When it comes time to renovate one or more rooms in your home, your budget should be your absolute top priority. Before you start dreaming of all of the high-end designer finishes and appliances you can install in your home, first, you need to take a realistic look at your bank account. Once you know how much money you have to work with, then work backward to make a very detailed budget for the remodeling project.
To avoid spending too much money on your renovations, keep each of these tips in mind:
Tip: Amply Pad Your Budget From Day One
It is a given that your remodeling project will cost more money than you plan for. It is very rare a home won't have any hidden problems once you start tearing into walls or removing flooring. And some problems, such as outdated wiring or termite damage, can cost thousands of dollars to fix.
To keep your project inline with its allotted budget, it's essential you amply pad the budget with extra money for fixing the problems you don't realize you will find. Typically, the standard is about twenty percent of your overall budget. However, this number should be a lot larger if you are remodeling an older home because they tend to have more hidden issues.
Tip: Take Care to Avoid Overdoing Your Home for the Neighborhood
Even though you may love hand-hammered copper vent hoods and chef-grade appliances in a kitchen, this doesn't mean you need to install them in your suburban home or condo's kitchen. Instead, you need to spend time thinking about how your home should look to stay within its original design scheme and focus on not overdoing your home compared to the rest of the neighborhood.
By leaving the very expensive high-end pieces in the pages of home magazines and choosing more reasonable options, you will save a ton of money, and your end result will look more appropriate. Your home remodeling contractor can give you ideas better suited to your neighborhood.
Tip: Avoid the Natural Tendency to Create a Trendy Design Style
One of the biggest mistakes home remodeling contractors see when they come in to quote a renovation project is homes where the owners upgraded based on a very trendy design style.
For example, in the last few years, the mid-century modern style has been all the rage. However, in just a few years, it will go back to looking outdated. So when you choose a design style for your new renovation, make sure you choose a classic design that will still look appropriate after many years have passed. Otherwise, you will need a whole new budget to renovate the space again!