It’s hard not to get excited about a home renovation project. After months or probably years of waiting, you finally get the upgrade of your dreams.
Whether you’re renovating a house before moving in or preparing to remodel your current home, knowing how much you can spend on a project is a big consideration.
Fortunately, you don’t have to spend a fortune to reach your renovation goals. With strategic planning, some DIY, effective communication with your contractor, and perfect timing; you can keep costs down on major renovation projects.
Here are some of our tips on how you can keep within the budget during a major home renovation.
Prioritize Renovation Projects
One of the reasons why people renovate parts of their homes is because their living situation has changed over the years. Perhaps you need more space or the bathroom needs to be upgraded.
Whatever the reason for your renovation, you need to write down your renovation goals and prioritize them according to importance.
For example, you are deciding between buying new kitchen appliances versus constructing a new kitchen island. Both of these projects cost a lot of money. Deciding which project needs to be prioritized according to your needs can help you avoid going over the budget.
Plan Everything Early On
One of the reasons why homeowners overspend during renovation is because they keep adding projects to the list.
As we mentioned earlier, it is best to prioritize home renovation projects. Once you determine what project you’re going to do, make a list of what you need to achieve your goal.
For example, you decided to upgrade your bathroom. The next thing to do is to make a list of all the materials you’re going to need. Add every single detail like the number of tiles you need, price of fixtures or cost of labor if you’re hiring somebody to do the job.
The more details you add, the more precise your budget becomes. A detailed budget will keep you from going overboard and prevent surprises.
DIY Some Tasks
Many home renovation tasks are actually very easy to do. Doing it yourself will help you save tons on labor costs.
For your bathroom renovation, for example, you can opt to do the painting yourself instead of hiring professionals. If you’re planning to reglaze your tub, you can also DIY this. Other bathroom DIY include fixing minor leaks or descaling shower heads and taps.
Aside from savings, DIYing lets you learn a new skill, keeps you active, and helps improve your creativity and thinking.
Compare Quotes from Contractors
Unfortunately, not all home projects can be DIYed. Major renovations like removing walls to enlarge space, adding a new bathroom, or installing new HVAC ductwork are usually beyond our DIY powers.
Major projects like these are best left to the professionals. When this happens, don’t just hire the first contractor you find on the internet. Do some research about different contractors near you and compare quotes.
In most cases, contracting companies usually offer free quotes for home renovation projects. Contact at least 3 companies and compare their pricing.
This will not only give you an idea of how much renovation costs but also allows you to shop for the best value for your money.
Consider Alternatives
One of the best ways to save money and stay within the budget is by looking for alternatives. For example, Lyptus is easily mistaken for mahogany. It is harder than oak but easier to mill and finish. But the best part about this wood is that it is cheaper than mahogany.
Lyptus can be used for your flooring, cabinetry, and millwork. Your house can look like a million bucks with this look-alike but without the high price associated with mahogany.
Don’t Move the Sink or Toilet
Don’t move the sink or toilet unless you absolutely have to. One of the reasons why homeowners go over budget is because of the plumbing price increase.
When planning a kitchen or bathroom renovation project, try to keep the toilet and sink where they are. You can still improve the look of these areas without going through the high price and hassle of adding or rerouting plumbing.
If it can’t be avoided, use this opportunity to change pipes. This upgrade will help you save money in the long run.
A Fresh Coat of Paint Can Do Wonders
Sometimes the easiest upgrades can do wonders. For example, instead of renovating your entire living room, a fresh coat of paint can dramatically improve the whole look and atmosphere of the space.
If you have a small house and everything feels cramped, there is no need to change the layout or to buy smaller furniture. You can try painting your walls a light color to make the room look bigger. Opening drapes and windows also let natural light inside and make the room look brighter. Installing big mirrors will also give the illusion of more space.
Easy fixes like these don’t cost a lot of money and can be accomplished DIY within the day.
Discuss Your Budget with The Contractor
Open communication is always a good idea especially when it comes to money so it’s best that your contractor knows your budget.
When the contractor knows about your constraints, it becomes easier not only to make decisions but also to collaborate.
Contractors are good resources when it comes to cost-saving ideas because they don’t only have experience in this area but also have access to affordable alternatives and suppliers.
Bottom Line
No matter how well you plan or communicate with your contractor, there is still a good chance that you’re going to go over budget. This is why it is important to add 20% to your budget in case of nasty surprises.