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10 Tips on How Meet Your Budget When Renovating

Updated: Jul 4, 2018

Here’s how to ensure you’re headed for the right amount of expenditure,

1. Clear Communication with Your Designer and Contractor

Clear communication with your design and construction team is crucial for any successful renovation project. Misunderstandings about your needs and expectations will be avoided with clear communication. Additional expenses are avoided when there is a miscommunication with your Designer/Contractor as added expenses to make adjustments are no longer needed. Floor plans and 3D renders can aide to ensure everyone is on the same page.

2. Meticulously Plan Everything Ahead of Time

The greatest way to keep under budget is by ensuring you plan out every detail before the actual construction process begins. This means picking out every detail of your house from material down to the texture and color. Delaying decisions can cost you later.

3. Look Ahead and Combine Projects

You should avoid spacing out projects that could be done at the same time. For example, if you’re replacing both your kitchen floor and your dining room floors with tiles, you might as well do them at the same time. This will save you money, since doing everything at once will be more efficient and therefore less costly.

4. Get Exact Prices

Ask your designer and contractor about the full cost of everything with applicable taxes. Ask for a detailed breakdown, if there are better grades that would cost extra, and if there are any additional fees like delivery.

5. Budget for Additional Expenses resulting from Renovation

It is important not to forget to allow room in your budget for things besides the renovation itself. You’ll most likely have to pay for things like construction permits. Some renovations can mean changes to your city taxes or insurance premiums

Additionally, you may want to stay elsewhere during the renovation process or if your kitchen is being renovated you may need to eat out.

6. Budget for Unexpected Problems

Don’t assume that everything will go off without a hitch. You should allocate around 20% of your budget towards dealing with sudden problems that might arise during construction. Setbacks do happen, and you’ll want to make sure you plan for them in your budget.

7. Make Compromises When Needed

If you find yourself really stretching your budget, you may want to compromise to help keep yourself on target. Spend more on the items that are more important to you.

You don’t always have to buy new. For example, instead of replacing old and worn out counter-tops, sinks or bathtubs, consider refinishing them instead. Not only is this a cost and time efficient, it is more environmentally-friendly option to boot.

8. Pitch In

Sometimes you can do some of the work yourself in order to have more money to spend on other aspects of your project.

Even if you’re not handy, you can clean up the work area at the end of the day. Many construction teams will clean up the site after the day is over, but will charge their clients for doing this. If you find yourself starting to max out your budget, you can save a little bit of money by doing the clean up on your own.

Once The Project Starts

9. Keep Track of all of Your Expenses

Keep track of all of your expenses as you go so that you know what you’ve spent in relation to your budget at all times. This will ensure you stay on top of the details before things get out of control.

10. Stay on Schedule

If any part of the schedule slips, that means other work has to be reorganized, and that can cost money, especially if it involves storing supplies or making other arrangements.

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