It’s also one of the most confusing. When budgeting reality bumps up against your dream home fantasy, figuring out what to remove from the project can be difficult because of the emotional aspects involved—everything can seem equally necessary when you’re imagining your future life in the home. In order to pare things down in a coherent and rational way, take a page from business school experts and use the time-tested MoSCoW Method.
The method involves breaking all the aspects of your project into four buckets, represented by the letters M, S, C, and W (the Os are just there to make the name more readable). The categories are:
Should-haves. These are parts of the project that aren’t absolutely necessary, but are relatively important.
Won’t haves. These are aspects of the project that aren’t under consideration at all.
Using MoSCoW to plan a home renovation project
When you’re planning out your home renovation, start dropping each aspect into a bucket as you go:
Major components of the project that aren’t absolutely necessary fall into the Should Have bucket. If your old hardwood floors are worn but serviceable, replacing them is a big part of what you want to get out of the renovation—but you could leave them in place, or try to refinish them instead of replacing them. These would be the last parts of your project that you remove or downgrade.
Finally, there’s the Won’t Have bucket. This might seem like an unnecessary step, since anything not already sorted into a bucket could be considered a Won’t Have. But the exercise of specifically labeling it as a Won’t Have is useful because it brings clarity to your priorities. If you find more budget later, you’ve already prioritized the Could Haves as more deserving of rescue. Won’t Haves aren’t necessarily things you’ll never do—they’re just things you’re not doing now. For example, maybe your HVAC system is a little old and you’re thinking it will need to be replaced in the next few years—but not at this moment, because you’re spending your money on all these other projects. So you put that into the Won’t Have bucket because you know you’ll be returning to it in the future.
Any successful home renovation is as much about planning and prioritization as it is about budget and schedule management, and the MoSCoW Method can help ensure your project is on track before anyone touches a power tool.
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