Renovating your home is exciting, yet completely overwhelming. Whether you have hundreds in your budget or hundreds of thousands, the cost of a home remodel can get out of control and over budget incredibly quickly, leaving projects incomplete, your house a mess, and you out of pocket. That being said, careful planning and a little extra work on your part can help to keep your renovation on track and save you some money along the way. With that in mind, here are seven ways to stay on top of your renovation costs and ensure a good return on your investment.
1. Create A Realistic Budget
To be able to stay on budget, you need to understand exactly how much money you have in yours. Because of this, it’s crucial that you sit down and take some time planning exactly what you want to change and how long this work will take. This will give you a rough idea of how much it is all going to cost. If this is more than you can realistically afford, then you should make a few sacrifices and adjustments. You should also allot some extra money for unexpected expenses.
Unless your renovations are urgent for some reason, you should always avoid borrowing money to pay the expense. After all, this means that you’ll also have interest to take care of, which will decrease the amount of money you have to spend on the actual work. Instead, find ways to trim your household budget and put a little cash aside each month. It may take some time to save up all of the money you need, but this just gives you extra to spend planning and researching.
You may not be able to knock down a wall or install a toilet, but there are things that you can do yourself to cut the cost of hired help. After all, these people tend to charge by the hour, so, if you can clean and prep the space before they arrive, this could reduce the bill significantly. Of course, if you are a little more skilled in DIY, then you could take it up and notch and do even more. Just make sure that you actually know what you’re doing, or the risk isn’t worth it.
When you do need to hire professional help, it’s important that whoever you choose is right for the job. They should be skilled, experienced, reputable, and budget-friendly. Instead of booking the first contractor you see, you should shop around for a while and research a few different ones. Make sure that you check reviews, testimonials, and past work and that you ask to see insurance. Avoid hiring friends or family unless you know that they’re up to the task.
As much as people like to hate the internet, it is a great tool when searching for a discount. With that in mind, you should take advantage of it when you shop for your project. You can use sites like NetVoucherCodes.co.uk for money off appliances and furniture and comparison sites to find the best deals on materials, tools, and even labour. You can also use cashback sites to get a percentage of your purchase back every time you shop.
Even with vouchers and cashback websites, bigger appliances and pieces of furniture are still going to leave a huge dent in your remodel budget, which could leave you without the money you need to pay for something else. To cut costs even further, you may want to delay your project until there is a sale on what you need. For example, if you were after lawn furniture, you could wait until the end of the summer, or you could wait until Black Friday for your new power tools.
Planning your remodel thoroughly can give you a rough idea of how much everything will cost, allowing you to stick to a project budget. However, changing your plans later on down the line will inevitably change your budget, and could cause you to spend much more than you can afford. With that in mind, it’s vital that you stick to whatever plans you made in the early days. You can’t change your choice of tiles or alter your timeframe, as any deviation could cost you majorly.
Renovating your home is not a cheap project, but, with the tips above, you can cut costs and stay on budget.