How to Avoid Running Over Budget during a Remodel
It doesn’t matter if you’re remodeling because you want to boost your home’s value or because you want it to fit your lifestyle better–either way, it’s a great way to improve your home.
That said, there are a few challenges you may face during a remodel, one of which is staying within your budget. It isn’t the easiest thing to do, so what can you do about it?
Run Accurate Project Estimates
If you want to stay within your budget, you have to start with good project estimates. If you’re handling the remodel yourself, carefully research the cost of the tools and materials you’ll need to rent or buy. If you’re hiring a contractor, talk to more than one about their pricing.
Keep in mind that contractors try to outbid each other when presenting their offers. That may mean that not all of them are providing you with accurate estimates, which should include a variety of expenses. If a bid sounds too good to be true, especially compared to your research, it probably is.
Identify Where Changes Get Expensive
The whole point of remodeling your home is to change it up. Some changes are more expensive than others though. Cabinets and countertops tend to be more expensive to replace than other items in your kitchen.
This is partially due to the type and quality of materials used, as well as the sizes needed. Before you start your remodel, identify what your priorities are and what changes will cost the most. Compare the lists so you can figure out where to focus your spending to make it easier to stay within your budget.
Build in a Buffer
Things don’t always go according to plan when remodeling a house. Sometimes materials aren’t available or costs go up (thanks, inflation). Maybe there are labor issues or you change your mind about how you want something. Those are just some of the things that can increase your costs as your project progresses. To avoid going over budget, build a 5%-10% buffer into your plan that you can pull from to cover unexpected expenses.
Staying within your remodeling budget can be challenging, but it is possible as long as you’re careful. If you choose to work with a contractor, take some time to carefully research your options before choosing one. Talk to former clients and look at their reviews. That will give you insight into multiple aspects of working with them, including how well they work within a budget.
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