Did you know a lot of people have worked on renovating their homes? If you want to complete a remodel but stay on budget, we can help.
In this guide, we’ll go over how to create a remodel budget that won’t break the bank. Avoid overspending on your upcoming project.
Want to learn more? Keep reading.
What Is Your Goal?
Before you begin planning your home remodel, you’ll want to consider your goals. What do you hope to accomplish with this home remodel?
Do you want to renovate your home so you can sell it in a year for a higher price? Do you hope to make your house bigger so you can accommodate your growing family?
You might want to renovate your home because you’ve decided it’s yours forever home. Turn your kitchen into a dream kitchen. Do you want to change your bathroom? Consider checking out these tips.
Determine your goals, and use the goals to frame your budget.
What Are Your Priority Projects?
Is there a certain room that needs to get gutted and transformed? Then make sure your budget accounts for this project.
If you want to increase the value of your home, make sure you choose projects that will earn you money. New wood flooring or new roofing projects can help close a sale on a home.
Think about the purpose of your remodel and why projects you should begin first.
Outline a Budget
You should plan your home remodel and choose a budget. Use your plan to stay on budget and avoid overspending.
Make a list of what you would like to accomplish in your renovation project.
Separate this list into things you need versus things you want. What are the expected costs? Your list will help you create a remodeling budget.
You’ll understand what you need to communicate to the contractors.
Your spreadsheet should explain the cost of material and labor for each project. The renovation labor accounts for a large portion of the project budget.
You will need to hire electricians, plumbers, and contractors.
Figure out what the finishes and fixtures will cost. Make sure to include the flooring, paint, and hardware. Add up the shipping and taxes, as well.
What appliances do you need to buy and how much will they cost? What do the installation and delivery cost?
How will you get rid of your older appliances? Will you sell them, or do you need to throw them away?
What living expenses will you spend during the project? Will you have to place your pets in kennels? Will you need to rent a house or hotel room during the renovation?
Ask For a Few Bids
Once you determine your budget, start searching for reputable contractors. You want to reach out to contractors and ask for a quote.
The contractor should look at your budget and what you would like to get done. Make sure you explain your budget and how much you’re willing to spend.
Work with local companies that have excellent reviews. You can ask the local contractor if they can create a bid. Try to get at least three bids so you can compare the costs.
How Do You Select Contractors?
You should communicate what you need for your project. The contractor should honor your desire to stick to a budget.
Ask the contractor how they’ll handle unforeseen challenges. Ask how it could impact the cost of the project.
If a contractor’s bid is below the others, cross them off the list. A super cheap estimate isn’t always a good sign.
If the contractor estimates don’t fit your budget, you should cut down your project. This way, you can finalize details on the project and have a reasonable price.
After you pick a contractor, ask them to look at your plan and budget. Ask them to highlight any areas you might have overlooked or undervalued. Use the estimate and the contractor’s feedback to finish your plan.
How Can You Save On the Renovation?
You can cut down on costs by finishing some of the prep work yourself. If you remove tile, carpeting, or cabinets yourself, you will save money. You can lower the labor costs.
Look at ordering fixtures and completing the finishing on your own. Your contractor will charge you a fee to conduct the shopping. Consider doing this on your own.
You can also be the project manager. If you hire extra subcontractors, interview and choose them.
Look at painting the rooms with the help of a friend. Getting rooms painted by a professional will cost you a couple of hundred dollars.
You can finish painting on your own and get rid of old wallpaper. You’ll end up saving on your remodeling budget.
You don’t always have to choose brand new items. You can go to a local thrift store and buy used items. Sometimes you’ll find an excellent deal on old hardware or furniture.
Start Drafting Your Remodel Budget
We hope this guide on a home remodel was helpful. Make sure you spend time outlining your remodel budget.
Look at doing some jobs on your own so you can save money. Interview a couple of contractors before choosing someone for the job.
Are you looking to stay in your home long-term, or do you want to sell your house next year? Think about your goal for the home renovation.
Are you looking for more homeowner tips? Check out our real estate and a home section on the blog today.
