Whether planning an improvement before moving into a home or remodeling a current space, renovating is a multi-step process that warrants planning and budgeting. From the cost of materials to relocating your family during the project’s duration, there are plenty of factors to incorporate into your budget to ensure affordability.
Here are several essential tips for budgeting home improvements to get you started!
Determine Your Renovation Priorities
Often, a current or future space not meeting expectations is the cause for a home improvement project. Whether it’s more area or the need for an updated bathroom, it’s best to determine your remodeling priorities before moving forward.
Doing so allows you to map all opportunities and readjust your plan so you can rank priorities based on their necessity. For instance, you may want a larger bathtub, but updated sink hardware could take priority on your list.
In other words, always remember your goals to avoid preoccupying yourself with side projects that can wait until a later date.
Compare Cost and Value of Renovations
If you are a homeowner who intends on selling property in the future, consider the cost and return of your investments. If your home isn’t going to sell for more than its original buying price, it’s best to avoid investing significant funds in a renovation project.
After creating a list of necessary home improvements, talk to other homeowners who completed similar remodels. You can also calculate cost versus value to determine whether the upgrades are worth the money.
Obtain Bids From Different Contractors
When seeking the ideal contractor to fulfill your project design, it’s wise to obtain bids from different contractors. Most professionals can charge 10–20% of the project’s cost, and if a contractor is tightly booked, there’s a chance you’ll pay more. Your renovation cost may cover labor, materials, supplies, and permits.
Despite a fairly small range for the actual cost of a project, quotes can vary greatly among different contractors. For example, a remodel could cost $30,000 with one contractor but $10,000 with another. While experience and quality of work certainly play a role in these quotes, shop around to find the best contractor for you.
The cost of most renovations can vary, so it helps to know a few home improvement budgeting tips to efficiently create a general outline and save money without compromising quality.
After determining your project and distinguishing necessary remodels from cosmetic upgrades, you’ll need to brainstorm how you intend to finance your project.
If you decide on a home renovation loan, consider Superior Financial Services as the ideal partner! We can help get you started on obtaining the funds necessary to complete your home improvement project.