Tuesday, 18 December 2018

How to stick to your home improvement budget | AD

Every home has a room or two that could do with a bit of a makeover. When you decide to embark on your own home improvement project, it’s crucial that you consider your finances. Whether you’re planning an entire renovation or just sprucing up certain areas, it’s not going to be cheap. That being said, it will cost you so much more if you fail to stick to your budget. Consider the number of costs and fees to consider, this task won’t be a simple one, but there are ways to make it a little easier. Here are seven tips to help you stick to your budget. 

Do Lots Of Research
The more informed you are on the improvements you plan to do and their related expenses, the easier you’ll find it to create and stick to a budget that you’re comfortable with. With that in mind, you should spend some time researching your planned project before you do anything else. This can be a long and often confusing process, but it’s one that will pay off in the end. Look into contractors and suppliers of the materials that you need and get at least three quotes from each. 

Try To Stay Realistic
Far too often, homeowners go over budget on home improvement works, as they make the common mistake of setting their budget too low. You can’t afford to do the same. Once you know how much you expect things to cost, you need to total these expenses and create a rough budget. Although you can cut costs here and there by doing certain things yourself, you should be realistic about your skills. Trying and failing to do improvements will only cost you more. 

Convey Specific Project Objectives
When it comes to sticking to a budget, specificity is a tool you always need to use. If you get quotes from contractors with wildly different estimates, chances are, it’s because you weren’t as clear as you could have been on what works you want completing. The more you tell potential contractors about your ideas, the closer they’ll get to a realistic estimate of your bill. Because of this, you should be as detailed as you can be and go through your plans with them thoroughly. 
Stick To The Plan
Once your home improvement project is underway, the very worst thing that you can do is make any changes to the plans. Although an addition or switch here and there may not seem like that big of a deal to you, it can make contractors’ lives a nightmare and cause costly delays, both of which will lead to additional costs for you. It makes much more sense to stick to the plans you already have, wait to see the results, and then make changes later if you still want to do so. 

Prepare For The Unexpected
No matter how hard you try to make it so, renovations and other large projects rarely go to plan. Instead of ignoring the possibility that something could go wrong, you should plan for it by giving your budget a little wiggle room to cover any unexpected costs. Ideally, this should come out of your pocket, but, if this isn’t possible, then consider financing options, like Evolution Money's secured homeowner loans. Most agree you should add 20% on top of your budget to be safe. 

Get Selective With Extras
Although an emergency money buffer is there to be used, your aim should be to keep it intact. For this reason, if you do start to go into your additional funding, you may want to consider areas you could cut costs. All renovations involve some degree of compromise, so look at the places you decided to splurge and be a little more selective with the extras you’ve chosen. If you’re struggling to separate your “wants” from your “needs”, ask a realtor which additions add value
Pick The Right People
For many home renovations and improvements, you have to spend some money to save a little more. This is especially true when contractors are involved. Although it can be tempting to go for the lowest quote you have been given, you should instead read reviews and testimonials and choose a quality professional. The right people for the job will make all the difference, easing your worries, providing peace of mind, and allowing you to stick to a budget you’re happy with. 

Home improvement projects, regardless of the size, can get costly incredibly quickly. Hopefully, with the advice above, you can keep expenses low and stick to your budget.

This is a contributed post that may contain affiliate links.

SHARE:

No comments

Post a Comment

Thanks for your lovely comments!

BLOGGER THEME CREATED BY pipdig