Renovation guide›Planning
Planning
Set your goals, lock in your finance strategy, and build a defensible budget before any trades are engaged.
In this chapter
Defining your project goals
5 minBudget
8 minFinance
10 minReturn on investment (ROI)
7 minDefining your project goals
Renovating a home in Australia is rarely undone by poor taste. It is undone by poor sequencing, fuzzy budgets, missed approvals, and decisions made too late on a Friday afternoon when a tradie is standing in your hallway waiting for an answer.
The three forces
At every stage of a renovation, three forces are at work: goals, budget, and time. Change one, and the other two respond.
Goals
What you want the renovation to achieve: liveability, ROI, space, or style.
Budget
How much you can spend, including contingency and holding costs.
Time
When you need completion, and how long you can sustain disruption.
Writing your renovation brief
A renovation brief is a one-to-two page document that clearly articulates what you want to achieve, what you are not willing to compromise on, and your hierarchy of priorities. It becomes your reference point when a trade presents an alternative or the budget gets tight.
Tip
Separate your must-haves from your want-to-haves in writing before you receive your first quote. When a quote comes in over budget, you will need this list to make fast, rational decisions.
Scope creep, the silent budget killer
Scope creep occurs when the project gradually expands beyond its original boundaries. Replacing the kitchen becomes replacing the kitchen and the laundry. The antidote is a clearly documented scope and a formal change-control process for any additions.