Home Reno Budgeting Basics

Home Renovation

Lifestyle

Team MONEYME|13 October 2020| 4 min read

When it comes to planning a home renovation, the first and most important step in the process is setting a realistic budget and sticking to it. Renovating your home is a great way to add value to your property, improve its liveability and level of comfort while you’re still living in it, as well as make smart additions or upgrades to help keep your home as energy conscious and economical as possible.

Renovate the SMART way

There are a lot of resources available to help you keep your project within budget and while you’re in the planning phase, consider the SMART project management approach:

S – Specific

Make a list of what you want to replace or move and be as specific as possible, right down to the nitty-gritty details. Getting specific as early as possible will help you frame costs and develop a complete scope for your project.

There are lots of design resources available online to help you pinpoint the look and feel that you’re going for so spend some exciting hours trawling through ideas to find what works for you and your space.

M – Measurable

What will each item or phase of the project cost? Costing your project can seem a bit overwhelming at the start but choose just a section of it – such as your dream bathtub or the placement of new plumbing outlets like a shower – and start from there.

Start with the biggest updates or changes and find some local tradespeople willing to quote you for what you’d like to see done. There is a range of discount and wholesale providers to choose from that could make you substantial savings over the long run.

A – Attainable

Consider whether the home project you have in mind is feasible and affordable. How are you planning to finance your renovations? Will you be looking to apply for easy loans to get the extra cash you need or are you planning to use your savings to finance the project?

Other things to consider include how disruptive your home renovation might be. Also, remember to put every expense into your renovation budget to keep a close eye on expenses and ensure you’re covered for every eventuality. Or, as covered as you possibly can be.

Financing your renovation project can be done in a couple of ways: You can use your personal savings or apply for renovation loans or personal loans. For instance, MONEYME specialises in offering access to easy loans at great rates. Approvals are quick and once you have accepted your quick loan contract, funds are usually released immediately. In some case, this might mean you receive your cash loan the very same day.

R – Realistic

The design ideas you have in mind for your home renovation should match the budget you have or the funds you’re about to get.

If you have costed your project completely and found that your savings balance is a little shy of what you need then you have a couple of options: shave down the project so that it falls within your original estimate or choose quick loans to top up your balance.

T – Time-bound

Renovations in the family home can be hugely disruptive so plan for interruptions to your regular routine. Here’s a couple of things you might want to consider:

Try to get some time off work. It might be a good time to check with work and see whether you can get some time off at the start of your project or, if you are managing the project yourself, consider taking some annual leave for the entirety of your renovations.

Be the primary contact person. Being the single point of contact for your tradespeople to reach at all times is a great way of ensuring that you remain on top of every aspect of your renovation project and ensuring that everything goes just as you planned it.

Have a little extra for reno expenses

If you do decide to apply for a cash loan and use those funds for your planned renovation, then consider checking how affordable that loan really is using a personal loan calculator. These tools are designed to break down the total cost of both short term loans and larger personal loans to give applicants a complete picture of what is payable over the term of your loan.

Loans from MONEYME are available from $2,100 to $50,000 and applications are quick and easy. Apply online with us in a matter of minutes. Once approved and your online loan contract is signed, the funds are released same day.

Get in contact today with our friendly customer service team to discuss your options for a renovation loan or apply online today to finally start your dream home renovation.