Home remodeling can easily bust your budget if you do not prepare for unforeseen expenses. To keep costs under control, consider factors that could bump your final bill and add them to your initial budget. From permit fees to the cost of extra materials, you may find that your original plan for labor, materials, and design does not always go as planned. If you are building your dream home with the help of a home remodeling contractor, learn how to properly budget for the project.
1. Establish a Budget Early On
Some homeowners have no idea how much a home remodeling job will cost them. When a home remodeling contractor provides an estimate, it may be two or three times more than the homeowner expects. Establishing a budget from the get-go can ensure that everyone is on the same page. Share your budget with your home remodeling contractor at the start so that he can develop a design plan that meets your budget constraints. Remember that you get what you pay for. A $30,000 remodel will look entirely different than a $300,000 remodel. Other factors also play a part like the quality of materials and labor.
2. Be Realistic With Your Expectations
Prices can greatly vary depending on your location, condition of your home, type of materials used, and various other factors. The prices you see on home remodeling TV shows are not always accurate. As each project is different, you want to remain open when it comes to cost. Your budget should include everything – materials, labor, permits, and any unexpected costs that should arise. Your home remodeling contractor can also help you get a better sense of a realistic budget. Do not set your sights too low. The last thing you want to do is sacrifice quality for price.
3. Know What You Are Paying For
When you create a final budget, it should typically include all costs associated with the project. However, when a home remodeling contractor provides an estimate, it is usually a base number that does not include appliances and various soft costs. Add extra funds to your budget to cover any possible contingencies. You will also want to keep an open line of communication with your home remodeling contractor to better understand costs. Start with your dream list and downsize if needed to exclude non-essential components.
4. Decide Where to Make Cut Backs
If you are on a tight budget, you will likely have to make cut backs somewhere to accommodate for your “dream” features. Look for places that you can cut back without sacrificing the quality of your home remodel. One way to save money is to do some of the work yourself. Do-it-yourself projects may include painting or hanging wallpaper. Leave the more complex tasks to your home remodeling contractor, such as laying hardwood floors or setting tile. You will also want to hire out for major remodeling tasks such as electrical, plumbing, installing cabinets, and structural changes.
5. Get Quotes from Home Remodeling Contractors
Once you have scoped out your project and have a budget in mind, you can take the time to seek bids from home remodeling contractors in your area. Start by getting recommendations from friends, family, neighbors and other people in your community that you trust. Next, give each candidate a detailed description of your project, as well as any specific products that you would like to include in the remodel. Also ask to see samples of their recent work, check references, and look at the contractor’s reputation.
6. Don’t Delay Important Decisions
Delaying important decisions regarding your home remodeling project can cost you money in the long run. Consider what situations might arise if you decide to hold off on making certain decisions. For example, if you choose to wait to order a new kitchen faucet, the plumber might have to be rescheduled, which can interfere with your project’s timeline and disturb other remodeling tasks. In addition, do not change your mind too often. Changes in orders can result in added costs and can also delay your schedule. While it is okay to make changes, try to keep major changes to a minimum.
7. Incorporate the Costs of Food and Accommodations
If you are undergoing a major home remodeling project, you may not be able to live in the home while construction is occurring. If it is a full house remodel, you may need to consider the costs of a hotel and eating out at restaurants. If you cannot move out for the duration of the remodel, you may want to schedule some time away to retreat from the chaos. Going home to a messy construction site day after day can be stressful. Pad your budget to account for these extra costs.
8. Be Willing to Compromise
While you may be remodeling your “dream” home, you might not be able to get all the features you want within your cost restraints. You must be willing to compromise on certain things or risk busting your budget. Fortunately, there are ways that you can lower the costs of a home remodel without sacrificing aesthetics. For example, if you cannot afford to put granite throughout your kitchen, you could get a similar look with composite countertops and a slate backsplash. If hardwood throughout your house does not fit in your budget, only put hardwood in rooms you spend a lot of time in and put vinyl or tile in the other rooms.
Making wise decisions during your home remodeling project can help keep your budget on tract without sacrificing quality or aesthetics. With the help of a professional home remodeling contractor, create a budget that meets your wants and needs. Be realistic and do not blow your budget by choosing materials or features that you cannot afford. For the best in home remodeling, contact the professionals at Koncept Design + Build in Falls Church, VA. With more than 15 years of experience, the team at Koncept has the skill, knowledge, and training needed to help you design and build your dream house.