Budgeting for home remodeling projects doesn’t require a degree in finance, but the process is easier when you know some of the “ins and outs” of home remodeling. Not surprisingly, working with a reputable contractor is the best way to stick to a home improvement budget.
However, it’s worth understanding the process, from start to finish, so you aren’t surprised by the budget your contractor offers you when he or she bids for the project. Here are a few details to remember about home remodeling budgets, which can help you select the best contractor for your project.
Bargain Basement Prices Aren’t Often Realistic
When shopping around for a contractor, you may come into contact with a company that tells you they can complete your project for half of what everyone has told you is possible. Any suspiciously low bids or estimated budgets should throw up a huge red flag that something isn’t right with the bid.
That isn’t to say that a contractor can’t use his or her connections and experience to complete the project at an affordable rate. In fact, there are a variety of ways you and your contractor can work together to make sure you get as much as possible out of your maximum budget for your project.
The experts at “This Old House” reveal:
“When it comes to things like flooring, ask your subcontractor if he has odds–and–ends stock left over from other jobs.”
You might be able to save thousands of dollars by using the leftover materials from another project. For example, you might be able to use some tile flooring in a bathroom remodeling project that was leftover from another homeowner who used the flooring in a kitchen remodel.
Your Budget Should Feature a “Just in Case” Fund
A small-scale remodeling project probably won’t come with any huge surprises, but it’s still important to include a little extra in your budget for any surprises that may come along during the remodeling process.
Adding somewhere from five to fifteen percent to your project can help you avoid financial problems when an issue occurs that requires that you pay for additional materials or labor.
Stick to Your Budget Plan
Remaining on budget during a home remodeling project isn’t difficult if you work with an experienced contractor who can take the reins and complete the work on time and without any significant hassles. It’s essential to avoid changing your mind after work has begun on your home remodeling project.
Redoing a part of the remodeling project that has already been completed can send your budget skyrocketing. Zillow reveals:
“As the renovation moves along, you might be tempted to add on another “small” project or incorporate the newest design trend at the last minute. But know that every time you change your mind, there’s a change order, and even minor changes can be costly. Strive to stick to the original agreement, if possible.”
While you might not be able to avoid an unexpected expense (like your contractor finding asbestos within the wall during the construction), you can still enjoy affordable budgeting for home remodeling projects by allowing your contractor to complete work without interruption.
You can find relative budget ranges for common projects on our remodel budget pricing page.
Let Gettum Associates Assist with Your Amazing Remodeling Project
Gettum Associates can help you improve your home whether you want to remodel your entire house, or you want to enjoy a few affordable upgrades. Our team of experienced and friendly home remodeling experts can help you create the home of your dreams whether your home is a 100 years old or was built just a few decades ago.
Call us at 1-317-888-5681 for more information on our services, as well as to discuss your project and how we can help. Plus, if you’re ready to get started on a renovation project, you’ll want to download our guide: Seven Questions to Ask When Choosing a Remodeler in the Indianapolis Area.