6 Tips For Keeping The Budget In Line During Big Renovation Projects

Home renovation projects – whether small or large in scale – usher in a sea of exciting changes. Worn and tattered carpets are replaced by vibrant plush ones, bathrooms are fixed with sleek faucets and efficient cabinets are placed in the kitchen. Although these changes are great to look at, there is no denying that all this comes at a steep cost.

Home renovation costs are significant and can often spiral out of control easily. Even if you set aside ample money for your upcoming remodel, expenses tend to creep up when you least expect them to. Before you know, you’re paying much more than you ever dreamed of for embellishing your home.

Fortunately, a few tips can ensure that your home renovation budget is kept in check. We’ve set out six of them below:

  1. Think of the Future

Before you begin refurbishing your home, you need to ask yourself some crucial questions. Are you going to live in this house forever? Would you like to resell sometime in the future? Are you going to rent it after the renovation? The answers will considerably impact your budget and renovation strategy.

For instance, if you wish to rent your house after renovating it, you will need to ensure that all the fittings and new appliances will last for a long time. The house should be easy to maintain and clean. You’ll want to pay attention to your home’s durability and functionality over aesthetics if you want to eventually rent it out to a family or students.

Another good idea is to visit houses in your area to get an idea of what changes you want to implement in your home.

  1. Choose a Reliable Contractor

The best way to keep home renovation costs in check is by choosing a reliable and highly recommended contractor. You may be tempted to select the first contractor that catches your eye or provides an affordable quote. Don’t. Get several quotes from different contractors. Speak with them extensively and give them a detailed explanation of what renovations you’d like to do in your house. Help them understand your vision.

Also, see their past body of work. Do you like how a contractor renovated your neighbours’ home? Is it similar to what you have in mind for your own house?

While selecting a contractor with a budget-friendly quote may seem like a good idea, you need to ensure they don’t use second-hand materials or cut corners where you don’t want them to.

Ultimately, you should work with a contractor you trust and who’s honest about the expenses you will incur. Moreover, don’t forget to discuss a payment plan and a timeline for rendering the expected services. Ask your contractor for a complete breakdown of all expected and unexpected costs. That way you won’t overshoot your home renovation budget. And always opt for a licensed and insured contractor.

  1. Have an Emergency Budget

Even if you’ve accounted for every single expense with your contractor, be prepared to pay extra when unforeseen expenditures take you by surprise. Typically, an emergency budget should be about 20% of your actual home renovation budget.

  1. Frequently Check its Progress

No matter how reliable your contractor is, you need to keep checking the progress of your big renovation project. This not only ensures that the contractor does what he’s asked to do, but also helps you keep a record of expenses.

Speaking of expenses, try to use pocket-friendly materials for the kitchen and bathroom since most homeowners tend to splurge in these two areas of the house when it’s not really needed. Instead, spend lavishly on materials in the living room – a part of the house all guests visit.

  1. Don’t Move your Plumbing

When you move your plumbing or rewire your home, you’re actually overrunning your budget foolishly. It takes a lot of money (both for labour and materials) to move your plumbing in the kitchen, bathroom or laundry room and rewire your entire home and altering the foundation of your home costs a pretty penny. Do you really need to change your kitchen sink’s position or to overhaul your toilet?

Home renovation costs can be kept in line by leaving the original structure of the building intact.

  1. Opt for Energy-Saving Choices Over Aesthetics

Customers are spoilt for choice. There are a million designs you can choose from. Should you go for a cream woolen carpet or tiles? Should you decide to paint your bedroom beige or canary yellow? What about TVs? Are ultra-high definition TVs better than 4Ks?

It’s easy to make decisions based on aesthetics, but if you want to resell your house or save on expenses in the long-run, opt for energy-saving and durable choices. This will require extensive research and an honest discussion with your contractor. But it’ll be worth it in the long-run.

Smart homeowners plan their home renovation budget in advance, keep an emergency fund ready for incidental expenses and make notes of all expenses. By carefully selecting an honest and trustworthy contractor with a stellar reputation and checking his or her progress, you can keep home renovation costs in line with your budget. Save wherever you can but don’t let that stop you from transforming your apartment into your dream home.