Figuring out your budget when remodelling

When you are renovating, understanding your budget requirement is key.

Before you jump in, there are a few things you can think about which will help you to understand how much it is going to cost. Bare in mind, if you want an amazing design, you need to be able to finance accordingly. You must be realistic with your ideas and do your research. Understand that you cannot get a £90K design for £10k. If you want something that will put you ahead, consulting a professional design practice, like Astounding Interiors, will help you in this area. It is our job to innovate with design. We have experience in all the areas, which can save you time and money. Experienced professionals, like the designers at Astounding, will be able to make your budget go a lot further than you can, so hiring a professional is worth a review. Consider carefully how much you can afford and how much you are willing to invest in getting the design right first time. Understand whether you are looking for a cosmetic renovation or a structural one too.

The first thing to consider is the size. If you have a large site, you are likely to need a lot more money. You can hire a professional to survey the property, once surveyed they can go away and draw up an estimated cost. They will be able to deal with the planning and regulations on your behalf. However this additional service will cost you money to undertake.

We always recommend that you research.  When you are renovating it is good to understand what is out there and find reference images, these can be a style of furniture, existing designs, an inspirational image you like, a mood, or even a period or genre.  All of these are good at informing you what sort of style to go for; the style you choose can influence the price range massively.

Read the regulations. The regulations will inform you about what you can and cannot do with the property. This can also inform you about how many people you can comfortably fit into your location. This will inform the quantities of furniture you will want to be purchasing. Do not forget, if you are buying in bulk, it is always good to see if there is a discount available.

Check the plumbing, lighting, and electrics. If you plan on moving these facilities around, this will cost you money, as you will be altering the structure of the building. We would advise you to pay a professional to undertake this, in order to prevent any accidents from happening or problems arising later down the line. These problems, if not addressed correctly the first time can cause a domino effect of other problems, which can create an expensive feat to cover.

Check the condition of your home. Look for underlying problems with the site, including issues like damp, woodworm or rot. Get these addressed in advance, if they are left unaddressed they can create problems which will be more expensive to resolve later down the line.

When you renovate and work with a designer, it is always good to get confirmation of changes or ideas in writing. By having everything in a written format, both you and your designer will be on the same page and will be able to use these points as reference, this will make the process smoother and help you to reach a design solution faster. This is a tactic, which will save you both money, as it will mean there is fewer design mistakes and you will be able to complete and open the establishment.

Hiring a designer will save you money long term as they can ensure the venue stands the test of time, that it is also effective and efficient, ensuring you won’t have to renovate the site too frequently to stay current.  This criteria should be addressed when setting out the brief, from here the designer will be able to provide a concept which can stand the test of time and the remains resilliant to turbulent changes in trends. There will often be a design free, but this will cover the costs of studio time and the designers required.

A good design practice will also be able to get you discounted prices on furniture, which you may not be able to get, as well as the access to styles are not always readily available on the high street. This service at first glance may seem daunting but the cost benefits you can reap out-weigh the negatives. At Astounding, the products we supply will be of high quality, so while it may seem expensive because when you look online you can find a piece of furniture, which looks similar for next to no money. Remember that you are probably not buying the original product, instead getting a rip-off copy that will not stand the test of time, and be prone to breaking. So, before you scrap your designer, consider whether you want to spend a little more money the first time, not having to fawk out large amounts of money later down the line replacing the knock-off look-a-likes.

When you are at the stage of selecting materials, you should fully understand the function of the room. This information can include, (if it’s a venue related to hospitality) the type of music genre? If it is a club, you should use hardwearing durable surfaces, if but it is a lounge, considering more luxurious, soft surfaces. Doing research like this will help you to form an idea of how much the finishes will cost.

Prioritise everything.  Look over your entire wish list and decide what you can compromise on and what is a necessity.

Geographical location: Take into account where your site is located. If it is rural or in a high street. This will effect transport costs and if it on a narrow road or high street consider the cost of lorries, skips etc. to get to your site. As having to arrange a road closure will also cost you money.

Finally, take into account how much work you want to do, consult a builder/construction company, as they will tell you how long it will take and provide you with an estimated quote of how much it will cost to execute the final design and demolish the existing. Remember that these quotes will be subject to change. If you have problems on site or with deliveries, etc. then these will cost money. The chances are, the final design you go for, will grow and change as you develop the property and as a result, the cost for you to hire the builders can increase or diminish. Like anything with building work, take care to protect any important walls, fixtures or floors.

In the early stages, it is best just to create an estimate cost. Overestimating by a little, is better than underestimating by a lot and can result in you being in a situation where you cannot finish the job. Keep in mind money for flexibility in case you have an issue during the construction period. Knowing your priorities and limitations will enable you to know where you must cut the project back.

When budgeting, you can make your life easier by setting up spreadsheets, which will help to keep your spending and payments organised. Keeping track of where you are investing your money is crucial. Once you have estimated costs being able to go through the spreadsheet, and make adjustments as you go will help you to keep track of the pennies, it can be easy to get carried away with your spending, knowing how much you are setting out to spend in the various zones will help to manage this process. Plan it all out in your spreadsheet the first time around, when you find a product; make a note of the colour, finish, quantity, the cost, where you bought it from (website and company) etc. By putting everything in one place you can see where you are spending your money. If you are buying multiple items from one company you can time when you purchase items (when buying, remember to check the lead and delivery times of the products, this is espicially important if you are trying to meet a deadline). Having all these details on your spreadsheet will help save you time and money, as instead of wasting energy finding all the products all over again, you will know exactly what you are buying and where you are buying it from all, in one place. Consider opening a new account at the bank especially for the project. This way you can balance your renovation and personal life/necessities accordingly.