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How to create a renovation budget

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Renovation Tools

Home renovations are not for the faint-hearted even DIYs. It requires time, money and determination. Although by working on the renovation yourself saves you money because you don’t have to hire a professional. However, if you aren’t competent; do consult a professional in order to avoid mistakes. Imagine making mistakes on a mistake you want to fix? Not a good idea.

To save on your time, money and effort you need to plan everything out. Starting from the things you will need to the sum you will use for the renovation. Despite, the challenge of sticking to your budget, you need one. Creating a feasible renovation budget can be challenging as it requires plenty of research and planning.

The most common renovations are:
  • Kitchen
  • Bathroom
  • Walls
  • Lighting
  • Landscaping
Factors to consider:

What renovation do you want?

Knowing exactly what you want is going to lighten the burden. Being indecisive brings along issues of while going through the remodelling. You may find yourself changing your mind and you want something else. Therefore, make a list of the changes you want.

How much will the renovation cost?

Using you list, assign prices to all the renovations you intend to make. Seek advice from a contractor and ask about how much they will cost.

Saving or Borrowing

After you have already laid out what you want and the cost. You go back to the money you have. Can you afford the remodelling? If your savings are not enough, will you consider borrowing or hold the renovation until you can afford?

Timeline of your renovation

Considering you can’t be in the premises when the project is going on. Fix the time line when you are not at home unless if it’s minor changes.

Are you going to be your own contractor or hire?

If its minor DIYs and you are more than capable to do it, you can. However, if it’s a whole revamp of your kitchen it is advisable to hire professionals and you manage the project yourself. Irrespective of the presence of others, the project can still be yours since you are supervising the renovations.

Set a budget

Finally when you have your to-do list and rough estimates, you can set the budget. Moreover, if you already have a budget set aside this is the part you make your wants fit it. Besides if you already have your priorities straight you won’t be swayed to compromise on your budget.

It is highly important you stick to the budget to avoid incurring major costs. In addition, make sure you include everything in the budget such as contractors’ fee, painter or even inspectors.

In conclusion:

Furthermore, be aware of building laws around your area. You don’t want to start remodelling then stopped because you are violating county laws. Do your research. Now that you are planned, budgeted and have your team, let the renovation begin!

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