When beginning to work or even think about a new project, it is common to not know where to start. The first step to any project is doing your research, but after this, it is important to factor all of the things you learned into a budget. The budget is one of the most important parts of a project, as it is essentially the guidelines you are setting for yourself and your contractor. Here are the five steps to create a successful home remodeling budget and stick to it.
How Much Can I Spend?
This is the first step to any budget, and it becomes crucial in the later stages of the project. It essentially allows you to spell out what you can and cannot do at this moment in time. This step helps to determine if you’d like to move along with the project or hold off until a bit later.
How Much Does It Cost?
Once you have determined how much money you must spend, you can now start researching all of the new pieces you want included in your new space. Getting your dream remodel can be costly, so you will want to be able to provide an estimate the cost of the project. While this is important to do, it is also important to try and think about the future of your home as well. With a beautiful home renovation, such as a bathroom or kitchen remodel, your home value will most likely go up, giving you a better pay out over time.
Who Will Do the Job?
Getting quotes from multiple contractors can only be beneficial for your home. By meeting with them and determining a price, you are likely to be able to figure out if they are the person for the job. After you have figured this part out, it is important to get a cost breakdown from your contractor of choice. On top of this, setting aside 20% of your budget is crucial, it that it will account for any mishaps along the way.
What is the Most Important?
Needing to trim down your project is often something that happens during a home remodeling project. When this occurs, it can sometimes be very handy to have a list of the most important things that need to be completed.
What Do I NEED?
While you are trimming your budget, there are a few ways to avoid cutting out parts of a project completely.
- By keeping some appliances/items that are still functional and fit well into your design, you could save a lot of money, and have the money later to replace them.
- Buy materials on your own. This can be very helpful in that you can get much cheaper prices. Alongside this, it can be time consuming but helpful in the long run.
- Using a different material than anticipated can sometimes be a bit of a buzzkill, but it can really help reduce the cost of a home remodel.
These tips will help you to begin your remodeling project and stay on track during the course of the project. To learn more about Mark Tango home remodeling projects and our process, feel free to contact us or call us at 781-944-8043.