Adding a room enclosure, planning for a exterior painting, or upgrading a bathroom or kitchen—these can increase your property’s curb appeal and functionality but are equivalent to a more significant cost. When it comes to home renovation, there is no clear-cut answer to the question, “How much will it cost me?” Simply because any possible snags will pop out in the middle of the project and those unforeseen situations may catch you off-guard.
Your high-end tastes might also compromise your budget down the road. It is difficult not to be dazzled with all those beautiful home renovations you see in television and magazines, only to realize that you’re spending way beyond your means. But, don’t fret! There are great ways to keep home remodeling project under your budget without sacrificing the quality. So, before you prepare your crimping tool or start calling a local contractor, you may want to factor the realities of home renovation and follow these useful tips.
Create a contingency plan
The success of a home renovation starts with understanding the purpose. Why are you planning to remodel your house? How do you want to execute the project? It is seemingly simple, yet a crucial stage of home remodeling as delayed construction and costly expenses may happen with a lot of decision deferred in the middle of the project. Also, it is quite easy to lose perspective once your local contractor begins making recommendations.
With this, you need to make solid decisions right off the bat. Add contingency in your plan and stick closer to your desired budget. If you have a firm sense of how much you want to spend and what is only needed, it would not be difficult for you to say no to any budget-busting upgrades.
Also, it would be helpful to create a list of what you can afford before you begin meeting with local contractors. Tell them upfront that you are on a strict budget and have written down your must-have improvements. This way, you are already communicating to them that you are only working on an established budget.
Request for multiple bids from prospective contractors
The next step you want to take is to look for an expert who can do the job. Start searching for excellent contractors with a great reputation. Ask for recommendations from your friends, relatives or colleagues. It takes solid research to know who stands out amongst others. Check their websites, read more reviews, and compare these contractors.
Once you have narrowed down the options, (we recommend at least three) call and request for an estimate. Specify your budget and determine how close the final cost is to their estimates. Make sure to find out if they’ve done a similar project to yours. And never forget to ask if they offer a better price or discount before you even seal the deal.
Know the right time and season
When it comes to home renovation, right timing is everything. After you have chosen a contractor, don’t hesitate to ask about their off-season. More often, off-seasons offer more discounts as contractors don’t have as much work to do. In this case, the best time for home renovation starts in a period between New Year and end of March or early April.
Don’t dwell too much on small details
Unless it lowers your expenses, try not to focus too much on small stuff. Adding extra or changing something beyond your original plan can ruin your project and may add extra costs, time and energy. As much as possible, stick to the plan and consider the bigger picture. It really matters as it creates a smoother construction and prevents you from spending more than your means.
Doing some parts of the project yourself can lower the cost. A few tried-and-proven strategies can help you save money on a home remodeling project.
No, you’re not required to do the plumbing or wiring yourself. If it’s not your skillset, then you don’t need to push harder. However, even the less handy can handle certain construction projects or clean-up work that will cost you less instead of hiring a contractor.
Add creative approaches
A home renovation is not about tearing down the wall or flooring system completely. There are creative approaches you can try to lessen the cost by minimizing major changes in your property. You can achieve a more spacious area by choosing the right paint colors or design ideas.
Allocate a budget
Before the project starts, saving up money can boost your confidence in any expenses related to the home renovation. In any situation, preparedness is the key to a successful and more manageable home remodeling project. List down possible costs and determine the ROI of your renovation project. You may want to identify if those expenses are worth enough to make your home a substantial asset in the future.
Maintain open communication with your contractor
Any possible snags will pop out anytime once you moved the project into construction, and so you need to understand the importance of keeping open communication with your contractor. When the going gets tough, your contractor can be your savior. Always communicate with them. The more they are aware of your priorities, budget limitations and plans, the more they can help you in trimming down the home remodeling cost. Letting your contractor know that you are in a strict budget can save you from cutting corners or delayed construction. A good contractor will always have better options and suggestions to benefit his client.
Budget is always involved when you start planning on home renovation. It is a vital factor to achieve the success of your home renovation project. However, it boils down to how well you can create strategic planning to cut down all the unnecessary expenses without the need to compromise the quality of the project. As long as you are well-prepared and decisive, your efforts can pay off tremendously. And surely, you’ll get to enjoy a better and lovelier home.