Whether you are planning a small update to a room in your home or a complete overhaul, here are some tips to help you stick to your budget.
- What's your intention for remodeling? If the elements of the room are still in good condition, save money by painting the walls, refinishing woodwork and installing new fixtures. This will freshen up the look of the room and prevent you from undertaking a costly overhaul.
More than 50% of remodelers have noticed an increase in the number of homeowners who are remodeling to avoid moving.
- Prioritize the urgency of each project. You may want to renovate multiple rooms in your home; however, your wallet and your sanity may not allow it to happen simultaneously. Start with the project that needs attention right away.
- Outline everything that the project entails, including your anticipated costs. The best way to prevent going over your budget is to make a plan for what needs to be done and how much it will cost. Once you have an estimate cost, set aside an extra 15%-20% of your budget as contingency cash.
- Can you do it yourself or will you have to hire a professional? You might be able to save money by doing some, if not all, of the project yourself. However, if you're not handy with a hammer or if the project is extensive, you might consider hiring a professional.
- Once you've made your plan, stick to it. Adding other projects will increase your costs and dig into your budget.
42% of homeowners planned to do the remodeling work themselves, 34% said they would hire a professional contractor and 24% said they would split the work with a contractor.