If you’re planning a home remodel, a budget will be critical to its success.
Whether it’s a small or large renovation, creating a budget will help you stay on track with your expenses. According to Rocket Mortgage, Americans spend $22,000 on average for a single home renovation project. However, costs can vary based on the type of project and house.
While unexpected expenses may come up during a renovation, there are ways to be prepared for as much as possible. Read on for practical tips to help you remodel on a budget.
Research the Costs
Do some research online about the remodel you want to do for your home. Consider projects that will add value to your home and help it to be more functional.
Research the cost of everything that will be included in the renovation, such as labor and materials. You will need to hire a contractor to get an exact cost, but this will give you a starting point for your budget.
Create a Savings Plan
After you’ve done your research and have an idea of how much money you need for your project, it’s time to create a savings plan. Determine when you want to start your project and how much time it will take you to save the money you need.
If you already have money saved for your project, be sure to give yourself a buffer for potential unexpected expenses. For example, if you’re updating a bathroom for an older home, you may have to update some of your plumbing so that it’s up to code. How much you allow for this in your budget will depend on the type of remodel and issues with the home.
Hire a Contractor
If your home remodel is outside of your DIY scope, find a professional contractor to help you remodel on a budget. You can ask family and friends for recommendations or search online. You want to find a contractor that is a good fit for your project and can work with your schedule.
Try to find at least three local contractors that could work on your home renovation. Ask them important project interview questions so you know what to expect, their professionalism, and potential costs.
Protect Your Home
Once work on your project begins, you want to ensure more money isn’t spent on home repairs from the renovation. Make sure your contractor is taking the steps to protect your home while working, such as covering furniture, laying down drop cloths on carpet and hardwood floors and moving any expensive and fragile items out of the way.
You can have a successful remodel to your home that doesn’t break the bank. By following these steps, you will have an update to your home within your budget that also adds value.
Aaron’s Painting and Remodeling provides exceptional and professional remodeling services to homeowners in Overland Park and surrounding areas. We have been a BBB accredited business since 2013. Contact us for a free quote on your next home project.