Renovating your home is exciting and frightening at the same time, and there are about a million things you need to take into consideration. Running such an intricate operation is tricky no matter how much experience you have, and organizing a bunch of things that need to happen simultaneously can really take a toll on you, emotionally, physically and, above all, financially. One of the things most people have a problem with is determining their budget and sticking to it, and that can be particularly hard to do when you introduce a number of different things into your home. If you too are currently preparing for renovations and are struggling with the budget, here’s how you can avoid going over it and actually managing to save some money in the process as well.
How to determine the budget?
This is the easiest and the hardest budget-related question there is – how much money are you actually willing to spend on renovating your home? The rule of thumb says you should spend as much as you can because investing more money is always better, but things are a bit different in reality.
There are lots of aspects you should think of, from identifying your wishes to talking to contractors, so try to come up with a number that’s high enough to fulfill all your desires, but still doesn’t require you to spend all the money you have at the moment.
Why do people go over the budget?
Renovating your home is never simple and you won’t realize how many hidden things need to be taken care of until you actually start doing it. Unfortunately, you can never know what has to be done in advance, which is why so many people struggle with the unexpected costs and issues that need to be fixed although you’ve never thought they existed.
After all, that’s the reason why most of them go over the budget that frequently – not because they love spending money they don’t have, but because they don’t account for hidden costs. Due to that, adding an extra 10% to your budget is always a good idea, just in case something goes wrong unexpectedly in the middle of the renovation process.
How to keep track of your spending?
Writing everything – but we really mean everything – down and always knowing how much money you’ve spent and how much is left is of the utmost importance when renovating your home. No matter how big your budget is and how many things you plan on doing, keeping track of your spending is the only way to make sure you don’t go over the top and dive into your savings account.
This is even more important with some of the biggest expenses, such as workforce, new furniture and certain extraordinary wishes that are far from cheap. Also, when looking for expensive equipment, make sure you investigate all the options. For instance, spending a bit more time searching for reliable and affordable scaffolding can help you cut the costs and keep track of your spending more easily, while still getting a high-quality service.
How to save money?
Speaking of money-saving tips, doing things on your own is the biggest and most frugal idea out there. Taking part in the renovation process means you’ll be in charge of everything and always there to assist your contractors, but also to keep an eye on them and make sure they’re doing what they’re paid to do.
Some of the things you can handle on your own are painting the walls, laying the tiles, installing hardwood floors, repainting the kitchen cabinets and picking the furniture. Alternatively, you’d have to hire an army of contractors, interior designers, decorators and architects for these jobs, and their services are often quite expensive.
Whom to ask for help?
In the end, renovating your home means you’ll need to involve a lot of people, but the question isn’t whether to do it or not, but whom to include. First of all, every single member of your household should take part because that’s the way to cut the costs and ensure you’ll stick to the budget, but also to make everyone feel a part of the process.
Of course, you need to keep everyone safe and sound, particularly your children who just love running around the construction site, and check if everyone’s all right every once in a while. Finally, you could ask your friends and family for ideas, especially if they’ve been through a renovation themselves recently and know what you need to do.
Sticking to a budget you’ve determined beforehand and not spending a dollar over it is one of the hardest parts of the renovation process, so you need to see how much money you have first and track your spending at the end of each day!