Friday, February 7, 2014

Budget-friendly home renovation tips

Home renovations can be expensive and overwhelming, however, a well-planned remodelling job with a specific budget and scope of work can also be worth every penny. Consider these helpful ideas for a cost-effective home renovation success...

Deciding to renovate different areas of your home simultaneously without assessing your financial situation can lead to unexpected expenses and overblown budgets.

Limit your home renovation

Set realistic goals. Kitchens and bathrooms are often the costliest areas to renovate therefore deciding to remodel different areas of your home simultaneously without assessing your financial situation can lead to unexpected expenses and overblown budgets. 

Be your own contractor

If you have extra time on your hands, take advantage of the situation. Forego the services of a contractor and take matters into your own hands.

You may hire a foreman and his men to perform renovation work on your home. For more specific types of repair jobs, you may hire a plumber or electrician directly. If you choose to be your own contractor, you can also buy the materials yourself to save on material expenses. If you’re going this route, it is best to hire people you or your family and friends have successfully worked with in the past.

Hiring incapable workers may just result in shoddy workmanship and do-overs. 

Set up a limited contingency fund

Renovation budgets are hardly ever set in stone. It is better to go into a renovation project with anticipation for unforeseen costs. This mindset will help you avoid a tight financial spot later on.

Allow for an additional 20 percent of your budget and set this aside as a contingency fund. However, you should also know when to draw the line on added expenses. Do you really need that fancy tile or top-of-the-line appliance? Knowing how far you’re willing to go and how much you’re willing to spend is key to a successful home remodel.


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