Whether you’re remodeling your home or tackling a minor home improvement project, having a budget and sticking to it is crucial. But home renovation budgeting isn’t always the easiest thing to do, especially when you’re unfamiliar with the process of creating one.
In this guide, you’ll learn how to create a feasible budget for your upcoming home improvement project that will help keep your costs under control and limit your risk of overspending.
How to Create a Home Improvement Budget That Works for You
Before you start developing your home renovation budget, you should have an idea of exactly what you want to accomplish. Write a detailed list of everything you want to include in your project, and then separate everything into one of two categories – wants and needs.
Next, ask yourself what you need your project to accomplish and which features you’re willing to compromise on, and which ones you’re willing to spend a little extra on. This will provide you with your project goals.
Now that you have identified your goals, the next step is to create a detailed plan that outlines your expected costs. This is an important step because it not only sets the foundation for your remodeling budget, but it will also tell your contractor exactly what you want.
Crunching the Numbers
Every home improvement project has an array of different expenses, with the two largest typically being materials and labor. In fact, labor can account for as much as 35 percent of a project’s overall cost. Therefore, it is a good idea to have a spreadsheet that separates each portion of the project and the estimated costs of labor and materials associated with it.
To help get an idea of what you can expect in terms of labor costs, research online using resources like HomeAdvisor. Here you can find average labor costs for most home improvement contractors and professionals, including engineers, architects, plumbers, and electricians.
Visit your local home improvement store or look online for the fixtures and finishes you want to include in your project, and calculate the cost, including any taxes and shipping costs. When choosing materials, don’t forget the little things like paint, hardware, tile, and anything else the project calls for.
If your renovation includes new appliances, then you’ll want to determine how much you can afford to spend on them. Make sure you include costs for delivery, installation and how you plan to dispose of your old appliances.
Additional Cost Considerations
Depending on the scale of your renovation, you may incur living expenses that you didn’t anticipate. For instance, how will your life be impacted if you have to live without a functioning kitchen for a while? Or, will you need to board pets during your project? Consider everything that might happen and include those costs in your spreadsheet.
Tips for Maximizing Your Home Improvement Budget
One of the best ways of making your money stretch when you’re renovating your home is to handle certain parts of the job yourself. For instance, instead of paying a contractor to remove existing things like cabinets, drywall, and tile, you can do the demo work yourself and save a bunch of money. You can also save money by painting the finished room yourself instead of hiring a professional to do it.
Another way to save money is to order your own fixtures and finishes instead of letting the contractor do it because many contractors will charge you an hourly rate to do the shopping for you. Or, if money is tight, you can opt to purchase used appliances or reclaimed materials to complete your project.
Save Money on Your Home Improvement Project With Thompson Creek
One of the reasons why home renovation budgeting can be so challenging is because unexpected costs almost always arise when a home is being updated. For instance, when a contractor uses store-bought windows on a home that doesn’t have standard-sized openings, changes need to be made to the opening to allow the window to fit.
At Thompson Creek, this is never an issue because we custom-fabricate all our products for your unique home. We take multiple measurements, so you can be sure your new windows and doors will fit perfectly the first time. This is just one way we go the extra mile to ensure your project remains on schedule and on budget.
If you want to schedule a consultation with one of our home improvement experts, contact Thompson Creek today and we’ll provide you with a free estimate for your renovation project.