How to Budget for a Home Renovation Project

Written by  //  May 12, 2021  //  Home Construction  //  Comments Off on How to Budget for a Home Renovation Project

budget for home improvement

All budgeting endeavors begin with the simple act of setting aside a chunk of money each week or month. Home renovations cost thousands of dollars, and you don’t want to get stuck with a huge bill if you have no money saved. To get a better picture of how much you’ll need to set aside, read about how to budget for a home renovation project.

Dig Into the Details and Elements

When you gut a room and redo it completely, you’ll need new light fixtures, sink installments, wood paneling, crown molding, and so on. There are many elements in a home renovation that you get to reselect and build from scratch. While you can work with a contractor to find these items, it’s best to start this research ahead of time.

You must decide on a mood and style for the renovation so you can tailor the elements to match. If you want a darker theme, you should look for black metal cabinet knobs. If you want farmhouse chic, look for kitchen tiles that match your vibe. Make sure you write down each of these elements as a line item in your budget. This way, you can research the best prices and record a reasonable estimate for each detail’s cost.

Prepare for the Unexpected

Demolishing an old room to renovate it is a liberating feeling. But those high hopes can fall quickly when you uncover mold, old wiring, or bad plumbing. You should prepare yourself for hidden costs that can come up unexpectedly throughout the process. A renovation budget must contain some wiggle room, so include and anticipate unforeseen costs. If you set the money aside now and end up not needing it, you can use that money for other parts of the project or save it for your next renovation. Who knows? Maybe you can get a head start on your bathroom while redoing the kitchen.

Find a Contractor

While you can certainly get started without one, finding a contractor who can help you with the renovation process is a good idea. Contractors often have partnerships with local suppliers who can cut you great deals on everything from floors to cabinets. A contractor can also give you an accurate estimate of how much a job will cost, including materials and labor. For example, they’ll know about all the factors that can make a budgetary impact, like concrete floor coating costs and electrical rewiring prices. One thing to note is that every contractor wants your business, so be wary of overzealous businesspeople. You should wait to hear a few bids before deciding on one.

Learning how to budget for a home renovation project can save you a lot of time and money in the long run. Ultimately, the renovation is in your hands, and it should turn out how you want it to. Make sure you have the budget and plan to make your dreams come true.

image credit: Pixabay

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