Renovation Projects: 8 Ways to Stay on Your Budget

A happy couple having an agreement with contractors about their renovation projects.

Renovation projects to help create your custom home can revolutionize your living space, but they are also a major undertaking. One of the most important things to focus on as you work on your renovation projects is staying on budget. Below are a few methods to use to stay within the financial limitations without having to worry about nasty surprises. Check out these 8 ways you can stay on budget with your home renovation projects.

1) Procure Fully-Detailed Construction Plans Before Beginning Construction

It’s common for people looking to build home renovation projects to fail to have fully detailed construction plans. A common mistake, is home owners will ask contractors for a quote that fits their budget using the plans they submitted to the city’s permit. All without realizing that these are two different types of plans, and permit plans are missing key execution details that are needed to fully budget a construction project.

Having complete detailed construction plans is important in order to estimate the cost of a project. Your Contractor, will be able to work around your budget and make recommendations so you can achieve your construction goals. For example, it’s important to have detailed plans with specifications if you’re going to make an eco-efficient home design.

2) Focus on Efficiency Instead of Size

It’s important to have an idea about exactly what you want each space within your project to do. You can find ways to make that happen without necessarily just endlessly increasing how physically large the area is.

You can blow out a wall or create extra extensions to fit the tools you want in your new kitchen. But, it is also possible to create dividers or use other methods for fitting everything without it being too cramped. The key is to ask experts about how to achieve what you want without expending thousands of dollars on just making everything bigger when you might not need to do so.

3) Hire a Design-Build General Contractor

Hiring a design-build general contractor is going to be a key part of staying on budget. Make sure to tell the contractor what funds you have available for your remodel. This way, they can be sure to stay within those bounds.

A design-build GC will know exactly how to accomplish all the little tasks needed to complete your vision. This is exactly what they do, and they have the experience and skill to do it well. Find a design-build GC that you trust and all should be well.

4) Create an Emergency Budget

There’s always the possibility that there could be something you missed or something that happens beyond your control that requires additional funds, no matter how careful you are. That’s why having an emergency or “contingency” budget will help you sleep much better at night. In addition, this can increase the likelihood that everything will go smoothly.

If necessary, you could even lower your budget a bit in order to have room for that emergency fund. If you are forced to go over your set budget and you have no contingency in place, you are going to feel lost about how much more to spend. However, if you plan for this, everything will be in control.

Senior couple in their house planning for their home renovation.

5) Create a Vision for Your Home and Stick with It

The last thing you’re going to want to do is suddenly decide to scale your project way up or way down right when it’s halfway done. Many different phases are dependent on what comes before or after, so seriously altering the project right in the middle will likely create all sorts of complications you don’t want to worry about.

Take all the time you need to decide what your project’s scope will be ahead of time, and then stay the course.

6) Avoid Micromanagement or Confusing Workers

Once you hire a GC, let the pros do their job. You told him exactly what you want, so you have to trust that he knows the best way to carry it out, otherwise you’re going to step on toes, and you could really interfere with the process, creating an end result that no one wants.

By the same token, it’s also important to make sure you don’t confuse the sense of who is in charge from the perspective of the general contractor. Some people try to reduce costs by hiring their own workers, but this is just going to make a muddy mess that could affect how cleanly the project finishes.

7) Treat Your GC Well

Your GC is the guy in charge of everything. He keeps your idea in his head the whole time, and he makes sure that the best standards of quality are met at all times. He is also fairly compensated for his efforts after all, so it’s in his best interest to make sure to get the highest standards at the lowest cost possible. His reputation and ability to get future business is on the line.

8) Don’t Go Overboard with Frugality

Obviously, you want to make sure that you’re saving as much as humanly possible. However, if you try to force your GC to cut corners in order to get the price that you want, the quality of your build could suffer a serious dip. A GC will often tell the subcontractors the bad news, and they could end up cutting corners with disastrous results, followed by the need to spend even more money fixing mistakes. As the saying goes, the most expensive cable is the one that is one inch too short.

Getting Started

It’s projected that home improvement sales are going to top $510 billion by 2024. It should be clear from this that spending more than you want on remodeling is easier than you might think. By no means should this dissuade you from making your home and your life better.

But, it does mean that you should absolutely get advice and proper help to make sure you get what you want for the price that you want.

For more information about getting started with a company that can help you get your project completed according to your specifications, please don’t hesitate to go ahead and contact us today.

The quicker you contact us, the quicker we can get started looking at your situation and helping to guide you in the right direction according to your plan.

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