Avoid Overspending: Simple Ways You Can Stretch Your Remodeling Budget

Avoid Overspending: Simple Ways You Can Stretch Your Remodeling Budget
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    When you remodel on budget, it can require some innovative and frugal ideas. You may not be able to save money on major or structural repairs, but there are inexpensive projects that you can save money on.

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Those projects include replacing hardware, renovating floors, painting or simple cleaning. This can have a huge impact on your home’s appearance without spending too much money.

Make Plans

Many people rush into a remodeling project with their eyes set on the complete project, not thinking about important steps along the way that can save money. You should begin by consulting a reference guide. You can write down your family’s present and future needs. An unfinished basement might be able to wait until your family grows, while a bigger kitchen may be needed now. Don’t hesitate to take the projects in smaller steps to save money and accommodate the needs of your family in the future.

Know Your Budget

You should have an informed financial plan in place before the work starts. The budget should also include extra money for emergencies or different material that may be needed. When starting the remodel, be careful not to change your mind or add anything else because it seems like a good deal. The project will quickly add up to thousands of dollars if you do not stick to your original plans.

Expect The Unexpected

There should be a 10 to 20 percent contingency built into your budget. There are unexpected costs that you will eventually run into. For instance, there may be a wall that you are tearing into that has unexpected pipes, or you may need a different material than you had planned on using. These types of unexpected setbacks will less likely affect you with a financial buffer in place. You should also expect it to take longer than planned for as well. Be prepared for changes that will keep you out of your home longer than you want.

Communicate With Your Contractor

When it comes to saving money, it is all about communication between the client and the contractor. Great communication can help keep additional dollars from being spent needlessly. If you are vague in what you expect or details you want, they will often make the decision for you, which could be costly at the end of your project.

Be Willing To Compromise

If you cannot afford granite countertops with your budget, you can try to find a something similar to those surfaces. You can save money if you mix materials. Hardwood floors can be placed in some rooms, while less expensive covering such as vinyl or tile can be used in other rooms. Take a look at where you can compromise so you can stretch your budget while still getting the same overall look and feel that you are going for.

Bin Rentals

Home remodeling projects generate a lot of construction waste that can quickly clutter your home and your yard. Instead of wasting money with multiple trips to the dump, consider renting a bin to quickly dispose of all the extra waste. Companies can then haul it out for you, saving you a lot of time and money.

With a little effort, you can find ways to stretch your budget to get the results you expect with your home remodel. These tips should be considered before starting any home project to keep you from overspending.

Informational credit to Ontario Trucking and Disposal.

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