Five ways to mitigate rising renovation costs
Vanessa Walker, Editor of leading home renovation and design platform Houzz.com.au, shares tips from the community to help homeowners offset the inflation that has had a major impact on renovation costs.
From extending to meet the needs of a growing family to adapting a home for changing circumstances or making it feel more comfortable, there are many motivations behind taking on a home renovation.
Australians spent just over $3 billion on home renovations during the June 2022 quarter.
With rising costs, it may seem daunting to take on a project now but the process can still be very rewarding, plus provide a good return on investment.
- Make a thorough plan first
Creating a renovation plan and budget should always be a number one priority for anyone taking on a home improvement project, but at times of greater uncertainty, it is even more important to draw up a detailed budget.
This allows you to fully understand the scope of the project, highlight your priorities and pinpoint areas for potential savings early on.
- Seek out fixed prices where possible
With prices rising, it is worth enquiring with professionals about fixed-price contracts. Designers advise that where possible, they will try to offer their clients stability by ensuring contracts are as fixed as possible, especially when construction costs are confirmed.
- Ask about alternatives
When trying to trim costs, ask your professionals whether there are any opportunities to use alternative materials or building methods that may incur savings. Professionals suggest reducing structural work and using alternative methods for building walls and floors, where the majority of the cost goes in a large-scale project, which could offer some savings.
- Carefully consider your wish list
It pays to do your homework before you start and really consider what you do and don’t need. The clearer you can be with your designers and builders on what you want, the more efficient your project will be, helping to keep costs down.
- Source and order materials early on
With costs fluctuating on materials, it may be worth discussing with renovation professionals whether it’s best to buy now and stave off potential price rises later on.
If you have the option to safely store deliveries at the project site, this could also help to ensure materials are ready when they’re needed. This will also avoid any potential hold-ups–and in turn unexpected costs due to delays or longer than expected lead times.
If storage is not possible, try to negotiate future delivery dates with vendors.
