How to plan your renovation budget and stick to it!
We know you are very excited about your renovation (so are we!), but there is a not-so-thrilling part of the process you must go through—budgeting. Here are some tips to creating a realistic budget you can follow:
- Save some, most or all of the cost before you begin. If you need to turn to financing to pay for your renovation, search for the option with the lowest possible interest rate. Credit cards are not a good idea as they usually have the highest rates.
- Buffer your budget. This means adding a certain percentage to your estimated costs for “surprises”. Experts recommend buffering your budget by 15-25%, depending on the size and scope of the project.
- If you need help figuring out your budget, ask several contractors to quote on it to get an estimate. If the estimates are out of your price range, begin to scale back and ask them for revised estimates.
- Find out for yourself! Talk to friends who have gone through similar renovations, and go window shopping to get an idea of what things costs.
- Can you perform some of the work yourself? Be realistic and if you are up to the task, and qualified for it, take it on.