How Can I Stay On Budget With My Home Renovation?

home renovation budget

Home renovation can be terrifying for a number of reasons. Schedules can be difficult to maintain, and perhaps the biggest fear lies with the final bill. By keeping a few things in mind before you start your home renovation, you can stay on budget and have a more enjoyable experience.

Have Realistic Goals
Maybe having a pool in the middle of your home isn’t in the cards. Or, perhaps doubling the size of your home is a bit too ambitious. Let your imagination run wild, but do some research on costs for common projects before you get your heart set on anything. If you don’t have an idea of what renovations cost (including materials, professionals, etc.) and how long the process usually takes, you may set yourself up for disappointment.


Stick to the Plan
Renovating involves estimating a timeline and costs. You’ll discuss both with the professionals you hire to make your dream a reality. These plans can be altered for a number of reasons — an undiscovered issue with your home arises, a material you wanted isn’t available, etc. However, you should strive to stick to the original agreement. It can be tempting to add on another “small” project, incorporate the newest design trend last minute, or alter the layout of your cabinets mid kitchen remodel, but changing your mind has a price tag. A change order fee, along with costs for additional time and materials, make it difficult to stay on budget during your renovation.

Account for Hidden Costs
No home is perfect. Even if yours looks exquisite, you may have issues lurking beneath the surface. Often times, these hidden imperfections are the reasons that a renovation project doesn’t stay on budget. Instead of only allocating money for the things required for your renovation, give yourself a cushion. Expect to factor in up to 30 percent of your contracted budget for hidden damages (termite, mold, dry rot) and code upgrades discovered during the construction phase.

Prepare to Compromise
Sometimes, that 48-inch Wolf range you’ve been dreaming of can be the thing that derails your budget. Maybe it’s not possible to knock down that support column in the middle of your living room after all. By having a “plan b” and not being afraid to compromise, you’ll have a better chance of staying on budget during your home renovation. Products similar to your ideal can often come with smaller price tags. Designs can be altered to accommodate different architectural elements in your space. Keep an open mind, and your wallet will thank you.

 

How Can I Stay On Budget With My Home Renovation? was last modified: January 30th, 2017 by Nick Giobres
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