Home remodeling tips to avoid breaking the bank

homeremodelingtipstoavoidbreakingthebank-2Most of us dream of ways to make our current houses feel more like our dream homes; unfortunately, many major home remodeling projects also include major price tags. However, there are a number of ways that homeowners can remodel their homes without breaking the bank. The following tips can help you update and upgrade your home while staying on budget.

  1. Plan the project. One of the biggest budget downfalls for most home renovations is not fully planning the project before it begins; this can lead to mid-construction changes or unexpected expenses. To avoid this, take the time to create a thorough, detailed plan for the entire remodeling project.
  1. Break it down. If you’re not ready to write a check for a full kitchen remodel, consider breaking the project down into smaller phases. Doing this often costs the same – if not less – than doing the entire project in one fell swoop. Likewise, it can keep you from losing motivation or enthusiasm, which often happens during drawn out renovations.
  1. Choose higher quality for DIY projects. Doing a project yourself instead of hiring a contractor can save homeowners an average of 30-40%. Take what you would have spent on these additional labor costs can use it to upgrade to higher quality finishes, such as better paint or fixtures.
  1. Shop around. When working with a contractor, it is important to get at least three bids for your project. In addition to helping homeowners better understand the average price for a project, getting multiple bids can help create leverage to lower costs with your preferred contractor.
  1. Create a contingency fund. A 10% contingency fund is recommended during renovations to cover unexpected expenses. However, it is also important to create a budget for other expenses that may come up during a renovation. For example, ensure you have budgeted for eating out more during a kitchen renovation or staying at a hotel for a few nights while plumbing repairs are being made.
  1. Don’t forget the details. Small details and thoughtful updates can sometimes have the same impact as a full renovation. Updating drawer pulls, adding a new flower bed, or replacing light fixtures are all small projects that can have a major impact in your home.

Leave a Reply

Your email address will not be published.