project costs, but be very careful not to be tempted to go with the lowest bid, it might have finished the shed project.
How Do I Cut Renovation Costs?
There is no better way to lower your renovation costs than going for a DIY home renovation approach.
If you can do some project yourself, try to do it, it is better than paying some else that will charge you more for it.
It was recorded last year that more than a third of homeowners did their entire renovation projects by themselves; you can join the league of homeowners who opt in to do their home renovation project on their own.