Budgeting For The Remodel
It remodeling time! You are finally getting the big kitchen and the majestic bedroom you’ve always wanted and you can barely keep the excitement in. You have gone through all the remodeling plans and the various designs because you want everything to be perfect.
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Then you check the overall costs and you stop dead in your trucks. It is outrageous! You got so carried away with all the plans that you forgot to set a budget. Here are tips on how to set your budget for a big home improvement project to avoid draining yourself financially.
5 Tips on setting a budget for big home improvement projects
You have already figured out what you want and the only thing remaining is finding out if you can afford it. How do you set a budget for your project?
- Make an estimate of the overall cost
Are you going on a hard floor or tiles? Does the remodel include appliances and countertops? First, put down what the whole project will entail, including labor and consult a professional contractor to give you a rough estimate of the entire project. Ask the contractor if you left out anything crucial and if there will be a discount if you hire them for your project. The estimated budget acts as a work frame on which to do the remodeling.
- Weed out the things you want from the things you actually need
You have figured out how much the entire project might cost you. What next? Now you have to figure out where to splurge and where to cut back. Yes, you need that glorious wallpaper but is it possible to get the same kind at a cheaper price from a DIY store? Instead of buying new appliances, you could just replace the broken one. Learn to be frugal to avoid high expenses.
- Get quotes from contractors
Ask your friends and family for recommendations of good contractors before accepting bids. Ensure you have seen their previous projects and read their reviews before asking for an itemized bid. Be very specific about your project description down to the colors. You can then pick the one that provides quality work at a reasonable price.
- Account for unexpected costs
The thing about remodeling is that you will always find some problems you didn’t know existed like rusty pipes. These hidden costs tend to take up a huge chunk of the budget so be sure to account for them. If the budget is $7000, make it $9000 to cater for this expenses.
- Consider various financing options
Let’s face it, remodeling can be extremely expensive! How much of the project you can finance without straining? Once you have figured that out, consider financing options for the part of the budget you can’t afford but be sure not to run into debt.
When setting a budget for your project, ensure you’re using qualified professionals to avoid disappointments. Don’t shy away from trying out various cost-friendly alternatives or trimming away some luxurious items. Once you are done with the budgeting, the remodeling can now begin with minimal glitches expected.
Thank you for visiting our site, and reading our articles. We hope you are finding solid info that can help you with your home improvements. If you have any questions or comments, please reach out to us and we will be glad to assist. We also ask that you visit our sponsor for all of your Tax Preparation and Accounting needs.