Anyone who has ever remodeled anything in their lives knows that it’s easy to go over budget – way over budget. Sometimes, you get carried away and you realize that you are over spending. Other times, you find a bump in the remodeling road and have incurred a cost that will be costlier than you had anticipated. You need a budget, of course, but more importantly you need a strategy for keeping that budget intact. Here are 5 strategies to keep your remodel budget under control.
To Do It Yourself or Not?
Of course, the first thing you think of when hearing do it yourself is that it is cheaper. This is not always and most often is not the case. A do-it-yourself project that goes wrong can cost you more in repairs than if you had hired a reputable remodeling contractor. You are not a licensed plumber or electrician, and if you get into trouble in these categories, it could not only be expensive, but also could be dangerous.
Hire Right from the Start
Before you set foot in the home store to pick out materials and supplies, make certain you contact and connect with the right professionals. You don’t want to mess around when it comes to your remodeling plan. A professional can help you with those bumps and bruises along the way that many people encounter when undertaking a remodeling project. Those bumps and bruises can hurt pretty bad in your wallet if you don’t have professionals backing you up.
Permits and Paperwork
The best way to stay on target with your budget, besides hiring a professional who can keep you on budget and on track, is to find out your permit information ahead of time. You don’t want to hold up a project because of a permit. You want to have this information up front and ready to go. Postponing a project can be costly.
Know Your Must-haves and your Can-do-without
Every remodel is impacted by the trickle effect. You start with one thing and before you know it, you’ve (in your mind’s eye) remodeled everything there is. Start with your absolute must-haves and know where you are non-negotiable. Next, know where you are flexible. That fancy skylight or gazebo - is it really necessary?
Leave a little room for extra
When creating your budget in the first place, make sure to leave a little extra for the things that will inevitably pop up. You’ll be glad you did because unexpected troubles will appear here and there and can't certainly put your remodel to stop if you don't have the money to solve them. We're assuming you don't want your remodel to be left half-done until you can gather the money, right? Then do as experts suggest - leave aside between a 5 and a 10% of the overall budget for these 'just in case' scenarios.
With these five tips, you’re on your way to not only creating, but also sticking to your budget.
Posted December 11, 2016
by Gabriel Posternak.