Whether you’ve been living in an old house for years or you purchased a fixer upper, you’re probably wanting to give your home a face lift (or two or three). But upgrades and improvements can be intimidating, overwhelming, and expensive. Sticking to your reno budget is tricky but totally doable. Here are 5 ways to stay on track with your renovation budget.
Make a Plan and Stick To It
Planning is such an important step that sometimes gets left out. Having a good plan in place helps cut costs down the road. Often times when remodels go over budget, it’s because there wasn’t a plan. It is important to invest time before the work commences to create a realistic and clear overall vision of what you’re hoping to achieve. Doing so will help eliminate changing plans part way through a project. Changing plans typically costs extra money and extra time (which is essentially more money).
Expect the Unexpected
This is important to remember during the planning process. Especially in older homes and fixer uppers. Old houses are infamously known for and packed full of their weird, surprising issues that will leave you scratching your head. Make room for a contingency fund for those headache inducing, unforeseen issues like asbestos, shoddy electrical work, or funky placement of pipes or air ducts. If you make space in your budget ahead of time for issues that may come up, it won’t be such a headache and burden.
Choose the Right Subs
You must spend your money to save your money. This is an interesting concept as it seems those two cannot exist together. Let us explain. You must invest your money initially by hiring good quality subs in order to save your money down the road. You don’t want to have to redo your project because of shoddy workmanship. Talk to your friends and read reviews online for suggested contractors. Let the work speak for the company. Their reputation will speak loudly, as it is the gold standard in the construction industry. It’s worth it to pay a little extra for someone that you know will deliver the first time.
Take Your Time for Bids
It is suggested that you gather three to five bids before you choose a contractor for your job. This is where your patience could pay off. Bidding out the project can help you find just the right person at the right price. You may even have a couple contractors competing for the job and may lower their costs.
Communicate, Communicate, Communicate!
Did we say communicate? Communicating is crucial when it comes to keeping your budget and timeline on track. Verifying and clarifying, though it may seem redundant, can save time and money down the road. If, say, your walls were painted the incorrect color, it will cost you more money to have the painters come back to repaint and will delay your project from completion. Double checking and confirming is worth the small time investment.