Home remodelling can be done on a shoestring budget or can be notoriously costly. Budgeting for a remodel is challenging, but there are things you can do to improve your chances of sticking to a budget.
Reasons home owners go over budget are the project & services cost more than originally expected, the project was more complex than expected, or more expensive product or materials were purchased than originally intended. That said, homeowners can take steps to help keep their projects as close to budget as possible. Here are a few strategies to consider.
1. Build In A Budget Buffer
Plan a buffer in the budget. With remodelling, you should plan for the unexpected. Your budget should reflect that.
Set aside at least 25% of your project budget as a buffer. Costs can escalate quickly when remodelling, especially when you are opening up walls and run into something you didn’t know you had to contend with. Or, if you replace flooring and find the subfloor is damaged and needs to be redone as well. There is a lot of potential for costly discoveries during demolition.
Problem-solving is much less stressful when the whole team understands and accepts budget limitations from the beginning. Setting aside a buffer at the start can help to avoid the painful process of having to remove a “must-have” from your remodelling list. Plan the project with ~75% of your budget and save the rest for the unexpected.
2. Limit Priorities (And Don’t Try To Do Everything)
Focus on your biggest priorities. When it comes to remodelling, the possibilities for improving your home can feel endless — except when the cost is considered. Almost all projects have (or should have) budgetary limits, but even if you don’t, it’s important to think about your goals for the remodel. Stick to the priorities you have the time and effort to ensure happen according to your wishes.
The goal at the end of the remodelling project is to feel satisfied that you put your money where it counted most. The homeowner should feel content about the project’s physical outcomes, as well as the financial investment. While priorities will vary from person to person, it is suggested that people interested in a whole-house remodel put money into common spaces such as the kitchen & living areas or making it combined into a great room. The Master Bedroom & Master Bathroom are also high on the list to remodel.
3. Find The Right Remodelling Professionals
Hire a trusted, well-rated, experienced local professional to coordinate your remodel. Also search out the right support professionals, including legal expertise to review contracts and finance expertise to arrange and advise financing for the remodel. It can be tempting to try to do the legwork yourself but unless you have construction expertise and knowledge of products yourself, it’s a good idea to lean on your pros to most effectively achieve cost savings.
Tyler Rands can help you learn about remodelling services and home improvement in the Enderby area. Contact Tyler if you have a specific question about improving your home’s value in the North Okanagan-Shuswap area.