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5 Tips for Staying on Budget for Your Remodeling Project

estimateAs exciting as a major home-remodeling project may be, it can also be a financially stressful situation. Drafting up and sticking to a budget is vital in order to ensure you will get the most bang for your buck, and it will increase the likelihood that you will be satisfied with the final product.

Sometimes, it seems difficult to stick to a certain plan that fits perfectly within a given budget. After all, many remodeling projects are meant to be smart long-term investments, so there’s definitely incentive to “go all out” with modern materials and designs, but spending more money than expected can transform an exciting time into one of uncertainty.

Regardless of whether you’re looking to replace your roof, remodel your kitchen or bathroom, or even give your windows a makeover with a specific window treatment involving blinds & shades, or window coverings, you will need to follow these very simple yet important tips for remodeling, which will afford you the opportunity to save money and set the stage for a successful renovation. Here are a few considerations to keep in mind when planning and maintaining a remodeling budget:

1. Dedicate Plenty of Time to Planning

If you’re unsure about the details of your renovation, you almost certainly will wind up wasting money. In fact, small details can make a particular renovation a huge mistake. The wrong type of construction could actually compromise the infrastructure of a home. For example, a new roof that drains runoff water in the wrong spot could lead to costly property damage.

2. Discuss Plans & Budget with Your Contractor

Even after you’ve examined your goals, the costs and your financial abilities, it’s a wise idea to discuss, in detail, all aspects of the project with a contractor. An experienced, professional contractor will be able to provide more accurate price estimates.

The contractor also may be able to propose a more affordable means to achieve your goals. Perhaps you could use less-expensive materials, or maybe it’s wise to add or remove certain aspects of the renovation plans. Additionally, a contractor can give you reasonable expectations of the final product, which will help you decide if the project will provide a significant return on investment.

3. Low Budget? No Problem

Remodeling projects aren’t always luxuries; some parts of the house demand occasional maintenance or replacement—especially windows, roofs and doors. As such, renovation projects are sometimes unplanned, so the funds might not be there. If this is the case, it’s usually best to stick with more straightforward options during the planning and budgeting stages.

Remodeling with more of an aesthetic focus can always be done later, when it makes more financial sense to invest in such a project.

4. Repair or Replace?

Many homeowners end up spending more money on new installations rather than investing in a low-cost refurbishment. The same is true for the opposite; it’s far too often that homeowners expect to save money by refurbishing or repairing the home when, in fact, a new installation might be cheaper in the long-run.

5. Stick To The Plan

During a remodeling project, it’s sometimes tempting to find other jobs for the contractor. After all, why not knock out all these renovations at the same time?

Although these small tasks might seem like they’ll cost very little, that’s not always the case, and many projects just don’t pay off. For example, according to Usnews.com, a home-office renovation will provide less than a 50-percent return on average when the homeowner sells the property.

No matter what the goals are, sticking to a renovation plan and budget is the key to getting the most out of your remodel. Keep in mind the differences between luxury and necessary renovations, and develop the plan with an experienced contractor to ensure the best possible ROI.

 

About the Author:

Paul Kazlov is a “green” home remodeling enthusiast and an industry pioneer for innovation in home renovation. Paul writes for the Global Home Improvement and strives to educate people about lifetime remodeling solutions such as metal roofing. Follow him on Twitter @PaulKazlov.

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