5 Tips For Budgeting for a Home Renovation

Dee Yonker

Creating a budget when you want to renovate your home is the first thing you should do. It provides you with an answer to what you have against what you need or want. Your reasons for renovating may not favour you due to the prices of homes in your area or the season. You can get a real estate manager to assess this for you.

Renovating on a budget should be carefully done so that you don’t miss, ignore, overlook or overdo some things or areas. Items like plumbing, flooring, electricity are very important and should never be overlooked. You need electrical units installed to use home devices, equipment, and appliances without fear of electrical shock or constant electrical failure. 

Let’s look at how to budget for a home renovation.

1. Coverage

How much area in the house is the budget going to cover; is it all or part? This is informed by how much you have to spend and how much work you need to be done on the house. 

2. What Part Needs Urgent Care 

It’s good to go around your house and note which part or parts require urgent care. That way, you can focus more on it or them in your budget. 

3. Create a Detailed Cost Estimate

Put down each item and its cost on the budget. Make it very detailed to the minutest part and item. Add items like installation and delivery fees of materials or equipment. Leaving anything out means you will need to find more money to add to your budget.

4. How Much is the House Worth

Just before you start renovating, check the worth of your house on the real estate market. Or find a realtor to do the work for you. If it’s worth more after renovation, go by home market trends, especially if you’re going to sell it, then sell. But if it won’t add to the value or just by a tiny amount, you can review your renovation plans or stop totally.

5. Get Bids 

The tough part of the renovation is getting the right contractor and settling on a good fee. It’s better to ask contractors to bring bids for the work. Look for bids that are close to your budget. Note bids that are the same as yours. 

Select those that are above and never choose bids that are very low to your budget. A cheap bid is a sign that inferior products are most likely to be used or the contractor has little or no job experience. Ask each of them questions about their bids. Questions like what type of materials they will use, the quality and quantity of things they will use, how many hours they will work a day, and more. 

Conclusion

Most times, contractors will approach you with bids even before you ask. They could have heard from sources or seen the look of your house from the outside. Such will make concessions or reduce their fee just to get the job from other contractors. You can add them to your list. Remember to stick to your budget and carry out the steps mentioned above.

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