If you’ve got tired of the way your home looks, you might be thinking about starting a renovation project. Renovations are quite variable by nature and that’s why staying on top of your costs is recommended. However, this is much easier said than done and to help you, we came up with a list of 5 smart ways to renovate your home and stay on a budget.
One of the biggest mistakes people make when renovating their home is setting their budget too low. This means they choose to do a lot of work themselves and settle for cheaper materials. However, they usually don’t manage to stick to these promises and end up surpassing their budget. In order to make sure this doesn’t happen to you, you need to be realistic right from the start.
If you’re not into DIY, try to determine how much money it will take to hire professionals. Also, take a trip to the local hardware store and make sure you know the prices of every material you will need. This should help you get the figures right and decide whether you have enough money in your budget to tackle the project right now.
Plan for unexpected
Working out your budget before you start renovating sure is a good idea. And while this will help you estimate how much the entire project is going to cost you, it’s still important to anticipate there will be some unexpected costs. Sometimes renovating can uncover a maintenance issue that simply has to be dealt with.
Also, your contractor might come up with a few extra ideas you’ll like and decide to include in your project. The general wisdom is to add about 15% on top of your estimate to make sure you can deal with any unexpected costs that come up. This may seem a lot but it’s always better to be safe than sorry. If you can’t add that amount to your budget, postponing the project a little bit more is a good idea.
Get more money
As mentioned above, starting a renovation project can be quite costly. In order to be able to go through with it, you might need to think about getting more money. A personal loan is always a great option since it can help you get the money right away. Your first assumption may be to apply for one of these at a bank, but securing a loan is much easier if you turn to a private lender. What’s so great about taking a loan is that even if you’re not able to pay it off, you can take a debt consolidation loan and refinance your debt.
You may like the idea of using a whole variety of materials but that can be quite expensive. If you want to stay on a budget while renovating, making consistency your friend is an absolute must. For instance, if you plan to use a material in one part of your home, going for that same material for the rest of your home can do wonders for your budget.
This will allow you or your contractor to purchase larger quantities at lower rates. On top of this, if you decide to go for the same design details throughout your home, it’ll allow the contractor to get more familiar with the job. This should help you minimize labor costs, which is always a huge plus.
Get a second opinion
Wrong assumptions can easily translate into a wrecked budget. That said, talking to your contractor about the final price of your project is a good idea. They might end up presenting you with the figure different from what you’ve estimated but that doesn’t mean you need to go for it. It’s always a good idea to get a second opinion, just to make sure you’re not overpaying.
If the contractor has suggested they’ll get the materials for you, checking the prices yourself is recommended. Eventually, you should be able to choose the contractor who offered you a better deal and get one step closer to your dream home. Of course, it’s also important to mention that you need to be sure the contractor has adequate insurance.
Small changes sometimes come with hefty price tags. No matter if you want to make big changes or not, bear in mind that staying on a budget isn’t going to be easy. However, with enough planning and careful execution, you should be able to do so. This means you’ll soon be living in your dream home and still save just as much as you’ve wanted to.
Identity Magazine is all about guiding women to discover their powers of Self-Acceptance, Appreciation, and Personal Achievement. We ask that every contributor and expert answer the Identity 5 questions in keeping with our theme. Their answers can be random and in the moment or they can be aligned with the current article they have written. In that way, and as a team, we hope to encourage and motivate each other, thus inspiring you to Get All A’s.
1. What have you accepted within your life, physically and/or mentally? Additionally, what are you still working on accepting? Now, we’re talking about resignation, rather stepping into, embraced, and owned.
I’m sure many can relate…the challenges of being a single working mom—an entrepreneur.
2. What have you learned to appreciate about yourself and/or within your life, physically and mentally? On the other hand OR in contrast, are there elements of who you are that you’re still working on appreciating?
I really appreciate the freedom my work allows me. Being able to stay at home when necessary, travel and communicate with people from different backgrounds.
3. What is one of your most rewarding achievements in life? Tell us not only what makes YOU most proud but also share the goals and dreams that you still have.
Definitely building my career and raising my kids.
4. Of course, we all have imperfections, or so we think. In truth, we are all perfectly imperfect. What are your not-so-perfect ways? Likewise, what imperfections and quirks create who you are—your Identity?
My Perfectionism and stubbornness for sure.
5. “I Love My…” is an outlet for you to appreciate and express all the positive traits that make you…well…YOU! In fact, sharing what you love about yourself will make you smile, feel empowered, and uplift your spirit and soul. (We assure you!) Therefore, Identity challenges you to complete the phrase “I Love My…?”
I’m lucky and I Love my life as a mom and an entrepreneur.