Whether your goal is to increase the value of your home or simply love to upgrade and have a restful, cozy, or luxurious abode, financing the project is one of the most critical. Without an accurate plan, your budget may exactly fit, or quickly spike and completely out of your control. Here are Home Renovation Budget Tips that you can keep in mind and have a successful home remodeling!
(1) Have a Plan.
Just like any other project, having a plan is the main key. Ask yourself what your main goal is — is it increasing value, adding space, improving the layout, creating a new room or outdoor space, or updating the design or energy efficiency?
By knowing your main goal, everything else will follow such as the materials, budget, estimates, and timeline. Renovation plan serves as the blueprint or a guide to your destination. Without it, you’ll easily get distracted and diverted on different things along the way, and soon become lost.
(2) Decide on Your Renovation Needs and Priorities.
Included in the plan, consider your needs and priorities. Let’s say your main priority is to keep your home smart and efficient, then you need to focus on this part and keep a larger portion of the budget. List all your needs and priorities in descending order. Be specific and detailed as much as possible.
(3) Keep your Plan and Stick to Your Budget.
Now that you have a plan and estimates, make sure to vigilantly follow it. Set limits. If the plan is telling that you need to buy laminate flooring, then, follow it. If the plan says that there should only be one additional room, then, don’t make it two or three. If the plan says that the bathroom should be plain, without a glass door for the shower room, then, let it be.
Having a plan is easier, but it takes a lot of courage to keep and follow it until the end. When you’re disciplined enough to follow it, then the budget will never be neglected.
(4) Choose the Right People.
Since the renovation project is a tedious task, hiring professionals is always the best option. However, always keep in mind that choosing one isn’t always easy, but picking the right one would ensure the success of the project. Are you curious where to find your general contractor or home remodeling specialist, here’s how:
- Ask for referrals.
- Check their credentials, portfolio, and specialization that would fit your project needs.
- Narrow down your list. Interview your candidates!
- Look for some references and previous clients.
(5) Sell Anything You’re Not Using.
Do you have some old cabinets, ceiling lights, appliances, hardwares, or doors that no longer keep your interest? Then, sell it! Put the items on a garage sale, directly offer to a friend or post it online.
Bunch of your unneeded items can create some bucks in return that you can add to your renovation budget, plus keeping your new home neat!
(6) Why Not Reuse Materials?
There are times that you don’t want to sell any of your items — maybe because of its sentimental or monetary value, but you don’t need to worry. Why not reuse them on your home remodeling? Yes, you heard it right! Reusing materials is fine as long as it maintains your goal and keeps the balance. Here are some examples that you can take benefit in recycling:
- Refinish your old vanity or cabinet to freshen up your home theme.
- Disassemble broken cabinet and reuse the wood to create shelves or bulletin boards.
- Use your broken dishes or glass to re-tile outdoor tables and create unique texture and shades.
- Old bricks for your landscape, walls, or walkways.
You just need to discuss it with your project manager and for sure, they can suggest even more!
(7) Keep Your Home Blueprint the Same.
One of the most expensive remodeling decisions you can have is moving the big things. Removing a wall and window, sinks, bathtubs, or relocating gas and electrical lines requires much more than you think. Not only you will pay for all the relocation but you also need to hire experts who will do the work.
Simple but the most helpful tip, keep your home’s blueprint as is, unless there’s a need or your space is suffering.
(8) Do Some Work Yourself.
One of the most obvious ways to lessen cost is to do it yourself. If you’ve been wondering whether all the tasks should be done by your crew or general contractor, then you’re keeping it wrong!
You can do simple tasks or it’s about time to show some of your skills. Here’s what you can do:
- Painting the walls
- Cleaning up space
- Preparing the surface such as scraping off mastic on the floor or skim-coating walls
- Lay flooring or tiles
- Small stuff such as installing a new vanity, hanging hooks, setting up the medicine cabinet
- Installing doorknobs, cabinet hardware, or window treatments
(9) Consider Alternatives.
Talk to your builder or designer and be open about your plans, budget, and some alternatives that you can consider to stay within. Here are some:
- Instead of buying all new furniture, maximize your space. Create a U-shaped instead of an L and keep more beautiful conversations
- Leave each room with one clear wall —it lowers cost and keeping your eyes at rest at the same time
- Do not install full cabinets in your kitchen. According to Susan Sera, blogger at The Kitchen Designer, keeping some open shelves on your kitchen doesn’t only lessen the cost but also creates a more spacious look
In lighting, install multiple switches, use lamps, or keep skylights for natural light
(10) Pay Cash.
While having a loan is an option, saving up money for your project and paying it with cash is much better to keep you out of additional costs — the interest.
Plan ahead, save or keep extra work to build your budget.
You don’t want to be in debt or wreck your finances just to have a newly renovated home, right?
(11) Stick to the Classic.
While following the trend is exciting, keeping a classic theme has always a lesser cost in the long run and like what they way — it is always timeless!
If you aren’t sure or you’re having hesitations if you can live with something so bold, make a safer choice that you’ll be happy in the years to come. Have a neutral backdrop and play around on some trendy decors or accessories — because these items can easily be changed or replaced.
(12) Create a Contingency Fund.
While sticking to your budget is a must, it’s better to see the project in a larger picture and anticipate unforeseen costs to avoid you from tight financial situations or decisions.
Keep an additional twenty percent budget that will serve as your contingency. In this case, you are safe, your project is continuous, and of course, keeping you free from a lot of headaches!
Home renovation can be one of the most exciting and toughest projects at the same time. But keeping your plan, goals, and some of the above tips will keep it an extra special, and memorable one — less stress, delays, and of course, keeping your budget within. Turning busy days to months into a beautiful dwelling. Hope you learned something from our 12 Home Renovation Budget Tips today!