Remodeling your home can make your daily life easier. It can also help you sell a home faster if you choose the right projects. But, it can also be expensive, depending on what you’re looking to accomplish. Setting a realistic budget before receiving your first quote will help keep costs down while also putting you on the path to a beautiful home makeover. To help get you started, Quality DesignWorks is sharing some of our insider tips to make budgeting easier.
When determining where and what you want to renovate, it’s essential to decide what you might be willing to cut from the project to save costs and what absolutely needs to be accomplished. For example, if you’re redoing your kitchen, the small sink has been the bane of your existence but you also want new flooring. If you find that you can’t afford both upgrades, which one will actually have a bigger impact on your life? Once you set your priorities, it will be easier to cut costs if it comes to that.
Weigh Cost Vs. Value
While you might be happy in your home now, if there’s ever a possibility of selling, you should consider valuable renovation options that will help your home sell later down the line. Updated kitchens and bathrooms almost always add value to a home when selling. However, if you pour in $30k worth of renovations, will you actually make money back on that? It’s important to do a little research beforehand and prioritize what will give you the best return on your investment.
Though it might seem counterintuitive, combining projects can end up being more cost-effective. While this might have a higher initial cost, it can end up saving you money in the long-term. For example, if you know that you want to redo your floors in the living room, consider redoing your floors in other rooms at the same time. It’s actually easier for contractors to do everything at once, so they’ll usually give you a better price for the whole project when compared to staggering it a room at a time.
The materials used in your renovation can add a lot to the final price tag. This can include everything from flooring, countertops, appliances, and more. If possible, wait for sales on big-ticket items, or consider salvaging materials from unlikely places such as scrap yards or demolitions. Also, compare costs at hardware stores, warehouses, and local showrooms to get the best bang for your buck. You may have to end up compromising on higher cost materials, such as hardwood flooring, and opt for a better deal. For example, there are many high-quality veneers available that almost perfectly mimic things such as stone or wood.
Save Money With DIYs
While most aspects of a home renovation should be left to the professionals, if you’re up for the challenge, you can cut costs by doing some of the work yourself. Unless you’re certified, electrical and plumbing work should always be left to the contractors, but things such as painting or removing old carpet yourself can help save money. Just make sure to be honest with yourself about what you can handle and remember that if you make any mistakes, those could end up costing you more.
Budget For Hidden Costs
No matter how thorough your contractor is when giving you a quote, there will almost always be some unforeseen thing that will incur additional costs. This is especially true if you have an older house, but still could be the case in newer homes where the installation of wires or plumbing might not have been done correctly. Make sure that at least 10-20 percent of your budget is set aside for these surprises. Worst case, you’ll have some money left over for decor at the end of your remodel.
Once you’ve set a budget that you’re comfortable with, it’s time to find a remodeling company that fits within that budget while still offering high-quality services. We suggest getting at least three different quotes so that you can compare prices and see if doing everything in your budget is feasible. While prices will vary among contractors based on their schedule and percentages, be wary of contractors who give you a bid that seems too good to be true. If their quote is much lower than their competitors, it may be that they are inexperienced, and the quality of your project could suffer.
Once you have a contractor quote, you have a realistic starting point for how much your project will cost. If everything together is higher than what you’re comfortable with, you’ll need to scale back. Speak with your contractor for suggestions. They may have access to less expensive materials or they may be able to cut some corners while still achieving your goals without compromising quality. That’s why it’s crucial to opt for a well-established remodeling contractor with years of experience and multiple connections to workers and suppliers.