Thinking of renovating? Full-scale renovations, in the style of The Block, can wind up costing big dollars, causing strain on the family budget and in some cases landing you in debt.
AskAnArchitect.com.au estimates the average renovation costs between $600 and $2700 a square metre, so if you’re going the whole hog, make sure you’ve got the resources upfront to cover your project (plus any incidental damage).
To avoid racking up debt, it might be best to start a savings plan so that you can undertake several mini-renovations over a few years. Spacing it out will give you more time to plan a budget for your renovations and more time to adapt to changing lifestyle trends.
Hiring a financial planner can help you to set a particular plan in motion. Whether you’re looking to devise a tailored budget or a long-term investment strategy, or if you’re just looking for tips to cut back on everyday costs, a financial planner can give you the professional advice you need to start saving money. ASIC’s MoneySmart website estimates that simple advice can cost as little as $200 a session, so make sure that you get a few quotes before you settle on a planner.
To find a planner in your area, visit the FPA website.