Staying Budget Smart When Remodeling Your Home
Most homeowners do a home remodel to improve components in the home and make the house more aesthetically appealing. A successful remodel needs a well thought out home remodeling budget in order to make sense. At times, even well intentioned clients find themselves coming up with a figure and then exceeding the budget. This is counterproductive and can put a huge strain on your finances. Following a few simple tips can help you to avoid this problem.
Save for the Remodel
When considering a home remodel, it’s always a good idea to plan in advance and start saving. Using your cash reserves can help you to avoid overextending your credit and having to pay high interest fees. While you may have to finance some of the costs, having at least a partial cash balance is a smart plan.
You may want to spare the cost of hiring people to do the remodel and decide to do it yourself. This can lead to problems especially if you lack the skills needed to perform certain tasks. You can even end up spending more to find someone to correct the mistakes you made.
When most people hear the word home remodel, they think it means getting rid of the old and buying new. If you have this kind of perspective, you will find that your home renovation budget is high. When possible, try to use pieces you already have. If you have an old dresser you’re considering parting ways with, talk to your contractor and find out if you can re-use the furniture to make storage units or shelves. This can free up some of your cash reserve, making it possible to purchase other high end pieces that compliment what you’re reusing.
Do Cosmetic Fixes
When you are remodeling on a tight budget, think of things you can improve rather than replace. For instance, in a bathroom remodel, improve the look by changing a few things like the faucets, sinks, and shower glass. In a kitchen, consider painting cabinets rather than replacing them. These cosmetic fixes can help you to achieve the same look for less money, thereby, preserving your budget.
Save For the Unexpected
When it comes to renovations, not everything goes exactly as planned. There are times when things will go smoothly and then a problem pops-up. Be prepared by putting aside some money separate from the home remodeling budget. That way, you will have reserves to solve the problem without dipping further into your pocket.
Home remodeling should not stress you out. With a properly planned budget, you can achieve your vision without overspending. Alair Homes works with all our clients to ensure their visions align with their budgets. Contact us to discuss your project, and let’s make a plan together.