Budget Home Remodel

How to Stay on Budget with Your Remodeling Project

Whether you’re planning a DIY renovation or hiring contractors for the work, a home remodeling project is a huge undertaking. Not only does it cause upheaval to your home, it can also brings a physical and financial toll.

Busting the budget is everyone’s fear when it comes to home remodeling projects. Every little thing adds up, and the cost can can quickly get out of control.

If you are considering a remodel, then this blog post is for you. Here are 7 ways you can wrestle your renovation costs down without forsaking quality and appearance.

Have a solid plan

The first and most important thing you need to do is decide what needs to be done and develop a scope of work. Finalize what you want and make sure you plan it well. This will not only help you stay on budget, it will also ensure your timeline is realistic.

A large number of people spend more than they plan during a home remodel as a result of poor planning. Some people change their mind about what they want as the renovation moves along.  Those small changes will throw the total cost of your renovation off by quite a bit. Plus, they can also add to the duration of the job and labor. Resist adding or changing things along the way.

Set a budget

Now that you have an idea of what you want to achieve, it’s time to crunch some numbers. Get a ballpark on how much your remodeling dreams will cost. You should always be realistic when budgeting to avoid running over your budget.

There will always be some form of emergency or surprises when renovating. Take the stress out of the unexpected by building room in your budget for contingencies. If the total is still within your budget, then you’re ready to get started.

Dreams and budget not in alignment? Carefully scale back your plans to fit your budget. Perhaps you should choose ready-made over custom materials. Or maybe focus on a single “wow” upgrade like new countertop or flooring.

If you’re paying cash, it will be easy for you to determine how much you have to spend. But if you’re getting a loan, then you need to asses how much the bank will lend you.

Get quotes from multiple contractors

If you’re hiring a contractor, we suggest that you shop around and get quotes from 3 to 5 contractors. Let them know that you’re getting multiple bids. This way, you can get your message across that you’re serious about your project and competing with other contractors for your job so the contractors can price the job competitively.

In order to ensure that prospective contractors are pricing the same items, we suggest that you determine exactly what you want, right down to the type of faucet and countertop material etc.

While we’re all for saving money, it’s not a good idea to base your decision on the price alone. Do your research and make sure that the contractors you’re considering are certified and reputable. Ask for recommendations from family and friends. Read reviews and feedback from previous customers. It is also a good idea to check references and ask to see their recent work.

Hire a professional contractor

Remodeling projects can be expensive. Most homeowners choose to go the DIY route in the hopes of saving money. After all, there are lots of articles and video tutorials online, where you can get ideas on how to do stuff. While some home improvement projects seem fairly easy to tackle, executing them isn’t as easy as clicking the play button and following along. You need skills and knowledge to be able to get the job done correctly.

Home improvement projects are supposed to add value to your home. More often than not, homeowners who decide to things on their own end up with a renovation fail. Not only are they unsightly, they are also a waste of time and money, and at times dangerous to the structure of the home.

We’re all for rolling up our sleeves and saving money. But if you’re not confident that you can do the job well, do yourself a favor and hire a professional contractor. They have the skills, knowledge, and experience to get the job done quickly and efficiently. Sometimes, a job that would take you weeks to complete would only take a contractor a few day.

Consider look-alikes

Hardwood flooring is one of the most popular flooring choices for homeowners. One of the primary benefits of hardwood flooring is its classic, timeless beauty. It enhances the look of your home and make it feel more inviting. It is also extremely durable. With proper care and maintenance, solid hardwood flooring should last for decades. The downside is that it can be pretty expensive.

If you love the classic look of wood flooring but you don’t have the budget for it, you may want to look at more affordable alternatives.

Laminate is a popular alternative to wood flooring. It replicates the look of wood at a fraction of the cost. It is also resistant to moisture and stain, making it a great option for high-traffic areas such as the hallways, kitchens, and bathrooms. Bamboo is another great alternative option for wood. It is environmentally-friendly, easy to clean and maintain, and results in a similar look without the steep cost.

Use recycled materials

Even a simple remodeling project can turn into a pricey undertaking. One way to cut down on your expenses is to use recycled or salvaged materials whenever possible.

It is a good idea to use reclaimed wood when you partake on a remodeling venture. Reclaimed wood is any processed wood that has been recycled for new use. It is a trend that is gaining traction in the home, and the surge in demand is set to continue. Not only will it help lower the cost of your home improvement project, the use of recycled materials can also help in preserving our planet’s natural resources.

Reclaimed lumber is rustic, strong, and aged. It has a natural rawness to it that will give your home a one-of-a-kind appearance. It will also add a sense of history to your home. Distressed wood looks especially nice on a door. It also makes for a beautiful solid wood table. Reclaimed wood for flooring can make for a modern-rustic living space.

Ensure your project will increase the value of your home

Not all home improvement projects are created equal. Some can significantly increase the value of your home, while others won’t bring you big bucks upon resale. The key is to choose projects that are expected to fetch you the highest return. Simple home improvement projects such as repainting the wall, creating an accent wall, sprucing up the shower and bathroom, and updating bathroom tiles are good places to start. They can improve the overall look of your home and even help you fetch a healthy return on investment later on.

A home renovation can be an investment of sorts. Put your money to good use by choosing projects that will create a high degree of functionality and boost the value of your home.

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