Even if you set aside a strict budget for your home renovation project, and believe wholeheartedly that you’ll be able to remain safely within its boundaries, the reality is that most homeowners go over budget by the time their project is complete, and for a number of reasons.
To help avoid spending more than you can afford on a home renovation, here are 5 tips for remaining in budget:
- DIY isn’t always the cheaper option
Unless you’re skilled at home renovation projects, even the simplest of tasks can become a challenge, and many who opt for DIY instead of hiring a contractor, end up taking far longer to complete tasks and often, end up paying out more money to correct the mistakes they may have made.
Some projects may also require multiple contractors to get the job done, and if you attempt to tackle these yourself – one at a time – you’re definitely heading into costly and inconvenient territory.
Let a professional get the job done right, the first time around, and while of course their help doesn’t come for free, it can be priceless in terms of a successful renovation, versus an expensive failure.
- Hire a renovation company to complete the project
Hiring a company that specializes in home renovations is the quickest, easiest and safest way to ensure that everything gets done properly, and in accordance with any state or federal building code requirements. Hiring individual tradespeople yourself can take much longer, and then you have to make sure they all communicate with one another; this can be a real nightmare.
When you hire a local renovation company, they’ll have a full team of contactors who are used to working together, and who will get the work done in a timely and responsible manner. All of this will keep your costs to a minimum.
- Pinpoint every single aspect of the project
Consider every single detail when planning a home renovation, right down to the smallest of things, as this is the only way to ensure that you stick to your original plan, and remain in budget. Once you begin to get carried away and go off-plan, that’s when the costs can start mounting up and you lose sight of your budget altogether.
- Recognise where corners can be cut
While we’re not talking about cutting corners that will affect the quality of a home renovation, we’re talking about smaller details that you might be able to forsake in exchange for spending less, or spending more elsewhere. For example, if one of the main reasons you want to renovate your home is to create more storage, then you must make sure the majority of your budget is being spent on this and not on fancy fixtures and fittings in your bathroom.
- Have an emergency fund
Even if no emergencies crop up throughout the renovation, there are bound to be occasions when you might end up paying more for something, or are forced to keep the renovation company on for a day or two more. Experts recommend that you set aside at least 10-25% of the original renovation budget to pay for any unexpected extras.
Staying in budget on your home renovation is absolutely possible, provided – of course, that your budget is realistic in the first place!
Working with an experienced company who specialize in home renovations, is the best way of getting a quality renovation that’s both on schedule, and within budget.