How to stay on a budget during home renovations
Setting a budget is easy. The difficult part is sticking to it. Home renovation projects have a number of different types of costs that add up and can easily overshoot your budget. While there are a few factors that cannot be controlled, it is still possible to control your renovation budget. Whether you’re renovating just one room or undertaking a major remodeling, here are a few tips that can help.
Set a Realistic Budget
The first step to staying within your budget is to set a practical one. The idea of starting your project with a budget in mind is to be prepared for the costs, so you need to work out realistic figures. There is no sense in dreaming that you will take on part of the project yourself to save costs if you are not handy with tools. Instead, cater for the cost of hiring a professional. It is much better to have money left over from your budget, instead of having to find funds to meet extra costs later.
It is always a good idea to get multiple estimates for materials and services etc. before you start a new project. Whether it’s the services of a carpenter or the new sink you want installed, you should get the best price from at least 3 vendors. That said, it isn’t always the best idea to choose the cheapest option. It is no good to stick to your original renovation budget by choosing shoddy materials that come apart a few months down the road and need to be replaced. If you’re open to the idea, you could even take a look at second-hand thrift stores for light fitments, etc.
Work with Professionals
Unless you have enough experience working on a renovation project, do not attempt to undertake a large project with a DIY vision. Remember the cost of getting a professional to redo a task is often much higher than hiring a professional in the first place. Hire a person who you trust to complete your project on time and not cut corners to save costs. Ideally, when it comes to choosing a contractor, try to get references from people who have recently completed renovation projects. This gives you an idea of their style of working and the quality standards they can maintain.
Once you start a project, it may be tempting to take on more than you initially set out to get done. For example, you may have started a bathroom renovation when you notice that the bedroom needs some work too. Do not change plans midway or extend your project if you want to stay within your budget. Instead, treat the extra work as a separate project to be tackled after you have finished the current one.
According to Murphy’s Law, everything that can go wrong will. Hence, prepare for the unexpected. When you tear down a wall, you may find mold or pests that require additional treatment. Similarly, midway through your project, there may be a labor strike that extends your project timelines and adds to your costs. To save yourself from a surprise bill at the end of the project, build in a buffer for your budget. Ideally, this should be about 10% of the total estimated cost.
Separate the Must Haves and the Could Haves
When you set out to renovate your home, there will be plenty of new features you want to add on. Separate these features into things you cannot compromise on and things that you might be willing to sacrifice. For example, you may not want to compromise on a good countertop but may be willing to compromise on the lighting fixtures. Thus, the extra costs incurred in one part of the project can be offset by saving in another. However, do not compromise on the quality of your building materials.
Use Smart Materials
The material you use for your renovation project plays a large role in estimating the cost of the project. Today, you can use many different types of prefabricated construction materials that can lower your budget and help maintain a higher quality standard. For example, you could use AAC blocks instead of regular red bricks. These blocks are more durable, have higher insulation and are easy to install.
Magicrete is one of India’s leading manufacturers of construction material. The brand is a one-stop shop for all construction needs ranging from dry mortar mixes to AAC blocks and precast products. So, consider it while planning your renovation.
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