It doesn’t matter where you are in your financial life. If you own a home, you have a limit to how much you are willing to spend when it comes to your next remodeling project. As you know, when you plan for your next remodeling venture, you’ll have to consider the cost of materials and labor. But if you have any experience with this, you realize that you’ll have to leave room for unexpected expenses as well. So let’s talk today about how you can remodel without going broke (and avoid some common mistakes along the way).
Be a conservative budget-er
When you start to calculate the costs of your project, be conservative. Don’t plan based on the best-case-scenarios. Do your homework, and research the cost of materials, labor, and extras before you begin. Be sure to talk to a remodeling professional to get a realistic quote on labor rate. Give yourself an extra padding of at least 20% over your estimate. That way, you’ll have the room you need to conquer any unexpected expense.
Don’t buy the cheapest materials
Sure, you might try to save money on material. But don’t! Buy the best you can afford (within your budget). If you can’t buy decent quality, you might regret starting the project to begin with. So if you are in a position where you have to buy the lowest-quality materials, maybe you should delay the work until you are in a better financial position.
Do the prep work
Nobody likes prep work – but do it anyway! Take your time and be meticulous. This will save you money in the long run when it comes to labor costs.
Find a great contractor
This should go without saying. Quality, experienced contractors might charge a bit more per hour, but they are generally much more efficient when it comes to accomplishing a task. The result is less labor cost for you in the long-run – not to mention better quality work!
Make smaller changes to your home that maximize your budget
Rather than a complete overhaul, consider making small changes to your home that have a big visual impact. This will make you feel as though you have maximized your budget.
That’s all for now. Check back soon for more!