The ideal home renovation project is one that looks beautiful, is completed quickly, and comes in under-budget. That last factor can be a tricky one, as costs can quickly get out of control. Here are five home renovation budget tips that will help ensure that your project doesn’t leave your wallet unexpectedly empty when it’s finished.
The Top 5 Home Renovation Budget Tips
1. Go For Function Instead of Size
Everyone dreams of a gourmet kitchen or a huge, spa-like bathroom, but sometimes space and budget limitations can put a damper on those plans. No worries though, you don’t have to knock down walls and blow up your budget in order to have a fabulous new kitchen or a soothing bathroom space in which to relax.
With a bit of planning, creativity, and talking with your contractor (who will have ideas based on experience with past projects), you can more efficiently utilize the space you have in order to expand the usable area and gain storage you never had before. This can include things like building in pullout drawers where kitchen shelves used to be or utilizing vertical space for storage in your bathroom. You may consider ditching your bathtub entirely to build in a luxurious steam shower complete with massaging body jets.
No matter what, your contractor will help you plan things out in a way to effectively use your budget to get the most out of your renovation.
2. Figure Out Where You Can Compromise
You’d love to have a kitchen with exotic wood cabinetry, natural stone floors, a gourmet range, and that pricey antique light fixture you’ve been eyeing online for months. However, all of this would send your budget into the stratosphere.
A particularly helpful home renovation budget tip is planning out where you’re willing to compromise. When you’re trying to stay below a particular budget, it’s useful to allow yourself just one splurge in each room and see where you can save on the rest. What truly matters? If cooking is your thing, then let a high-quality range be your one splurge item for the kitchen and look for high-quality-but-lower-cost options for items such as flooring, cabinetry, and light fixtures. You’ll be pleased with the end result — and even more pleased with the money you save.
3. Schedule Strategically
One of the biggest home renovation budget tips doesn’t have anything to do with what appliances you choose or whether you opt for the high-end flooring; it has to do with when you schedule your project. If you want to get more bang for your buck when it comes to hiring a contractor, opt to plan your renovation for the less-busy winter months. Everyone wants their projects completed in the summer, which means that contractors are slammed and working to schedule in all of their business. In the winter, things slow down — and prices often drop. This could mean a big savings on a large project.
4. Plan For the Unexpected
Even when you work with the best contractor in town, there’s always something that can go awry with your perfectly-laid renovation plans. The team may pull up old flooring to discover previously unrevealed water damage or find leaks in the basement that need to be repaired before you finish out the space. What this all adds up to is more money out of your pocket.
This can doom a renovation project if you only have enough to cover the project itself with no wiggle room. That’s why it’s a good rule of thumb to budget in an extra 10 percent to cover any emergencies or unexpected expenses. That way, when something arises, you’ll be sure to have enough to cover it and move on without a hitch.
5. Don’t Go In Alone
DIY is more popular than ever today — especially since anyone can Google or YouTube a project and get a general idea of how it’s done. That might work great for patching a hole in a wall or installing a microwave, but when it comes to major renovations, going DIY can cost you more in the long run.
Especially if your project involves moving walls, altering plumbing or electrical systems, or is large in scale, the last of our home renovation budgeting tips is to always hire an expert. Not only is this safer, but it lessens the chance of having to come back and repair leaks, replace wiring, or redo entire portions of the job later. An added plus? They’ll be able to help you with all of the other home renovation budget tips — from coming up with creative ideas to planning and budgeting appropriately. Do you need a little more budget help in order to apply these 5 renovation tips to your home? Learn more about Smartland Residential Contractors’ unbeatable financing options.