Whole-home additions and renovations can be costly and time-consuming. The extent of improvements varies. But your whole home remodeling is likely to be the most expensive if you don’t stay on top of your expenses. The costs could skyrocket and leave you with big bills that you may be unable to handle after your residential renovations.
But with proper planning and due diligence, it is possible to manage your addition and residential renovations without blowing up your budget. Here are a few tips, which you can use to make sure you don’t end up with an inflated bill.
1. Be realistic when planning your home remodeling projects.
Most homeowners saving money for their additions and home renovations often try to be frugal by shopping around for discount materials. Some even choose to make such projects pure D.I.Y projects. But not all them stick to these plans, and sometimes lots of material goes into waste because of expensive errors.
It’s advisable to let the pros work on your project, and whenever the possible chip in a little on tasks that you can handle because this may save you some labor costs. In the end, some of these homeowners find themselves with sizable expenses. It’s sometimes prudent to hire a professional renovation company or an experienced handyman. Expert hands will avoid any mishaps that may render your materials wasted.
2. Have a clear plan on what to add or renovate
If you want the best deal from a renovation contractor, you have to consult various contractors and get their estimates. With a proper assessment of your material and labor charges, you can make an ideal budget. If the estimates that you get from your contractors vary, then you’re not specific when talking about the scope of your project.
Try to make a clear explanation of what you want and where possible, take time to use the contractors’ estimate to create a clear budget. Budget specificity will ensure that you get a precise estimate and you’ll learn beforehand whether your addition project is workable.
3. Find clearance sales or cheap materials?
Some construction material and equipment sellers often make some clearance sells, which you can find at an affordable rate. Some contractors clearing up their construction sites can sell some leftover materials if they’re in good condition. Also, make extensive window shopping at the material and equipment stores to get the best of deals.
4. Stick to your plan
Once you have the best estimate and a clear budget, also make a precise renovation or addition plan. Some homeowners get tempted to go beyond their strategy and budget by trying to make either more room additions or window replacements. If you choose more additions or renovations, then you may end up with a higher bill and the need to either halt the project or seek more funding.
5. Leave some room for unforeseen changes in your residential renovations.
Remodeling budgets or plans need some change room, which can cover the unforeseen costs that may arise from the need for repairs and maintenance. Your handymen may break some fixtures or equipment, and you may need to do some repairs or maintenance on old fixtures.
You may not include such minor costs into your budget at first, but you should make adjustments that can cater to them when they arise. Adding a 15-20% margin on your renovation contractor’s budget can cover you during such need.
6. Schedule your residential remodeling into phases
Sometimes your whole home remodeling may take more money than you can find in one go. But you can create phases for your project, and start with the most crucial addition or remodel feature. You can continue with this plan and have your entire residential renovations complete.
Approximately 85% of homeowners built their homes before the 1980s, and most of them need extensive home remodeling. If you made your home in the 1980s, then you most need a thorough remodel. But for a successful remodeling project, you’ll need to do a reasonable budget and plan by considering the above insights.