When working on a home renovation, budget is arguably the most important factor to 99% of our clients. 
The only reason we tackle lifestyle first is to ensure that we understand what our clients want! We don’t want budget to stand in the way of possibility!

When we talk about budget, this also has several components that are important, but also have a different order of importance to each individual. How do you break this down to be successful in a renovation? The first thing you need to ask yourself is simple, “What is your Budget”? This is the one answer you need to know right from square one, if you are renovating for income or lifestyle;
 you NEED to know your budget. Once you have this number, the planning can begin.

Now that you have a budget, there are a few other key components that will keep your home renovation and investment on track.

You must have a realistic budget. 
If you are trying to complete a renovation scope above your budget, the most common sacrifice is quality, and the end result will not be satisfying or done properly.
 Being realistic will ensure you can plan accurately so you can avoid this disastrous path.

Another amazing tool that anyone doing a renovation should be looking for is clear, concise costs and proof of work completed. When you understand where the costs are you will get more value out of your renovation.

A quick tip is to look for accuracy in quotes. 
Don’t always bite on the lowest bid. Scope previous work, ask questions, and ask for clarity on all the unknowns. This will save you a ton of money in the long run. The last important budget item for me and everyone here is “staying on budget”; this is a challenge for 90% of all renovations. The only way to combat overruns is pre-planning. 
Knowing all your costs and clearly understanding them before the project starts is going to give you a major advantage.

Another part of pre-planning is having a contingency budget to fall back on. This is a big piece of the budget puzzle and needs to be discussed right from the beginning. The budget and scope are such a fluid part of renovating, but both can get away from even the most seasoned contractor if they don’t pre-plan and don’t have a clear and realistic number right from the start!!