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3 Budgeting Tips for Home Renovation

Renovating any area of the home can make life stressful for everyone in the house. All the noise, mess and traffic are things that have to be endured during the project. On top of this, you’re probably concerned about the construction crew doing the job correctly, or finishing on schedule. With all these things going on, you don’t want to have to worry about the money involved in the renovation, too. Establishing the budget for the project before it begins will help relieve some of the stress during actual renovation time. To that end, here are three budgeting tips to consider as you plan your home renovation.

1. Discuss the project you have in mind before beginning work

Maybe you’ve had dreams of remodeling your kitchen or bathroom for years, and have finally decided to make it happen. Before you begin tearing down, though, it is important to discuss your idea with your contractor. Having a general idea of how much the project will cost you may cause you to reconsider some of the things you had in mind. It’s better to be aware first rather than having to leave something unfinished. Once you know how much the project will cost, you can make an informed decision when it comes to getting a loan and so forth.

2. Ask more than one renovation company for quotes

You do not want to assume that all contractors will charge the same rates. To be easiest on your budget, call three or four different companies and have them come to your home to give you a quote. Also find out about the cost of labor, whether they charge a flat fee or by the hour, and how many members will be on the crew. Find out where they get their building materials and if they get a discount at the supply stores. All of these things play into the cost of your overall budget. Another important concept to discuss is what the contractor will do if the project takes longer than originally planned and how this will affect the budget.

3. Have reasonable dreams

If your budget is tight for the time being and you can’t wait to get started on the renovation, you may want to consider starting small. Rather than investing in the most expensive trim and hardware, find something that still fits your design but doesn’t break the bank. You can always choose to upgrade later once your bank account has been replenished. Also, rather than tackling the entire downstairs area, you may choose to work on one room at a time so that you still have living space.

Keeping your budget on track

A home renovation comes with a fair amount of stress, but having a solid budget will help the problem in at least one area. These three tips will be valuable as you work with a good contractor who is aware of your budget, understands what you want to achieve, and knows from experience how to get there.

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