So you’re getting already prepped up for a home renovation project… sounds like you know what you’re doing! That’s good. But when it comes to full home renovations, budget can be a bit of a task that requires attention. We often fail to address the cost of renovating our house, and it gets out of control all the time. May it be choosing a kitchen flooring or cabinets or something as simple as the color of the walls, the cost incurred in the renovation can easily take a jump from a simple $5,000 to an easy $10,000.
To ensure that you don’t end up paying more than what you’ve budgeted, here’s an article that is going to help you properly budget for a full renovation. Let’s do the budgeting for you in four easy steps!
Step # 1 - Choose Your Project!
When you decide to work on a home renovation project, you’re likely going to go for a complete home revamp. That’s because you won’t be able to afford to refinish your bathroom, install new kitchen appliances, redo the living room, or give your rooms a complete paint job.
Therefore, it's essential to choose which projects are of significance and which you should prioritize! Well, if a room is really out of shape, then it’s best to put it on your priority list. Let’s say your bathroom needs new tiles badly, and you haven’t paid much attention to it for a while; you should invest there.
Once, you pick the project that you want to focus on, now start working on it! You may come across multiple other tasks while redoing your bathroom & it may appear tempting, but we recommend otherwise. Don’t take your chance to invest all your renovation budget in one place.
Step # 2 - Check the Costing
Now that you’ve made up your mind about which renovation project you want to work on, your next focus should be to research the cost of everything, such as the labor and the material required for renovation.
It may take some time and effort! So you may want to find a comfy place, sit back, and start searching.
Just remember, the costs that you’re going to come across aren’t the ones as they are published. You may get a ballpark figure from different people, but altogether, it will help you set up a realistic budget.
Let’s say if you’ve got the time and the know-how on how to save money on home renovations, you can always take the DIY route. It may cut down labor costs, but you may have to put the work in.
Step # 3 - Set Some Saving Goals!
After estimating the cost of your home renovation project, the crucial next step is to set a savings goal to cover the expenses entirely in cash. While financing options like home equity loans or HELOCs exist, it's advised to avoid the risks associated with borrowing against your home.
To create a budget, decide when you plan to start the project and calculate the monthly savings needed to reach your financial goal. For instance, if a couple aims to renovate their kitchen for $30,000 and plans to start in 18 months, they can determine their monthly savings target accordingly.
Step # 4 - Collect Bids From Different Contractors
After reaching your savings goal, the final step in creating a home renovation budget is to hire a reliable home contractor. Begin by seeking recommendations or conducting online searches to identify at least three reputable contractors in your area. Request project bids and timelines from each contractor for price comparison. While it's not solely about choosing the lowest bid, ensure the contractor aligns with your budget and trustworthiness criteria. Research potential contractors by verifying insurance and certifications, contacting references, and conducting interviews.
Once you find a trustworthy contractor within your budget, bring them on board to complete your home renovation project. However, it's essential to stay vigilant and ensure you adhere to your budget throughout the renovation process.
If you’re looking for a reliable & trustworthy home renovation contractor, then look no further than Cucine Design NYC. Our home remodelers are one of a kind and can provide you with complete home renovation service at the best affordable price. Dial (240) 750-4889 and hire our expert today!