Home remodeling tips to avoid breaking the bank
Most 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.