Whether you plan on sprucing up your home in light of selling it soon or you’re finally getting around to talking about those home renovations you’ve been wanting to do, most of us may find it more challenging than we think to get the money to do so.
Once you’ve got a general idea of how much the renovations will cost, you’ll need to start thinking about how you can make them happen. Let’s look at four ideas for budgeting for a home renovation project so that you can still achieve everything you want.
1. Cut Costs Where Possible
Who says the timber you’ll need for the add-on must be brand new? It’s easy to get caught up in the commercialization of home renovations, but the reality is that there’s a lot that you can do to keep costs down and achieve everything within your budget.
If you’re reluctant to compromise on the quality of your materials, consider trying to find second-hand versions. There’s no reason you can’t complete your home renovations with the same materials, just slightly cheaper.
2. Get More Than One Bid
It’s easy just to call up the first contractor in the phone book or go off someone’s recommendation. However, if you want to budget for your home renovations and not exceed your set limit, you may want to consider getting a second and even third opinion.
You’d be surprised how much quotes can vary between general contractors. For this reason, we suggest that you try to get at least three different bids. This way, you can compare them against one another and choose the one you think is the most reasonable for what you’ll get.
3. Set Up Your Game Plan First
Before talking to a general contractor, you must figure out exactly what you want from them. If you jump into a contract with someone and you don’t have a clear-cut idea of your home renovation plan, costs can quickly start to add up. This is why your general contractor must have a specific list of goals and needs from you before you even decide to hire them for the project. This way, they’ll be less likely to take and add unnecessary expenses to the project.
4. Figure Out the Finances
One of the most important things to do when you’re trying to budget for your home improvement project is to figure out how you will finance it. While you may want to approach the bank about it, there are other, more flexible ways to fund your home construction, too. Think about options like short-term personal or title loans. These are great options that often come with flexible repayment plans.
Finally, completing or even starting your home renovations is exciting and scary. As long as you know how to budget for it, you’ll come out the other side unscathed.
