Expert Advice for Successful Home Renovation Budgeting: 6 Key Tips to Master the Process
Our homes are our small safe havens, so unless some disaster or some other unfortunate event strikes we tend to take them for granted and keep them just as they are. This is somewhat of a missed opportunity since being safe and cozy doesn’t mean being stale. And whatever setup we have in our houses and apartments, there is no way we can’t make them more functional, economical, and all-around even better.
And the opportunity for major renovations can’t be better. The New Year is just around the corner and our homes need the chance to start the next chapter in their lives just as bad as we do.
Let us take a look, then, at how to make home renovation one of your most important resolutions and pull off that project in the most money-conscious way possible.
Set up a well-thought-out-budget and stick to it
If you want to prevent your future home renovation projects from going off the rails, the best thing you can do is to, before even thinking about rolling up your sleeves, honestly assess the funds you have at your disposal and create a budget that will serve as your main guiding tool throughout the project. How conservative it will be and what your priorities will be depends entirely on you.
Be sure, though to take into account all the unexpected costs (they usually account for 10-15% of your total costs) that usually come in the form of:
Clean up works
Securing permits
Surprise structural changes
Changing your mind
“Sloppy work”
Disrupted routines
Renovation tools and materials
Make a list of renovation priorities
Remodeling is a great thing, but not when it makes a tangible change in your life and you’re doing it on a whim. So, don’t do anything just for the sake of it, and make every cent count by making a list of renovation priorities. If you are remodeling to resell your property, renovating the bathroom and kitchen are probably the safest bets you have. If you are aiming for something more cozy, try making yourself a small entertainment hub. Keeping maintenance costs under control will require HVAC system upgrades and new insulation. But, you need to know what are your priorities and end goals.
Put your money where it’s worth
In other words, if you intend on keeping the property after the renovation, you should invest your resources into areas that will pay off the investments in the long run. By that, we are meaning about the things rerouting the plumbing network and installing new hot water systems. As for the energy expenditures, you can think about prioritizing more energy-efficient appliances, using LED lights, and expanding the window space to harness more natural light during daytime hours. If you really want to think long-term, you can even consider solar panels. But, think about making some of the money back.
Image by wayhomestudio on Freepik
Make your schedule and plans flexible
Once you commit to some idea 100%, you lose any chance to make as-you-go adjustments which can make your renovation projects far pricier than they need to be. So, while it is preferable to make your plans ahead and book all the associated services before the final hour to avoid competing at unfavorable terms, you should also keep track of your efforts and make necessary tweaks if you notice things are not as planned. Make sure then the agreements you have made have cancellation clauses, make your schedule 100% clear, and be ready to buy in bulk when you notice discounts.
Put your DIY skills to good use
While hiring the best possible quality labor should be one of your utmost priorities, it is hard to deny that a healthy dose of home renovation projects can be pulled off even by stretching your DIY muscles. Sure, you should stay away from your plumbing network for as far as possible, but things like painting, replacing the power outlets, refurbishing the furniture, installing vinyl flooring, and re-upholstering? C’mon, they are well within your reach. More importantly, by doing these small upgrades yourself, you won’t only be saving money – you will have more to spend where it counts.
Repurpose the assets you already have
And by things, we mean space as well. So, if you have a kitchen that takes more space than it needs to, you can set yourself a small office there. It’s not really a room that sees a lot of traffic over the course of a day. If you are suffering from a lack of space, tear down a couple of walls and turn your home into an open floor-plan paradise. But, speaking strictly in terms of household items, you can make some true wonders by giving old and bulky items a new sense of purpose. Old ladders can be made into new shelves, and furniture pieces into flower beds. You are limited only by your imagination.
Wrapping-up
Well, we hope these couple of suggestions gave you a better idea about the different ways you can make your next home renovation project more effective, economical, and all-around easier to pull off. And rest assured, your home deserves an opportunity for a fresh start just as well as you. So, use this season of grand plans and second chances to do something good for the place where you spend most of your time. If you are looking to start New Year on the right foot, you will hardly find a better option than this one.
Author Bio: Marie Nieves is a passionate blogger with an eye for design, a flair for storytelling, and a love for culture. She contributes regularly to various blogs and online magazines, all while satisfying her wanderlust by exploring states and countries near and far.
