Maintaining a careful budget around your home renovation plans goes a long way toward maintaining or increasing the value of your house or condo, so aim for setting money aside as a budget for handling any repairs or upgrades.
On this page, we will discuss a number of things to keep in mind so that you end up with the right amount of funds for the remodeling project you’re undertaking—and have a good idea of how much you should come out ahead.
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Set Aside a Specific Budget for Home Renovation and Repairs
To help you stay on top of home improvement projects, start a budget for repairs, upgrades and other house-related expenses. Set aside a specific amount of money to do home repairs and maintenance. If money remains at year’s end, it can be put toward upgrades or major renovations down the road.
Anyone who sets aside a good-sized amount every year for home maintenance is going to have a house that stays in better shape. Any money leftover after repairs can go into savings for large home improvements the following year.
Budget for Home Renovation Early in the Year
Budgeting for future upgrades to your house or condo should be done in the beginning of the year. This is because after the holidays, you will have a better assessment of your spending. Budgeting your home improvement work when you are too flush with cash can lead you to getting over-ambitious, both in terms of the projects you try to take on and in the way you plan to go about them.
In Advance, Estimate Impact of Any Home Renovation on Your House’s Value
If you are considering a renovation on your house or condo that adds a personalized aspect, think about the value and return that the investment will make. When your changes are very personal, others may not appreciate them.
That said, it’s always best if you choose a home improvement project that you will enjoy doing and your project will be more successful. Even though you should use care when doing a project, it’s important to enjoy it as well. You may make more errors if you aren’t having fun. If this is the case for you, you may want to hire a professional.
If you dread completing a remodeling or redesign project, not only is it maybe not worth it, but also, you may make mistakes if your heart’s not in it.
Estimate Total Cost of Each Renovation Project
You should determine the expected cost of any major DIY project prior to beginning it. Doing this also helps homeowners identify items that can be purchased in bulk, thus saving them some cash. Many materials and equipment required in renovations also have long lead times. If you do not order them ahead of time, it may make your project drag on.
Sub-Tip: Don’t Forget About Disposing of Demolition Debris
During major residential construction, demolition, or alteration work, don’t forget to plan for the debris and waste that will be produced. Demolition is messy and will have to be dealt with. Make sure you have figured out ahead of time where all the debris will be placed so that you do not end up with a big pile of stuff in your way while you are trying to work.
Make a Complete To-Do List Before Beginning Home Remodeling
Think about what you’re going to do before you do it. All DIY remodeling or interior design jobs require a well formed plan to ensure completion on time without going over the available budget. If you change your mind midway through the project, you are adding a lot of time and cost. You will have happier contractors when you can tell them precisely what you want, also.
And if your renovation project includes a lot of do it yourself work, always create a detailed scope of the work, and ask an experienced professional to take a look at it before you begin. This can help you to avoid pitfalls and mistakes, such as skipping a step, that might result in a higher cost or sub-par renovation in the end.
(Get more tips on developing a timeline and complete checklist in this recent article.)
Save Money on Home Renovation by Shopping Around
A great way to save money on home upgrades is to comparison-shop to find the best deals. Flooring of any type can cost a lot, especially if you’re looking at hardwood or tile. It’s always best to compare prices from a variety of different outlets. Seek prices and quotes from discount suppliers and local home improvement centers.
Being Flexible Around Residential Improvements Will Save You Money
Flexibility is an excellent quality in all things, including investments in your house or condo. Although you likely want a certain renovation project completed by a certain date, there are sometimes complications that arise that prevent the project from being completed by this time. You should also have a budget and an absolute maximum in case something goes wrong or you get a great deal on a particular home upgrade. Flexibility will help reduce stress, while saving you time and money.
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Start envisioning, and budgeting for, your DIY home upgrade early in the game. The sooner you start looking for ideas for your home, the more of them you will come across before it is time to make a decision.
At the same time, don’t be too rigid with your house or condo renovation plans. You might want your home improvement project to be finished within the month. That doesn’t mean it will be. You may expect to spend a given amount of money, however there are times where costs will exceed your expectations.