It is a challenge to stick to a budget when it comes to home renovations because things will cost more than expected. It is can be hard to come up with a budget for a large project when you have not done anything like that before. You will need to do a lot of research and have a detailed plan if you want to come up with a feasible budget. There are several things keep in mind when doing a home remodeling project. Below are some tips that will go a long way.
The average cost of renovating a home less than 1.000 feet is about $18,000. The cost doubles if the home is in the 3,000-4,000 square foot range. You can expect to spend more renovating an old home compared to a newer one, especially when plumbing, wiring, and other features are not up to code.
For a rough idea of how much to spend on your remodeling project, look at the value of your home. You should not spend over 10 to 15 percent of the value on a single room. Spending more will mean the value it adds is not proportional to the value of your home. If your home is worth $200,000, you can spend up to $30,000 on bathroom or kitchen renovation. The higher the worth of your home, the more you can spend on the renovation.
Prioritize Remodeling Needs
You should know what you want. Make a list of all the things you want then separate them into needs and wants. This will help you choose what is necessary. If you add up all the needs and see there is money left, you can now add the things on the want side. You will also write down the things you are willing to make a compromise on.
Creating a Detailed Remodeling Plan
You should create a detailed remodeling plan that has estimated. This makes it easier to work with a budget and also communicating what it is you want to the contractors. The estimate of labor is usually 20-35 percent of the budget.
Requesting Quotes from Many Contractors
Once you know what you need and how much you are ready to spend, you can move on to the next step; finding a contractor. Look for local companies that have good reputation and reviews then ask them to bid for the project. To compare costs more accurately, consider getting at least three bids.
You should be very clear about your budget so the contractors will have it in mind during the project. When they know you are on a tight budget, they will talk through time delays, additional expenses, and project changes with you.
If you find a contractor bidding well below others, avoid them. Getting cheap labor can seem like a good idea, but it can lead to errors that can end up costing you a lot of money in the long run.
Ask the contractor to go through your plan to see if there is anything you might have overlooked.