Budgeting for a Home Renovation
Budgeting for home renovations is always tough. Even when you plan for everything and even a few glitches along the way budgets often find a way to be busted. In order to keep your progress from ending in a budget stale mate here are a few things to keep in mind when renovations are planned for your home.
First decide why you are renovating your home. What do you hope to accomplish with the renovation? Are you adding space for a new addition? Are you adding space for a kids play room or do you hope that with your renovation you increase the value of your home. Knowing exactly what you hope to accomplish with your home renovations will make it easier to create a budget and stick to it. It is often when a plan is not created that we go overboard with spending. So the more you can think out ahead of time before renovations on your home begin the better your finances will look in the end.
Speaking of a budget determine how much you can afford to spend on this home renovation. If you realize that what you hope to accomplish is not possible within the funds you have allotted for the project than you can easily put it on hold at this stage of the process. Determine the cost of all materials, tools and furnishings that will be needed to complete the renovation. If you are doing a kitchen renovation make sure to take into account large items like stoves and refrigerators. If you are doing a bathroom remodel take into account a new tub, sink and vanity. A toilet and new fixtures should also be added to the budget.
Next ask yourself are you up to taking on the challenge of a remodel or is it better for you to hire a contractor to ensure a smooth renovation. If you are the handyman type simple renovations can easily be done on your own and can save your contractor fees. If you are going to hire out a residential contractor make sure to look at examples of their previous work. Ask for references and check out their website. The detail put into their work, references and website will give you a good idea of their work and work ethic. It is also important to make sure your gut tells you that the contractor you have chosen is right for you and your home renovation.
A timeline is also important in home renovations. It is important to go over this with your contractor and get in writing a plan of attack. It is important that each step is broke down into a time frame so that you and the contractor can work together to make sure progress stays on track.
Making sure that the contractor you hire is on the same page as you is one of the most important steps in home renovation. You can have this by opening the lines of communication from the start. Know that sometimes things can take an unexpected turn but that you are interested in keeping up to date with the progress and would like updates even when something goes haywire
Once you have agreed upon a plan do not keep changing things. Nothing makes a contractor bitter more than an indecisive customer. They to have a time frame to stay within so that they can continue work with other clients. Every change adds time and money to the budget so stick to the original plan of attack. It will ease the schedule and budget if you stick to the initial renovation plan.
The last thing you will need to decide is if you plan on living in your dwelling during the construction or if you plan on finding a place that is more conducive to your life. If you decide to live in your home during the renovation make sure that you do not interrupt the progress. A happy contractor makes for a happy homeowner.
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