Remodelling your home is a huge undertaking; it can be long, stressful and difficult. But the payoff is always worth it. You can add a significant amount of value to your home as well as space for your family’s needs.
Remodels can be expensive, especially if you are changing multiple rooms at once such as the living room and the kitchen. Here are some tips on keeping costs reasonable without sacrificing your vision.
Setting a realistic budget
Before you begin knocking walls through or demolishing your cabinets, you need to do some research. Find out how much the average cost of your remodel could cost. By being armed with this information, you can take a detailed look at your finances.
Make sure you take into account less obvious costs such as permits and delivery fees. You can try to combine orders to save on shipping, but the hidden costs will soon add up.
Finding cost-effective materials and contractors
When it comes to choosing contractors, try to get quotes from different companies. You will be able to compare them and see if you can save a bit of money by using one company over another.
Materials can be harder to find at a cheaper price, though. Utilise second-hand sites such as eBay or Facebook Marketplace for smaller items such as lighting or accessories.
Some companies will offer discounts on bulk orders, so plan your rooms properly to avoid missing out on saving some money.
Considering financing options
Ideally, most home renovators would use their personal savings to finance a remodel, but this isn’t always possible. There are other options you could consider.
Credit cards are an option, but there are upper limits to how much you can spend. This is something to bear in mind before you open a new account or use an existing card.
Secured loans are another choice where you can use your property against the loan. Doing this often results in you being able to borrow a larger amount, making it a solid choice for whole-house overhauls.
Planning for unforeseen expenses
As with any large project, sometimes situations can occur which are unexpected and costly. You may uncover that you have subsidence that needs rectifying, or that your electrics are dangerous and therefore you need to finance a rewiring.
Most professionals advise that you should set aside 10 to 15% of your budget for unexpected costs. Having this financial cushion will help you reduce your stress levels in an already fraught situation as you know you have the cash reserves.
Tips for staying on track financially
When remodelling, organisation is key. Use spreadsheets or apps to keep track of your progress as well as your finances. This will prevent you from overspending and running out of cash before completion.
If you are doing the remodel with a partner, make sure you take time for regular catchups so that you both stay on the same page. Again, this prevents stress and keeps your finances level.
