Budgeting for a Home Renovation: What You Need to Know

Renovating your home can be an exciting journey, but without proper budgeting, it can quickly spiral into a stressful and costly experience. At All Innovative Building, we believe in transparency and planning to ensure your renovation stays on track. Here’s what you need to know about budgeting for your project:

1. Understand the Key Cost Components

Renovation costs typically fall into three main categories:

Labour and Materials: This includes tradespeople, fixtures, finishes, and raw materials. For example, high-end finishes or custom cabinetry will significantly increase costs.
Permits and Approvals: Depending on the scope of your renovation, you may need council approvals or permits, which can add to your budget.
Contingency Fund: Always allocate 10–15% of your budget for unexpected expenses, such as structural issues or material price increases.

2. Avoid Hidden Costs

Many homeowners underestimate costs by overlooking items like demolition, waste removal, or temporary accommodations if you need to move out during the renovation. A professional builder will outline these upfront to avoid surprises.

3. Choose a Fixed-Price Contract

Opting for a fixed-price contract ensures you know exactly what you’re paying for. At All Innovative Building, we provide detailed contracts that cover every inclusion, so you’re protected from unexpected costs.

4. Prioritise Your needs

Focus on the areas that will deliver the most value, whether it’s a kitchen upgrade, additional living space, or energy-efficient improvements. A clear scope of work will help you stick to your budget.