Home Renovation Cost – Is It Something That You Can Afford?
If you have seen TV programs featuring renovation projects for different homes, perhaps you have a misguided notion that such tasks are easy and can be quickly done. These programs are always seen to be successful because they have unlimited budgets and they have a team of the best contractors, designers, and tradesmen. Home renovation cost is often computed in the real world so homeowners should have a fixed budget. This budget is often limited.
So how much should a home renovation actually cost?
This is not an easy question to answer. Primarily, the cost will depend greatly on the type of renovation that is going to be done. Kitchen renovations are often expensive compared to renovations done in bedrooms.
The scale of the project will also have a huge impact on your budget. This is not just about the cost of materials and resources that are going to be used. If there is a need to move out while the renovations are being done, then this can also affect the overall renovation cost. There are also workers that ask for an hourly rate so any extra hour spent on the project is yet another cost.
The good news is that renovations can greatly affect the value of a home. Well-planned renovations do run smoothly but your priorities must be defined from the onset. Point out the concerns that would need your immediate attention. Those that you cannot afford at the moment can be plotted on our renovation wish list.
Tips in Lowering Home Renovation Cost
There is no need to create a gaping hole in your family’s finances during home renovation. There will always be anxieties of different forms when you are tied to a major renovation project. To lessen the occurrence of such feelings, here are tips on how you could lower the cost of such a project –
- Be realistic when it comes to your renovation wishes. A small bathroom that is facing north will never be sun-drenched. Work with the structure that you presently have and with the best possible means that you can have. Read books and magazines that can help you with the renovation. Small bathrooms have a potential to be transformed into a cozy Moroccan styled cocoon.
- Define your budget from the very beginning and be sure to stick to it. There may be unplanned expenses along the way so have a buffer of no less than 10% just to be on the safe side.
- Hire a reputable contractor. It is not enough for the contractor to have a website. The best references are past clients that are happy to tell you that they were satisfied with their renovation project. It is better to hire a reliable pro than someone who comes cheap but would always run late.
- Find a contractor that offers full insurance and is also bonded. Have all of your agreements in writing and be sure to set the payment schedules. Define who will take care of the permits and the upfront payment for the supplies and materials that will be used for the project.
- Define the waiting times. Stock cabinetry takes time to arrive but customized pieces take even longer. Ask the suppliers for the ETA of the products that you ordered. Do this also with your contractor.
Do not think of cleaning up the wood splinters, dust and plaster crumbs on your own. Although this may be classified as basic cleanup, consider hiring a professional team to gather all the dirt in your home. A heavy-duty cleanup crew should be able to take care of this job for you with less time.