A renovation marks an exciting moment for homeowners, but it’s also an expensive one. All too easily, your plans to upgrade your kitchen, bathroom, or living room can spiral out of control, and you’re on the hook for a bigger bill than you expected.
Checkout Five Best Tips To Keep Your Next Renovation On Budget:
If you’re worried about how much things will cost, here are few tips to help you stay on budget.
1. Understand Your Financial Limits
You need to know how much money you need to set a hard financial limit on upgrades. Take some time to research the work you’re planning on doing.
You can find average costs online easily enough and get a good idea of what’s in store. Of course, you may have to spend less or more than these figures depending on the size of your reno and the condition of your home.
2. Expect Things to Go Wrong
This realistic perspective can help you budget better. By expecting something to go wrong, you can be prepared for when it all goes pear-shaped, so go back to your budget and add an extra 25% to your expected costs. Upping your budget by a quarter provides ample cushion should you find black mold behind your shower or galvanized pipes in the kitchen.
If the unexpected costs are more than your cushion, consider putting your renovation on hold until you can save up on what you need.
In some cases, like with structural issues or a personal injury, that’s not possible. You have to handle the unexpected right away if your family’s safety is on the line.
Without savings, consider an online line of credit as a possible backup. According to the line of credit experts at MoneyKey, online loans may be an option for when you must take on necessary repairs or unexpected medical expenses that can’t wait.
3. Weigh the Pros and Cons of DIY
Doing repairs, yourself can theoretically save you a lot of money, provided you have the tools and know-how to complete your project.
However, if you have limited experience with power tools or household repairs, you might want to think twice about a DIY approach. Rushing into a project you aren’t prepared for can result in shoddy work that takes twice as much to fix. Worse yet, you can accidentally cause damage to your home or injure yourself in the process.
Be honest with yourself and do your due diligence when appraising the skills needed for your project. Even experienced DIYers should hire professionals when dealing with electrical or plumbing.
4. Shop Around for Contractors
If you’ve decided to outsource your reno, don’t go with the first contractor to give you a quote. They could be an expensive option for your project, and you wouldn’t even know it.
Instead, scour the web for contractors and specialized professionals (like electricians, plumbers, or roofers) to get a feel for your options.
Reach out to neighbors, friends, and even online community message boards to see if any company (or person) stands out. Compile a shortlist of candidates and get a quote from all of them, making sure you share your plans and your budget.
5. Never Pay Full Price for Materials
Lastly, when it comes to fixtures, flooring, or appliances, try to avoid buying them brand new. You can find discounted options from reuse stores, like Habitat for Humanity.
Contractors and builders donate their excess building supplies to these stores, so you can find brand-new items at a fraction of the cost. And there you have it — five ways to keep your next reno on a budget!