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5 Expert Tips for Estimating
Your Design Renovation Costs
Renovating your home can be an exciting journey, but estimating the true cost of your project is one of the biggest challenges homeowners face. At LOVLI Home Designs, we specialize in transforming your vision into reality while making sure your renovation is budget-conscious, beautiful and stress free. Here are 5 essential tips for estimating the cost of your design renovation project, with expert advice on how to avoid common pitfalls and ensure your investment is well spent:
Start with a Clear Vision and Scope
The first step to accurate budgeting is to define your renovation goals clearly. Whether you are renovating your kitchen, updating your master bath, or redesigning your living room, understanding the full scope of work is critical. Pro Tip: Our team helps you define your vision and project scope from the start, ensuring that we focus on the right priorities and avoid costly mistakes later in the process.
Break Down Your Costs: Materials, Labor, and Design Fees
Renovations typically involve three main costs: materials, labor and design fees. While materials and labor are the largest portion of your budget, the design expertise you invest in can help optimize both to achieve the best results within your budget.
Pro Tip: At LOVLI Home Designs, we provide a comprehensive cost breakdown so you know exactly where your money is going. Our designers also help you choose the best materials that will give you the high-end look you want, without exceeding your budget.
Factor in Hidden Costs & Contingencies
No renovation project is without surprises. From unexpected plumbing issues to structural concerns, contingency funds are essential to keeping your project on track financially.
Pro Tip: Leave the details to us. We understand how to anticipate potential hidden costs and include them in the budget up front. We can help you establish a contingency fund (typically 10-15% of the total budget) to cover unforeseen expenses, so you’re not caught off guard.
Consider Long-Term Value and ROI
When estimating renovation costs, it is important to think beyond the immediate expenses. Focus on return on investment (ROI), how the renovation will add value to your home, both in terms of comfort and resale value.
Pro Tip: Our expert designers know how to create spaces that offer both luxury and long-term value. Whether it is selecting high-end materials that will last or designing functional spaces that increase your home’s appeal, we will guide you in making the most strategic financial decisions for your investment.
Let the Experts Manage the Details
Renovation budgeting can quickly become overwhelming, especially when you’re juggling material selections, contractors, timelines, and design decisions. The cost of managing these elements on your own can add up fast in terms of both time and mistakes.
Pro Tip: Trust LOVLI Home Designs to handle the details! Our designers are experts in project management. We negotiate with suppliers, manage procurement orders, coordinate logistics, manage communications with all project related parties to ensure the integrity of the design, scope of work and estimated budgets are honored, without compromising on quality or style.