How to Stick to Your Budget When Doing A Home Remodel
What does “budget renovation” means? The word “budget” isn’t synonymous with cheap. Whenever you spend money, it’s a good idea to know how much of your total income or savings is allotted for the purchase, whether it’s simply a meal out, or something big like a new stove. If you’re planning to do work on your home, I recommend starting with a dollar amount that you’re able to spend before you begin making design choices. Then you can price fixtures and materials and begin to get a grasp on what will work with your budget and what won’t.
Planning a home renovation has one essential rule above all else: getting on a budget and sticking to it. Still, that’s one of the hardest things to do and most people tend to fail on this task. This article and the tips to stick to saving money will help solve that problem and make you an expert on how to budget.
Find out the best way for getting on a budget and sticking to it with these simple budget hacks on home renovations.
For each and every home project, the first thing you need to do is plan. I write this every single time in every article with tips about home renovations, and I will keep on doing so because it’s just that necessary! Especially if you ever asked yourself “how do I keep myself on a budget? you need to know this is the answer: plan everything.
Research everything in advance, for example:
- Contractor’s quote
Not only the contractor’s quote, but if you’re hiring more services, like an architect, a decorator, a plumber…whatever the service you’ll need for the home remodel needs to be written down on your renovation budget tracker! Your whole house renovation cost will definitely be higher and go over the budget if you don’t have every decision made beforehand.
Doing this step will allow you to know how much you should expect to be spending on the whole project and it’ll give you space to decide where to save and where to splurge – it’s great to know this right from the start because it’ll make it easier getting on a budget and sticking to it.
Clean up yourself
Most companies offer the cleaning service along with the remodelling project as a closed package and with some discount. However, if you want to save some money, you can opt for doing the cleaning yourself. Just know that it’ll be a LOT of cleaning and remember that construction dust is not an easy thing to deal with, so if you decide to clean up yourself, be prepared because it won’t be easy.
Sometimes it’s worth saving in other things and getting the cleaning service included. Think about what’s worth more for you.
Instead of replacing every cabinet in your home, check if they’re still working okay. Because if they are, you don’t need replacing, you just need refacing. Giving your existing cabinets a new look will be a lot cheaper than getting new ones. Here are a few ideas on how to reface the cabinets:
- Give them a new coat of paint
- Apply veneer to the surface
- Replace knobs and pulls
Don’t move plumbing fixtures
It’ll all depend on what type of project you’re doing in your home, sometimes it’s essential to have plumbing fixtures moved around. However, if that’s not a requirement, you should definitely avoid moving things like your sink, toilets and shower since that will save you a lot on labor and materials.
It’s a simple budget hack you should consider with caution, talk to your contractor about the remodeling plan to know if these plumbing services will be necessary.
Instead of going out for every meal during your kitchen renovation, set up an improvised place where you can have a dedicated surface to use basic stuff like the microwave, coffee maker and fridge. This will save you more money than you can imagine. You can even get help from your contractor to do this setting up, take the opportunity to offer them a cup of coffee while they take a break from all the hard work. I’m sure they’ll be happy to help you.
Careful with DIY
Doing things yourself is definitely the best way to save money during home renovations, but they’re mostly not worth it. Want to know why? It’s pretty simple: the quality of the service won’t be the same (unless you’re a professional yourself), and you take the chance of doing things wrong and having to pay extra to get it right with a professional service afterwards.
Of course, you can DIY simpler things, like maybe a painting project, but depending on the service, it’s best to just admit you need help and hire a pro – especially for electrical and plumbing work.
For each and every project, there are always unexpected things that will happen. It’s just a matter of when and how it will happen, but there’s no doubt, it’s there just waiting for its moment. So if you’re now learning how to budget, know that you ALWAYS need to have a contingency fund included – and that should be about 20% of your total cost.
You need to be realistic with your finances, 20% may seem like a lot, but it’s better to be safe than sorry. What ends up back in your pocket after the renovation is done is an excellent bonus. But at first, you want to avoid going over the budget and being all stressed out because you don’t have money to finish your remodel.
Allow space to splurge, but be careful
The decision of where to splurge and where to save should be on your initial planning (as I mentioned here before). Still, I felt the need to add a topic about this because I wanted to give you some tips of where to save and where to spend.
For example, this is where you can save some bucks:
- Light fixtures
- Hardware replacement
And these are some ideas of where to splurge without any fear:
- The kitchen backsplash
- Quality paint
- Home security
- Heated bathroom floors
Remember to consider these ideas carefully according to your needs! That being said, there’s something you should never think twice if you need to spend a little more money than you thought you would, and that’s a trusted, quality contract. Which brings us to the next topic:
Yes, let me say this again: don’t think twice about hiring a quality service for a little more money than expected because an expert is definitely worth it. And how can you know you’re hiring a trusted professional? There are some rules to follow, like:
- Asking for a license, credentials, and references
- Communicate clearly about what you want and ask for previous experience with that type of project
- Ask if they are willing to sign a contract with a guarantee clause
Of course, there are more things to consider before closing a deal, but these are some of the most important things to keep in mind. But to make your life easier, talk to us now. Builder Finders definitely have the right and trustworthy builder for you.
If you are ready to get started with your home renovation plans, contact us now! We have the right builder for you.
The good news is that there is no cost to use Builder Finders. We are paid by the builder you have selected.
Building is an exciting time. It can also be a time of great anxiety if you choose the wrong builder. Did you know Builder Finders does not accept every builder. Many builders who apply to join the Builder Finders panel don’t make it. There is a 62 step vetting process for builders to join the panel. In addition, the Builder Finders team conducts comprehensive due diligence through reference checks, ASIC searches and CreditorWatch reports to ensure they are not insolvent. You may not be aware that in the last financial year just over 500 builders went bust. Worse still, right now there are builders in financial difficulty that are cutting corners to stay afloat. Fact is, a lot of builders will tell you what you want to hear. Engaging with one of these builders will invariably mean subpar construction of your home. No one wants that.
With Builder Finders, you are in safe hands.
Why risk it? The Builder Finders team have done all the background searches for you. We take pride in knowing our clients are dealing with some of Australia’s leading and award winning builders. We understand the services of a builder broker may be a new concept for you. It would be our pleasure to refer customers that have used our services in the past.