Re-building a house is a beautiful phase and is a blend of the home renovation budget, time in hand and scope of the plan. Many people renovate their existing homes to enhance the comfort and convenience of living and make it look modern. Some people buy pre-loved homes and renovate the space to match their needs and tastes. The renovation project comes with a lot of direct and indirect costs, which ultimately frame the budget. Take a look to know what are the costs involved and how the budget is planned for home renovation projects. 

Need for Home Renovation

House renovations can upgrade your home’s look and feel and make it more functional, spacious and modern. It can also fix structural issues like leakage, cracks and blocked drainage. Take a look to know the reasons why the home needs a renovation.

Boost in Functionality 

Home renovation makes the home space functional by utilising the area wisely and intelligently. The renovated home always looks more organised, clutter-free and cleaner. 

Boost in Aesthetics

As renovated homes look cleaner and tidier; the aesthetic quotient of the house increases. It makes the space look pretty, and appealing for tenants or buyers.

Increase in Property Value 

It is needless to mention that the property value increases in newly renovated homes. So, if you are planning to rent it out or sell it shortly, an affordable renovation solution is a great investment. 

Structural Rectifications

Renovations help in correcting structural damages and flaws like leakage, cracks and breakage, that may have occurred over the years. 

Essential upgrades

A turnkey renovation project aims to upgrade the home wholistically. The plumbing, electrical and civil work are done to upgrade the home and make it more modern and trendy. 

Increase in Space

Any plan and design for renovation shows an increase in useful space. As the project involves the use of a smart and modern modular set-up, the available area increases for other functionalities. 

Steps of Home Renovation 

Planning

Whether it is building a new home or renovating the existing one; everything starts with brainstorming and planning. To make the process extremely organised and seamless, a proper plan is to be laid. During the planning stage, the scope of the project, the features and upgrades to be done, the must-haves and the timeline are decided. The scope of renovation should be planned in detail, encompassing every minor change and facelift of the house. 

Budget

Once the planning is in place, it is time for budget- the most crucial part of any renovation project. It is very essential to get a detailed estimation of cost breakdown for renovations from friends and acquaintances who have already redone their spaces. Plan and fix a budget and then revisit the scope of work with better clarity. If the cost estimates are out of your budget, revisit the home remodelling project plan to eliminate elements that are not high priority. You should also request estimates from multiple contractors to find the best option for you. The budget should comprise the costs for permits and construction materials, labourers, installation charges and other direct and indirect costs. 

Engagement with Contractors

The next and most demanding stage is engaging with contractors and sub-contractors and bringing them on board. The entire team needs to be hired and briefed about the project so that execution starts on priority. Choosing the right contractor is a challenge. It is advisable not to go by words. Check their years of experience, quality of past projects delivered, feedback from past clients, and contracting licenses. Check online reviews and then make the final decision. Once the team is finalised, explain to them the scope of work, and discuss payment terms and other essential details. 

Demolition

Every renovation project starts with demolition. When a pre-loved home is remodelled, it is important to remove all the existing furniture, wires, sockets, plumbing lines, and flooring. Demolition is done systematically in a streamlined process. The debris and broken parts are cleaned before initiating the rebuilding process. It might be the shortest stage of remodelling, but this stage creates a havoc mess if you aren't well prepared.

Construction

If the scope of the project is a mammoth one, such as a kitchen remodel or a new addition, or a turnkey, it is ideal to consider temporarily moving out of your home. For turnkey projects, the home should be empty so that workers can work on various things together. Plumbing, electricals, wiring, flooring, ceiling, and modular set-up; everything is done parallelly. 

Cleaning and Handover

Once the renovation is done and signed off by the house owner, the cleaning process starts. It is a tedious and strenuous job like demolition where the entire house is cleaned and made spotless for a satisfactory handing over process. Charges for cleaning must be included in the home renovation budget as it is a must and cannot be overlooked. 

Tips for Making a Home Renovation Budget 

Making a budget for home renovation is a stressful, yet supremely essential task. Not only a lumpsum budget; but every cost breakdown for renovations is necessary to have clarity on the project expenses. Here is a quick snapshot of how a budget should be planned. 

Make a budget: Decide the scope of work and plan a budget, depending on the volume and nature of work and your financial competency. Try to stick to your budget as much as possible.

Prioritise: It is very crucial to prioritise your renovation work. The necessary and unavoidable stuff must be kept as a high priority, followed by remodelling that can wait. Ideally, one should plan for each room for a seamless execution. 

Estimate costs: Try to fetch a realistic cost estimate before initiating the project. In this step, you must include all the high and low-level costs, shipping fees, cleaning and demolition charges, daily allowances and taxes. 

Plan for a contingency fund: It is needless to state that budget increases when execution begins. Unplanned and unforeseen costs can arise during a renovation, so there should be money for contingencies. 

Reuse materials: One can save money by reusing laminates, wooden planks, knobs and handles, electrical fittings and sanitary ware if they are in decent condition. This not only saves money but is ecologically welcoming as reuse and recycling save the environment. 

Get professional quotes: Seek quotes from multiple professionals before taking a final call. You will have an idea of the market rates and optimal costing. 

Hire a project manager: You can't supervise the entire renovation project, especially for turnkey work. Hire a project manager who can run the show and track everything in the project.

Consider financing: There are a lot of renovation financing options available nowadays. Depending on the scope and volume of the project and your financial status, you may consider financing schemes. 

Conclusion

Remodelling a home or changing the entire look and feel of the living space is an exciting yet exhausting job. Along with designing the new look, it is essential to plan the home renovation budget for a seamless experience. While budgeting, keep in mind the scope and volume of work and look for contractors and agencies who are pro in renovation. Speaking of agencies, there are quite a few renowned names on the list, and White Horse Spaces is a legendary brand. Launched in 2019, this Bengaluru-based interior design firm specialises in turnkey home renovations and interior design. With a team of highly skilled professional designers, engineers and project managers on board, White Horse Spaces has completed 250 plus successful projects. If you are looking for turnkey solutions, optimal use of budget, cost-saving yet effective renovation solutions, and trendy interior design connect with White Horse Spaces for a dreamlike home.  

FAQs

1. How can the budget for home renovation be reduced? 

The home renovation budget can be reduced and optimised by using alternative materials or pre-used materials that are in good condition. Moreover, you must be open and flexible to alternative designs that can curtail the cost and end up in considerable savings. 

2. How to create a house renovation budget?

Creating a house renovation budget involves a few steps. It starts with defining objectives and scope of work, fixing the budget and keeping contingency money. Moreover, you must list the remodelling requirements and connect with multiple professionals seeking expenses for the project. You can also consider different renovation financing options for a seamless execution. 

3. How much does a turnkey home renovation cost in India?

In a standard-sized home in India, turnkey renovation costs roughly between 500000- 20,0000. This includes kitchen and washroom remodelling changing the floors constructing g false ceilings of the entire house, painting and all-inclusive civil work.