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Tips for Budgeting a Home Renovation Project

By on May 2, 2017
Tips for Budgeting a Home Renovation Project

Home improvements can be very expensive but that doesn’t mean there isn’t room for savings. One of the best things you can do to keep costs down on your next home improvement project is to take the time to plan it out and to create a detailed budget. Once you have a budget in place, all you have to do is stick to it, though that is sometimes easier said than done.

How to Develop a Budget for Home Renovations

Your first step in developing a budget for home renovations is to evaluate the scope of your project and then ballpark the costs. You can get an idea of what your project might cost by doing some research online or by getting a free consultation from a home designer or a professional contractor. After you’ve gotten an idea what kind of price range you are looking at, narrow your scope to determine exactly how much you are willing and able to spend.

Your budget might vary a little depending how you plan to pay for the improvements – common options include a home equity loan, a home equity line of credit, or a cash-out refinance. Next, you’ll want to get detailed quotes from several contractors then determine your priorities and trim down the project to fit within your budget.

Simple Tips to Save on Home Improvement Projects

Once you have an idea of how much you want to spend on your home improvement project, you can start looking at specific ways to save. It is important that you don’t skimp on materials where quality and durability really matter, but there are some simple things you can do to save money – here are some money-saving ideas for home renovations:

  • Go for efficiency over size. It may be tempting to upgrade to bigger appliances or to knock down that wall for extra square footage, but you might be able to save by increasing efficiency instead with multi-purpose upgrades.
  • Look for recycled fixtures. You don’t want to skimp on materials for plumbing, electrical work, and the like but things like light fixtures can be found at a much lower cost at reuse or recycling centers.
  • Do your own demolition. If your home renovations involve any significant demolition, save money by doing the work yourself – just be sure you don’t take out a load-bearing wall or hack into your home’s wiring.
  • Time your project well. If you hire a contractor to do your job in the middle of summer, you might have to pay a premium for time. You may be able to save money by scheduling your job in the off-season, especially for indoor work.
  • Check out auctions. You might be surprised to see what you can find at building supply auctions – you can find everything from pre-hung exterior doors to custom flooring, all at a discounted rate.

Home improvements are never cheap but, with proper planning and budgeting, they don’t have to break the bank. The key to saving on home renovations is to do your research ahead of time so you can set a budget and really stick to it.

Frugal Village

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