It’s not uncommon to hear of a home renovation project gone awry. There are many factors that could contribute to the budget overruns many people experience. Mishaps can happen on a large or small scale, and there’s usually more than one cause for these issues. If you’re planning to start a home renovation project, here are some tips and tricks to keeping your project under budget.
Plan Well
When renovating, it is crucial to have a plan. Building a list of the must-haves and wants along with what can be sacrificed will help you keep renovation expenses down. Have a realistic estimate of how much money you can afford for each stage of the renovation.
Hire the Right People
When hiring a contractor or designer, consider recommendations from friends and neighbors. Conduct interviews with several candidates before making a final decision. Research contractors’ or designers’ most recently completed projects to get an idea of their work quality.
Have Set Limits
When considering the total cost of a remodel for your home, keep in mind that a kitchen often accounts for 15 percent of the property value. For instance, if your home is approximately valued at $200,000, plan to spend no more than $30,000 on a kitchen remodel.
Be Patient with The Bidding Process
When hiring a contractor, be sure to get at least three bids. Notice whether or not the contractor is punctual during the bidding process. Punctuality indicates how well the contractor plans and organizes his or her time, which is an indication of how well he or she will adhere to the project schedule and budget.
Mix Materials
If money is a dealbreaker, don’t hesitate to combine flooring options. Use hardwood in the living room and kitchen and less expensive options in other areas such as the entryway, bathroom, or mudroom. Tile and vinyl tend to be less expensive than hardwood and can help keep costs in check when used together.
Try Lending a Hand
If you are able to help out with a renovation or can offer your services as a skilled and experienced worker, it may be possible to reduce the amount of money spent on labor. Removing and discarding your old carpeting yourself can also save money for you. Even a small amount saved gives you extra wiggle room.