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Home renovations are big business. There are countless books, websites, specialty stores and even television networks devoted to the subject. But, does renovating a room, or even an entire house, need to be expensive? Not if you're willing to get back to the basics. Remodeling on a budget begins with your ability to make a plan of action, and stick to it.
* Set Your Spending Limits
The first step to creating your plan is to make a list of the items you need to purchase and install. Then, you can begin to research costs and compare prices. Shop around at kitchen and bathroom showrooms, appliance centers, home improvement retailers and even department stores to compare quality and find the best price. The Internet is also a valuable tool in taking the legwork out of this stage of the process. Be sure that you have a shopping list in hand, and write down prices and your comments on the individual products. You can later compare your notes to avoid making decisions under pressure. Know how much you are able to spend, and stay within your budget.
* Hired Help
Remodeling on a budget doesn't necessarily mean that you have to do all of the work. Your time is valuable, so it may be more efficient to hire a contractor. When you ask for bids, be sure to have the estimates based on your selection of products and finishes. If you're dealing with contractors who pressure you to use their materials, find someone else. Examine the bids carefully to ensure that they include details on every item that can affect the final price. Your bid should encompass all of the functional components including framing materials, drywall and electrical and plumbing systems, as well as details on fixtures and appliances. * Break it Down
Your remodeling budget will be broken down into three main categories: mechanical (plumbing, power and heating), labor costs and material expenses. Each category should account for 25 to 35 percent of your total budget. It's important that you set aside 10 to 20 percent of your available spending to cover unexpected construction costs, as well as possible price increases for materials and changes that may occur in your project plan. * Look at the Big Picture
Once you've priced all of your materials and received contractor bids, you need to take a long, hard look at your finances. Review last year's finance to see if you can actually anticipate enough cash flow to make it happen. If you are considering a home improvement loan, or buying on credit, you need to be sure that you can cover the payments without cutting in to your routine expenses. * Stick to Your Budget
Remodeling on a budget means making every penny count. Once the project is underway, you need to keep track of your expenses and stay on top of any budget changes. There may be a point where you'll need to decide whether to increase your total project budget, or scale back in other areas. Stay within your means, and be sure to stick with the initial building plan. It's easy to ask the contractors to take on additional projects, but if those tasks are outside of your bid amount, you'll be charged the difference. * More Tricks of the Trades
Here are some other suggestions to help you remodel within your means:
1. Whenever possible, do the work yourself. Most home renovation projects require basic tools and knowledge, and you'll be amazed at what you can achieve. What are other ways to stay within your budget?
2. Avoid adding "small" details to the big picture. Little additions can easily become big projects.
3. Divide the project into phases. In this way, you can complete and pay for the project in stages, and spread the total cost over a longer period of time. Renovating a home is great fun and hugely satisfying, but the expenses can easily get out of hand. Remodeling on a budget is certainly possible, but it does take careful planning and a certain amount of restraint. Your efforts will certainly be rewarded when you're able to show off the completed project, and brag about how little it cost.
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