10 Tips To Keep Your Home Reno Projects Under A Budget
Different home reno projects allow you to transform your living space as per your style and personality. However, many such projects can take a huge toll on your budget when not managed properly. That’s why homeowners look for different ways to take on home reno projects without breaking the bank.
Some creative ways to handle remodeling involve government aid. For instance, around 200 families in Louisville, KY, recently received $50,000 each from the government under the REVERT program and upgraded their properties. But not everyone gets to benefit from these lucky breaks, so here are some tips to keep your home renovation projects under budget:
- Prioritize important projects
If budget is a problem, you should prioritize important projects and pursue the highest-ROI home reno undertakings first. Do a little investigation and find out which projects promise the highest return on investment in your city. You can use Forbes to get general guidelines about this, and refer to Redfin for a more comprehensive list of home reno ideas.
- Work with reliable contractors
Carefully look around and search online to find reliable, well-reviewed, and experienced contractors. Some major home remodeling projects – refurbishing your kitchen and bathroom, for instance – may be expensive in cities like Louisville, Kentucky. Data shows that remodeling your bathroom can cost up to $11,000 on average, significantly higher than the national average of $9,000!
Working with a trustworthy Louisville bathroom remodeling company ensures your project remains affordable. Whether you’re after shower replacement or tub-to-shower conversion, hire the best remodeling contractors.
- Stick to the original plan
Beware of “scope creep” when remodeling your house. This refers to unexpected ideas creeping up and making you deviate from your original scope or plan. It can easily skyrocket your remodeling expenditures by exceeding your budget, leading to missed delivery timelines and affecting the quality of the outcome.
Data shows that 77% of homeowners set a budget for home renovations to avoid scope creep. It is also possible to avoid scope creep by adhering to your original plan with the pros.
- Research and compare prices
You should shop around and research when looking for materials, fixtures, and appliances. Compare prices from different vendors to learn where to find the most cost-effective materials. Meeting with multiple suppliers will help you locate the best deals and prices.
Similarly, when hiring remodeling contractors for your home, you should contact and interview many professionals. Get estimates from at least 3 different professionals to find the most competitive prices. Don’t be afraid to negotiate a little with contractors or suppliers.
- Budget for unforeseen problems
When calculating the expenses of a certain domestic remodeling project, always set aside an amount for unforeseen expenditures. Setbacks, accidents, and unexpected delays always happen in the home reno industry; it’s estimated that more than 30% of homeowners face budgeting issues.
That’s why experts opine that you should set aside 20% to 30% of your project’s total cost for setbacks and unanticipated happenings. That’s how you can deal with any sudden problem arising in the middle of a project. Remember that a project has a 1 in 3 chance of exceeding the budget.
- Combine different projects
Try to combine similar projects and tackle them at the same time. For instance, if you’re repainting a room, consider recoloring all the key rooms in your house simultaneously. Similarly, if you’re trying to replace your kitchen and bedroom floors, you might as well refurbish these floors simultaneously. Combining different projects helps you save money and quickly return to normalcy.
- Reuse and repurpose stuff
Consider repurposing existing materials or reusing secondhanded furniture to lower waste and reduce your carbon footprint. It can also help you save money on buying expensive furniture for the house. Upcycling can add a unique charm to your space. Similarly, shopping for discounted items will help you keep home redecoration and remodeling projects under the budget.
You can also repurpose old stuff in your house. Old cabinets can be updated with a fresh coat of paint or new hardware, and you can save money on buying new ones.
- Explore low-cost alternatives
Look for more easily affordable items or finishes to achieve a similar look and functionality without compromising the quality you are looking for in your home remo projects. For instance, using eco-friendly materials can give you more sustainability at lower rates. For this reason, many people are using reclaimed wood, recycled tiles, or sustainable countertop materials.
- DIY
If you don’t want home reno projects to burn a hole in your wallet, consider doing renovations on your own. The pandemic has made many Americans enthusiastic about DIY-style home renovations, and as per a study, 3 in 10 homeowners have undertaken some refurbishing projects by themselves.
Even if you’re working with professional remodeling experts, you can handle some renovation-related tasks yourself. For instance, if renovators charge you extra for cleaning up after the project is done, it is smarter to do the cleaning DIY-style. That way, you can save some money by pitching in a little.
- Plan for future projects
If budget restrictions prevent you from pursuing all desired remodeling projects right now, you can plan them as future projects. Wait a few months and see where the tide’s turning in the home reno industry. You may realize some of your desired projects weren’t worth it or didn’t offer that much ROI. Moreover, focus on one area at a time when refurbishing your house. Proper planning makes your home reno endeavors more profitable and helps boost your home’s curb appeal.
Conclusion
If you want to achieve your dream home transformation without crossing your financial limits, follow the guidelines mentioned in this blog. These tips include prioritizing different projects, combining others, and doing minor repairs on your own. Most importantly, you should hire reliable remodeling contractors. Working with experienced contractors will help you modernize your humble abode cost-effectively.