Investing in your home is one of the most surefire ways to increase its resale value. It’s also nice to improve your living situation and enjoy the benefits of remodeling.
That said, it can be tricky business sometimes. Planning a remodel, whether you do it yourself or work with contractors, can be the most challenging part of the entire process. Fortunately, though, some budgeting and planning tips make it a little easier.
We’re going to explore the planning and budgeting end of remodeling today, giving you some insight into how you can save a little money and keep from pulling your hair out. Let’s get started.
Budgeting for a Home Remodeling
Some people are more flush with cash than others. We hope to give some general tips to those of you who want to remodel your home.
That way, you can avoid budgeting mistakes and get to your end goal as quickly as possible, regardless of how big your project is.
1. Establish a Price Point
The first thing you have to do is decide just how much money you’re willing to put into your home. Keep in mind that significant additions or remodels can bring in a lot more money than you put out.
They make it easier to sell when the time comes, so figure out how much that might be worth to you. It’s crucial to know just how much you can afford in the first place, though. A clear price point can help a lot with budgeting.
Some people might find it useful to refinance their home and invest the difference back into their home to create more equity. This is a good move for those looking to make serious renovations to the structure of their homes. Those projects get expensive, and most people don’t have that kind of extra cash lying around.
2. Identify Your Goals
As we mentioned earlier, there are two main goals that you people have when remodeling.
Either they’re looking to increase the value of their home, or they’re trying to create a more comfortable living space. Where you fall on that spectrum should influence the kind of changes you make.
Those looking to stay in their home for a very long time are trying to improve their quality of life with remodels. In that case, you can pick and choose as you please, disregarding what the market value of the changes might be.
You might even be able to get by with cheaper products and changes, depending on whether those things will influence your experience of the final product.
Resale value is more touchy, though, and the more expensive options could be the smarter move in the long run. When choosing projects and the materials needed to move forward, do some market research to see how those things tend to affect home values in your area.
3. Foresee Common Missteps
People have been remodeling their homes since there were homes to remodel. That means that there are detailed accounts of when to do what, and how much time those things should take.
You’re planning your projects a few months out and hiring contractors for specific dates. Keep in mind that some things should come before others. For example, taking care of a plumbing issue right after installing beautiful bathroom fixtures could get you into some trouble.
It’s best to talk with your contractors or a home planner in advance to see when you should slot specific projects. That way, each one will get done without interfering with the others.
Use your judgment on this one, too. You know your home better than anyone, so use your mind’s eye to scope out which projects could pose threats. It’s also a good idea to talk to your friends and relatives who have undergone these projects.
Everyone has a home remodel horror story, so get insight from people who have gotten through these issues in the past.
4. Don’t Take the First Offer
Well, unless it’s the best offer. The point is that you should try to seek out a few bids for each project. Contractor prices can differ a lot, and there are some good reasons for those differences.
So, call a few contractors, look at their history, and examine their prices. Get a feel for how long it might take great contractors to get the job done and see if their prices align with your budget.
Calling up just one or two professionals, though, isn’t the best idea. Your area is home to many contractors that provide different benefits, and you should get an idea of your options.
Going with the first thing that comes up could be costly in the end. Plus, you might have time constraints that require you to work with a speedier contractor.
5. Do It Yourself When You Can
If there’s a project that you think you could hack (safely), try your hand at it.
Don’t do anything that poses too much risk to the structure of your house, of course, but there’s no stopping you from getting down and dirty to make some changes yourself. You’ll feel delighted when the job is done, too.
Contractors cost a lot because they have a specialized skill and can do their job well. They’re also quicker than you would be because they’ve got the experience of getting in and out of houses.
You’re just as capable of doing some of these things, too, but it might take a little longer. If you’ve got the time, give it a shot and save some money.
Doing Some Home Improvement?
Home improvement doesn’t stop at remodeling. There’s a lot involved with creating and maintaining a wonderful home, and it can be overwhelming at times. We’re here to help, though.
Explore our site for more home improvement tips that will help you create a beautiful house on a budget.