The most important part of a remodel project is the budget. Budgeting your money, your time and effort before you start is an investment that results in a finished project in which you can take pride.
How to start your renovation budget?
Know what you want to achieve. For example, assume you want to build a bathroom with a sink, shower, toilet and linen closet that also has access from a bedroom and hallway. Make sure you include those specifics in your renovation budget.
Check building codes so you are in compliance from the start. Locate where utilities are and what you will have to add. For example, can you add plumbing lines and access electrical services relatively easily? Will you be removing walls and/or building new ones? Does the floor need to be reinforced? What is required to do so?
Identify Details Contractors Should Complete
Be realistic about what portions of the project are worth your time and effort. If you are not experienced, finishing drywall before painting may be something you want to consider having completed by a professional. On the other hand, painting is a task you can most likely take on yourself.
Making these types of decisions will impact your budget. Be realistic and always get more than one bid. Contact several contractors and always:
- Check their references
- Look at their work and talk to former clients
- Understand how long the project will take and how much time you have available
- Ask questions
Plan How You Will Fund Your Home Remodeling Project
Make sure financing and funds are available before work starts. Write out a rough bill of material and spend a day window shopping – on the internet, at various big box stores, and at local specialty supply stores.
Decide what you are willing to “splurge” on and which items you are willing to shop around for. Making a decision based solely on price is usually a bad idea. If you’ve seen a look you like in a magazine, you may be able to find variations of an item that will give you the same look at a lower price.
As you’re finishing the project, careful installation pays off. If you rush something or aren’t careful finishing a job, it is possible the final project will not look or feel like you hoped. Don’t be afraid to go into a specialty shop. Some shops welcome homeowners and are willing to answer questions. They may cost a little more than buying supplies at a big box store, but you will often benefit from working with an employee who with suggestions on how to make the job easier.
Plan for Delays In Your Remodeling Project
Factor in some time for those days when nothing seems to be going right, stores are out of stock or you’re just plain tired of the project and need a day off. Clean up as you go. A contractor may clean the job site, but you’ll be charged for it. Understand what the contractor is charging for, what you need permits for and how to get rid of the trash you’ll be accumulating through this project.
When doing demolition, donate what you can. Take a little extra time and care removing cabinets and large items. Check with a local charitable home improvement center like Habitat for Humanity’s Restore. Often, you can get someone to pick these items up, give you a receipt for a donation and save you the time and effort of disposing of these items.
If you’re having a day when you’re all thumbs and nothing is going right, take the afternoon off. Keep your partner or spouse involved. Seek their help through suggestions and errand running or purchasing.
Plan A Contingency Fund for Your Remodeling Project
Add in contingency monies to the budget. That way, if there is a cost overrun, a portion of it should be covered. If you don’t have to dip into the contingency portion of the budget, then consider possible ways to treat yourself to an extra luxury. Select higher-end finishes, opt for more storage or identify other areas that would add more appeal to the finished space.
All in all, if you are realistic, do what you can on the project and review what you’re spending as you go along, you can close a home remodel project fairly close to or under budget.
Call Beantown Builders for Your Home Remodeling Needs
We help prospective buyers, investors and homeowners build property value through redesign, modernization and construction. By providing a comprehensive, one-stop service, we build you beautiful spaces on budget and maximize your investment.
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