Renovating your home may be on your to-do list, but you don’t want to be caught unprepared. Luckily, there are lots of great ways to keep your renovation budget on track, whether you’re planning to do the work yourself or hire someone else to do it. Here are 10 tips to keep the home renovation budget on track and get the most bang for your buck.
Research the Cost
According to many home renovation experts, planned home renovation projects have an average return of $1.21 for every dollar spent—making it one of the most efficient things you can do with your hard-earned money. To help get your project off on the right foot, use the following tips to make sure you don’t lose track of your budget (and don’t go overboard). Paying attention to the initial overall cost is a good place to start.
Know Your Limits
It’s important that you know what you want out of your renovation and where your budget will end. It’s easy to fall in love with a fancy new kitchen design or beautiful tile flooring, but if it exceeds your budget, then you’re setting yourself up for trouble. Knowing your limits will help you stick to them during the initial planning stages and when breaking down bids from contractors. You can also set a cap on each room and only spend so much per area, such as $1000 for cabinet refacing in the kitchen, $2000 for new flooring in the living room. This way no matter how good of a deal you get on cabinets or tile, you won’t overspend because of it.
Consider Modern Flooring
Consider modern flooring options, such as hybrid floor and/or laminate floor that can help you bring both durability and style into your living space. You’ll be able to add value without breaking your budget. Just make sure that you understand each flooring type’s strengths and weaknesses so that you can get as much use out of it as possible. If you need help choosing a hybrid floor, talk with someone at your local flooring supplier about which option will work best for your home renovation needs.
Limit Yourself To One Major Project at a Time
One of the biggest causes of home renovation budget overruns is taking on too many projects at once. Even if you work with a professional contractor, there’s no way around it – renovating a home is going to be expensive. There’s always something that will lead you to want more – and it can all add up quickly, especially if you decide to take your project above and beyond basic, such as converting a room into an in-law suite or adding luxury finishes like hardwood floors or stonework. So while these are very popular ideas, they also usually end up costing significantly more than initially planned for—and often result in overspending when your planned renovations don’t go as expected.
Shop Around for Better Deals
As a general rule, it’s best to let professionals handle home renovation projects. You’ll almost always end up paying more if you tackle renovations yourself and some jobs require experience and skills you probably don’t have. However, there are some tasks that can be done by a novice with a little elbow grease, so shop around for contractors who will come in at or below your project budget. If you’re planning an extensive renovation project, getting bids from several different contractors or tradies is particularly important—it’ll give you a sense of what’s standard in your area and allow you to negotiate fairly with potential home renovators.
Don’t Buy Cheap Materials
Many people assume that saving money means buying discounts, cheap products. If you’re renovating your home, however, that’s a really bad idea. Cheap materials don’t stand up over time and can actually cause more damage than good. In other words, a $500 table left untreated for 20 years will cost much more than a $900 table with wood protectant put on it right away. Plus, cheap materials waste your time and money because they require frequent repair. If you want value for your investment—and you want it to last as long as possible—save yourself headaches by investing in quality materials from day one. You won’t regret it!
Do It Yourself (DIY!) Doing it yourself is an easy way to make sure your renovation doesn’t get too out of hand. It’s a time-tested approach that lets you make all of your own decisions and gives you plenty of freedom. While you may not be able to build a house from scratch, many aspects of the renovations can be handled by do-it-yourselfers with some background knowledge, a few handy skills, and enough time set aside. The ultimate goal is getting into your dream home—and making sure it stays there for years to come! DIY renovating helps keep costs low and keeps control in your hands while creating an environment you love.
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