The nickels add up

By
Real Estate Agent with DeLex Realty

We all use the phrase "Don't nickel and dime me" and I am here to tell you that those nickels can really add up in a remodel project. SET A BUDGET. Set a construction budget for a remodel, try to think of every piece you will need. If you are doing the work yourself, make a list of everything down to the nails, if you are hiring someone to do the work, make sure you walk through with them and get a concise, detailed bid.

As a homeowner, a real estate investor and even as a contractor I can tell you that many times in a remodel of a home the nickels are what get you. The quick trips to the hardware store, the extras, the $50 receipts here and there add up to real money quickly.

Be prepared, have a budget line for unexpected items and stick to your budget. Like any budget,  line items should be fluid, while the top (budget number) should be solid. Prepare to take money away from one line to help balance others. Maybe you can live without the wallpaper for now but you can't live without getting that mold removed that you found.   

Posted by

James (Jim) Lord

jim@jimlordregroup.com

www.jimlordregroup.com

480-648-3378

Comments (2)

Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

Very well written, Jim.  And great advice for home buyers and those building, too.

Jan 28, 2017 12:21 PM
Jim Lord

Thanks Ron. As a contractor I have a different prospective on construction, I try to pass it along when i can. 

Jan 29, 2017 09:33 AM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

This is so true Jim Lord even if you are flipping a mobile home you need to keep track of that bottom line.

Jan 28, 2017 12:55 PM
Jim Lord

Yes indeed Bob. It is scary how many do not though. My computer is filled with spreadsheets!


 

Jan 29, 2017 09:34 AM