5 Ways to Keep Your Home Renovation on Budget

Have you ever embarked on a home renovation with high hopes of achieving greatness on a strict budget? For the majority of property owners, budget is always a “strict” issue. Often times you’re spending money you’ve saved, or taken out a loan, to achieve the renovation results you want. This means you don’t want to spend a penny more than you have to. A successful renovation isn’t just about the quality of the work; it’s about staying on budget and completing that work at a cost that was expected.

But so many home renovation projects fail to meet their budgeting goals. For a number of reasons, the cost of the project eclipses the planned budget — and even spins out of control in some cases. This is never an ideal situation, as it can force homeowners to alter their household budget considerably.

If you’re about to start your own renovations (or perhaps you’re still in the planning phase), here are 5 things you can do that will go a long way toward keeping your budget on track.

1. Plan carefully

Planning is everything when it comes to renovating your home. From hiring contract labor to choosing the right materials and finishes, the amount of thought you put into your budget will directly reflect how well you’re able to keep it intact.

2. Look for ways to trim the budget without compromising

A professional contractor is good at this, as they know about all the different materials and options available — even if you don’t. But even DIY renovators can keep their budget in shape this way. By looking for ways to spend less on materials without compromising the appearance or integrity of the renovation work, you’ll give yourself a higher financial “ceiling” and have better chances of coming in under budget.

3. Expect loss of materials

Whenever you’re buying materials for renovation — be it tile, stone, lumber, or any other material — keep in mind that some of that material is going to be broken or otherwise lost. It always goes this way, even if you don’t think it will. Most professionals budget for about 10% more materials than they actually need for the job. This assures that their original budget covers the inevitable breaks and losses that will occur.

4. Hire a great contractor

If you’re not going the DIY route, then your most important choice is going to be the contractor you hire. A reputable company is going to give you a rock solid bid that you can depend on, and isn’t going to hit you with hidden charges later. When you enter into an agreement with a contractor, you need to know that you’ll get the expected result for the expected budget. There are some situations in which less-reputable contractors don’t honor their word, or try to tack on extra charges after the fact. Taking care to choose a highly reputable and experienced company from the beginning will ensure that your budget stays intact — and that your final result exceeds expectations.