How to keep your home renovation on budget

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Home Improvement

It’s a new year and you may finally be ready to take on the renovation project you’ve been thinking about. Remodeling is a great way to stay in your home, while making it feel new and refreshed.

We’ve all heard stories about renovation budgets quickly flying off the tracks and increasing exponentially in the blink of an eye. We believe planning ahead and monitoring your renovation closely is the best way to keep the project moving, while staying on budget. Here are some of our recommendations:

Plan your budget
This may seem self-explanatory, but your first step should be to break down your budget in detail. It’s easy to underestimate how much you’re actually going to spend, so be as realistic and meticulous as possible. This will help you visualize what can and cannot be achieved. Planning ahead will also save you money on spur-of-the-moment decisions, which tend to cost way more than tasks you’ve planned for. Take your time, make a plan, and stick to it, if possible.

Take it one step at a time
Most people are not working with an unlimited budget, so we recommend making a list of project priorities. Determine what absolutely needs to be done and what can either wait or be left alone. For example, do you really need new floors or can your current floors be refinished? Are new cabinets absolutely necessary or will some new handles spruce things up? You’d be surprised what a coat of paint and some new fixtures will do to a home. This can save you both time and money, while making a huge difference!

Build a Buffer
Even with all the planning in the world, sometimes things just go wrong. Supply chain issues, hidden surprises behind walls, or just changing your mind on something can push back your schedule and increase the price. We recommend setting aside 15-20% of your budget to account for the unexpected. Giving yourself that buffer will make those unfortunate circumstances hurt just a little bit less.

We know the renovation process isn’t simple and sometimes things are just going to change. Sticking to a budget may be a challenge, but we believe keeping these items in mind will help prevent your budget from flying out the window. As always, as your Realtor, I have an extensive network of experienced contractors and vendors that may be able to assist you with your remodeling project. Contact me today for more information and to get connected.