Dare to Dream — and Build

Budgeting Tips For Your Home Remodeling Project

by Marc Cole

Everyone loves a good home remodeling project, but it can be easy to get carried away during the process. You could easily burn through your entire budget if you're not careful. That's why it's important to plan and budget ahead of time.

Here are three tips that will help you stay within your budget while still achieving the renovation of your dreams.

Have a Plan

Before you begin, create a plan for your remodel. Outline exactly what you want to do and include estimated costs for each step of the process. You want to be as accurate as possible, accounting for things like permits, materials, and labor.

Oftentimes, the level of customization you want to do is what drives the cost up. For example, if you want custom-built cabinets, that will cost more than buying pre-made cabinets. Similarly, if you're putting in new flooring, an option like laminate or vinyl flooring would cost considerably less than hardwood floors.

If you're not sure about certain aspects of the project, talk to a remodeling expert to get a rough estimate of the costs. This will allow you to get an even more accurate picture of how much money you need and make sure that you don't go overboard with spending. 

Shop Around

Don't just settle for the first contractor or supplier you find. Do some research and shop around before making any decisions regarding who will work on your project or where you will buy materials from. You may find better deals elsewhere if you put some effort into comparison shopping.

Some contractors may also be willing to negotiate their prices, so don't hesitate to ask. You never know when you might get lucky and find a great deal. They might extend discounts to first-time customers or offer a lower rate for larger projects.

Set Aside Contingency Funds

No matter how well planned out a project is, unexpected expenses often arise during remodels, such as structural issues or unforeseen costs related to materials purchased in bulk orders. For example, if you receive a flooring shipment and find out it's the wrong color or size, you would have to go back and buy the right materials, which can cost more money than you originally planned.

Similarly, if you find out that the walls need to be repaired before they can be painted, you'll have to factor in those costs as well if you didn't do that in your original budget.

That's why setting aside a portion of your budget as contingency funds is important to cover any unexpected costs. This will ensure your project stays within budget and is completed on time. Good luck with your next home remodeling project!