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7 Expert Tips for Creating a Home Renovation Budget

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A home renovation is an exciting endeavor, but the process of finishing one is not only exhausting but also quite costly.

If you’re interested in starting a home renovation project but are having problems with the budget, here are some tips that can make it easier to establish an accurate budget.

1. Understand your renovation needs

When you renovate your home, many ideas about what changes to make can come to mind. However, renovations cost a lot of money, so you should consider which parts of your home need that renovation more than others. Knowing which renovations you will spend money on is more straightforward.

Once you’ve chosen the part of your home that you will renovate, you should look at the minute details and start narrowing down further which aspects are necessary and which aren’t.

For example, you want to make your bathroom look gorgeous while increasing its practicality. An upgrade to your showers and water fixtures might be OK, but steer away from the raised sinks. These raised sinks look pretty and unique but are challenging to maintain, prone to chipping, and cause more splashes.

There may be a case where all of your renovation aspects are practical. However, there are some things that you can do at a later date over other renovation projects.

An example of that would be if you wanted to renovate the kitchen. Your goal is to get more counter space for cooking, so your priority is a new island and replacing your kitchen appliances. But if your current appliances still work well, you can focus on that new island instead.

Photo by Brett Jordan on Unsplash

2. Research the average cost of the project

What’s excellent about cost projecting for your renovation project is that other houses have already most likely done a similar project. Therefore, you can always look into some of the many similar projects and see how much they cost them to do.

There are many avenues to find cost projections for your renovation project. The most common way to do that is by getting a cost estimate from the contractors you hire to do the renovation for you.

That’s also a great way to shop for the right contractors to help you with the project. Just remember that cheaper doesn’t always mean better.

Another group of people that you can talk to would be people within your network. Ask friends, family, coworkers, and neighbors who you think might have done some renovation work in their home.

They might even refer you to reputable contractors if you consult your network, so you don’t have to shop around.

On the other hand, if you’re doing the renovation yourself, you should also shop for different hardware stores to know how much the materials will cost. You can then consult the list to understand where to source the materials you use for your project.

3. Determine overall budget limits

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Now that you know the average project costs, you should determine the limits of your budget for the project.

While you might have an ideal goal for what your home renovation is supposed to look like, you should be realistic. Not only should you be aware of your financial limits, but you should also be aware of the limits that your set budget will be able to provide for your renovation project.

Consider not only the cost of the materials but also labor, permits, and even emergency funds. Your previous average project cost should help you determine the average costs to expect for your project so it is easier to figure out a realistic budget limit.

Remember that there will likely be lapses and emergencies afterward that can lead to additional costs for your project. It would help if you remembered to have enough financial cushioning so you don’t end up with a renovation project that gets stalled because you don’t have the budget to complete it.

4. Request quotes from different contractors

If you’re not planning on working on the renovation yourself, you would likely need to hire contractors to finish the project. Therefore, as you’re computing your budget, make sure that you factor in the labor costs.

You should shop around for different contractors and get a quote for the project you plan to get. To get as accurate an estimate as possible, you should be precise when describing the renovation project you want.

Otherwise, the contractors would give you a general cost estimate, and once the project finishes, it will cost much more than their estimate.

Indicating the materials you want to use and the specifics of the project details will make your project estimates much more accurate.

Once you’ve compiled a list of contractors, it’s time to make your choice. As mentioned earlier, don’t forget that just because it’s cheaper doesn’t mean it’s always better. 

5. Explore various financing options

Photo by RDNE Stock project

If you don’t want to fund this renovation process directly from your savings, you should explore your financing options before committing to anything. Some options available to you would be a cashout refinance, a home equity loan, a home equity line of credit (different from a home equity loan), and refinancing in general.

Do note that you need a relatively good credit score, most likely to be able to take out these financing options.

If you’re in debt, getting financing options for your home renovation might be more complex, but you can consult experts in debt, such as those in Money Max, to know your options. You can check Money Max account reviews to see if their expertise applies to your financial concerns.

You should ensure that your repayment strategy is achievable when you take out these financing options. Otherwise, you will be taking on a financial burden that will limit your financial capabilities.

6. Assess estimated costs with your budget

At this point, you should have your assessed estimated costs on average and the budget limit you’ve dictated. Now is the time to compare them to one another.

If everything you want to do falls comfortably within your budget with free financial room, you can proceed with your project. However, you should reduce the project scope before moving forward.

You can reduce the project costs in several ways. You could change certain project materials to a less expensive alternative. Another option is to lower the coverage of your renovation projects.

7. Establish a contingency fund

As mentioned earlier, your budget should also account for a contingency fund that will cushion your project if some things are costlier than you thought. Another aspect that could cause an unplanned expense would be if the project takes longer than usual.

The ideal range should be 10% to 20% of your budget, which should be the contingency fund, but if you’re worried about the costs increasing, you can expand that financial cushion.

Conclusion

These tips should all ensure that your renovation projects go smoothly or at least won’t have hiccups too much because of poor financial decisions. Read through these tips before you start a renovation project to ensure that you will have an accurate budget and that you’re ready for the costs of your project.

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home renovation

5 Affordable Home Improvements to Add Major Value

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Wondering what affordable home renovation ideas to do around your property?

There is a whole range of improvements you can make to your home that will not only raise its value but give you more value for your money. So what are the most affordable home improvements with a high-profit return wise?

Well, if you’ve got the money to invest in your property, this is the article for you. So read on and find out more, and you might be surprised at how much you can increase your property value.

1. Fresh Paint

You need to consider fresh paint for a home makeover. It is a great way to add color, vibrancy, character, and a modern touch to a room without spending a fortune on furniture, appliances, and other items. By adding a fresh coat of paint to the rooms, you will instantly create a classic look and refresh the feel of your home.

2. Landscaping

An inviting entryway, well-manicured lawns and gardens, attractive trees and bushes, and efficient irrigation systems can all give buyers the assurance they’re looking for in a home. Simple modifications like adding a few shrubs, trees, flowers, and conifers to your yard can make a major difference in how desirable the home appears.

Additionally, an efficient water and irrigation system can save money and resources over time as well. A carefully designed landscaping plan can be an economical way to add much-needed value to your home.

3. Insulation

Cellulose insulation is a great choice for adding insulation to your home. It is highly energy efficient which can save you money on energy bills. It can not only prolong the life of your home and preserve its value, but it can also increase its comfort for you and your family.

Cellulose is also more environmentally friendly than many other types of insulation as it is made from recycled paper and other natural materials making it an eco-friendly choice. It is also easier to install than most other insulation types. To learn more about the benefits of cellulose insulation, start your research today.

4. Redo the Lighting Fixtures

With only a modest investment, you can completely change the look and feel of a room or area. Quite often, old or outdated lighting fixtures can date home and be a real eyesore. But taking the time to upgrade them can give the room a much-needed lift like nothing else can.

Many great lighting fixtures are available online for great prices and are easy to install. This improvement could make kitchens, bathrooms, and other living areas look newer and have a more modern appeal.

5. Replacing the Front Door

Replacing the front door is an affordable home improvement that can add major value to your home. A new door can bring in more natural light and create a more inviting entryway.

A new door could also increase your home’s curb appeal,  which is important for selling your home and attracting potential renters. You can replace the front door on a tight budget. It is an investment that will pay off in the long run and will provide an excellent return on your investment.

Level Up With These Affordable Home Improvements

Affordable home improvements can be a great way to level up your home. Simply look around, identify where some affordable improvements can be made, and plan for your project.

So why not start today? With a little research and effort, you can easily make your home more livable, comfortable, and valuable. 

For more articles like this, check out our other posts.

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home renovation, HOME REPAIRS + MAINTENANCE

How to Hire a Home Remodeling Contractor: Everything You Need to Know

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Are you looking to hire a designer for your home remodeling project?

A home remodel can upgrade your house, help you sell, or make you feel happier and more satisfied with your space. When looking to hire a home remodeling contractor, there are a few tips to make the experience smoother for you.

With the tips below, you can find the perfect person to redesign your home and give you a better space! Read on to learn all about the benefits of home remodels and where to find the perfect contractor for the job.

Start With Research

The first step in hiring a home remodeling contractor is to do your research. Start by asking for referrals from friends, family, or neighbors who have recently completed a remodeling project.

You can also use online directories and search engines to find local contractors. Look for contractors who have good ratings, reviews, and certifications, and make a list of potential candidates.

Check Licenses and Insurance

Before you hire any contractor, it’s important to check their licenses and insurance. Contractors should have a valid license to operate in your state or region.

Also, they should carry liability insurance and workers’ compensation insurance. This is to protect you from liability in case of accidents or damage during the home remodeling project.

Get Multiple Quotes

Once you have a list of potential candidates, it’s time to get multiple quotes. Ask each contractor to provide a detailed estimate that includes materials, labor, and any extra costs or fees.

Compare the quotes to determine which contractor offers the best value for your money. Keep in mind that the cheapest quote may not always be the best option, as quality and experience are important factors to consider.

Ask for References

Before you hire a contractor, it’s important to ask for references. Contact previous clients and ask about their home remodeling experience working with the contractor.

Did they show up on time? Did they complete the project within the agreed-upon timeframe and budget? Were they professional and easy to work with

Also, consider the type of remodeling you need. For example, if you need kitchen remodeling, look for a contractor specializing in this service. Use this information to help make your final decision.

Review the Contract Carefully

Once you’ve chosen a contractor, review the contract carefully before signing. Make sure it includes all the details of the project, such as the scope of work, timeline, payment schedule, and warranties. If anything is unclear or incomplete, ask the contractor to revise the contract before signing.

Hire a Home Remodeling Contractor to Transform Your Home Today

Hiring a home remodeling contractor can be a daunting task, but it doesn’t have to be. By following these steps, you can ensure you hire a home remodeling contractor that is right for your job.

Your home will be well on its way to becoming your dream home. Don’t delay – start looking for your professional remodeling contractor today!

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HOME DESIGN, home renovation

3 Tips to Make Your Large-scale Renovation as Smooth as Possible

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Renovating your home is always a messy ordeal, even if your plans are relatively small and you’ve done your best to prepare. You have to account for various potential obstacles – some of which may or may not actually come up – and keep your plans as flexible as possible. That said, there’s definitely a lot you can do to make your typical large-scale renovation as smooth as possible. As long as you know what options you have available and take the time to explore which ones would work best in your current situation, you can generally accomplish a lot to make the whole process as trouble-free as possible.

1. Shop in Bulk Wherever Applicable

Large-scale renovations tend to consume lots of resources, making it important to plan ahead when it comes to purchasing supplies and tools. Most people tend to make these considerations for the obvious things like construction supplies, but there’s a lot more that you could often be doing to equip yourself for the renovation while keeping your costs low. Companies like powerpointelectrics.co.uk can be very helpful when it comes to electrical equipment, for example – and it’s not rare that you might need lots of things like cables, lamps and light fittings, heating units and more. The same goes for every separate part of the renovation project – get in touch with a wholesale supplier whenever it’s an option and try to contact them as early as possible.

2. Work with a Professional Designer

Another thing that separates large-scale renovation jobs from smaller ones is that they’re practically impossible to handle on your own, at least if you care about good results. This is the kind of job that always requires professional help, and you should spare no expenses in getting in touch with a good designer and bringing them into the project. This will spare you a lot of trouble in the long run, and it can also bring some financial benefits about, especially if you work with someone who already has good connections to reliable suppliers.

3. Keep Your Options Open for the Future

No matter what you’ve chosen to change, make sure to keep things as flexible as possible for the future. Don’t commit to designs that will cost a lot to undo, especially if you’re on the fence about them. Consider what you’ll be doing with this place five or even ten years from now – will this renovation improve its value or make it more difficult to sell for some reason? This is another reason to work with a competent designer, as these are questions that they should be able to answer for you.

As we mentioned above, no matter how much planning and thought you may put into this, there’s always a risk that things will go wrong at various steps of the project. As long as you’ve chosen reliable contractors for each part of the job, you should be able to minimize any downtime and unexpected expenses, especially if you start planning your renovation as early as possible.

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home renovation

5 Tips for Hiring a Contractor for Your Next Household Project

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Remodeling or building onto a house is exciting for homeowners, but it can also be stressful. There are many steps involved and decisions to make. Hiring a contractor makes home projects much easier. With some tips to hire a contractor, homeowners will find the process much easier. 

Why Should Homeowners Hire a Contractor?

Renovation projects are difficult, no matter how involved they are for homeowners. While a homeowner may be able to tackle a small project, larger projects are going to need the help of a professional. The following offers homeowners help finding a contractor. 

5 Tips for Finding a Contractor

There are multiple things to consider when hiring a contractor for a home project. The following tips should help homeowners make the right choice for their contractor needs. 

1. Make sure to get multiple estimates.

Before deciding on one contractor, it is important to seek multiple estimates. Homeowners should get written estimates from at least three contractors and compare them carefully before making a decision. Not only should a homeowner compare the prices, but they should also compare the materials, timelines, and methods of the contractor. 

2. Be sure to hire locally whenever possible. 

Hiring a local contractor is essential. If problems develop, a homeowner needs to have access to the contractor so they can get the help they need as soon as possible. If a homeowner chooses an out of state contractor, they could find it difficult to contact them when needed. 

3. Check the work of the contractor. 

It never hurts for a homeowner to check the work of the contractor they are considering. Homeowners should ask for references and check the work carefully. A homeowner should also talk with the previous customers of the contractor and ask pertinent questions to learn what level of service is offered. 

4. Check for insurance and bonding. 

A licensed contractor needs to have full insurance coverage, and they should be bonded. Without the right insurance, the contractor’s employees and the homeowner could be at risk if injuries or damages occur. Check these policies and ensure they are in good standing. 

5. Get all the details in writing.

Before committing to any home contractor, homeowners need to make sure they get everything in writing. The contractor should provide a detailed description of all the work that will be performed. They should also offer a price quote, a payment schedule, and information on the start and completion dates. Having all the details in writing will protect a homeowner if the work is not carried out as promised. 

Take Time to Research

Homeowners should never rush the process when searching for a home contractor. Rushing could lead to a homeowner making the wrong choice and being unhappy with the results. With research, homeowners will be able to weigh their contractor options effectively. 

Get Started Today

Now is the time for homeowners to find the right contractor to meet the needs of their remodeling project. Getting help from a contractor ensures the project will be carried out to exact specifications. 

Homeowners should use the tips above to ensure they choose the right contractor to take care of their needs. Great care should be taken to research the options and learn which contractor will offer the best work. 

Once a contractor is hired, they will take over all the work involved in the home project. Having a professional working on their project will reduce the stress a homeowner would feel. 

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DIY, home renovation

4 Ways to Save Money on a Home Renovation

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Your home needs to be a space in which you’re comfortable and happy. Sometimes, however, we get tired of seeing the same things every day. The same dull color on the wall, or sitting at the same dinner table on the same chairs. Using the same outdated fridge that your parents gave you as a wedding gift ten years ago.

Whether it’s for aesthetic reasons or to replace outdated or damaged furniture, we all need an occasional renovation. Maybe you need to add space to your house, or just remove a few items.

Big or small, a home renovation can get costly very quickly. Here are four ways you can save a little the next time you renovate.

1. Patience, Budgets, and Savings

Admittedly, that might be three things, but they all go hand in hand. A lot of folks make a big mistake by trying to rush their home renovation. Instead of taking the project step by step, they want everything done as quickly as possible.

This might mean higher contractor fees, costly mistakes, and a lot of loans and emptied credit cards. With a little patience, that doesn’t have to be the case.

First, set a budget. Make sure it’s realistic, as well as one you can meet by saving up. The goal is to avoid using loans or credit cards. Next, talk to any contractors you want to use. Mention that you’ll be paying with cash and ask for possible discounts.

Remember to approach several contractors and compare quotes. You’re not necessarily looking for the cheapest contractor, though. You want a reasonable price that includes everything you need

Pro tip: don’t pay for everything as you go. It’s a mistake that a lot of people make when they do renovations, but it’s a risky gamble, too. There are better ways to create a work schedule with your contractor.

With a little patience, planning, and smart deals, you can save money on your renovation.

2. Don’t Shy Away from Discounts

People can be extremely picky. Some will return a perfectly good piece of furniture because of a small nick, dent, or scratch. Many stores will have a discount section that contains high quality – and fully functional – just slightly damaged furniture.

It’s a bit of a gamble sometimes, but you can mitigate the risk by doing a little research. In the end, you could get expensive big-ticket furniture and appliances for a fraction of their retail price. In fact, you could get as much as 60 percent off.

If that’s not a reason to do a little discount shopping, we don’t know what is.

3. Do It Yourself

While there are a few things that you probably need a specialist for, there’s a lot you can do yourself like a plumbing renovation. For example, repainting a room is simple enough, and it can be a lot of fun as well.

Some suppliers also sell furniture that’s ready to assemble, and we’re not just talking about a few chairs or tables. You also get DIY beds, displays, and great kitchen cabinets, as shown on the Best Online Cabinet website.

All you need is a little effort, an instruction manual, and a healthy dose of motivation. That said, don’t be afraid to get the experts in when you need to. Trying to update old wiring yourself if you’re not an electrician, for example, is a recipe for disaster.

4. Declutter for Profit

When you renovate your home, the chances are that you’ll be left with several items that you don’t need anymore. But your trash might just be someone else’s treasure. Your old sofa might not work for your family anymore, but a recent college graduate might love to have that comfy second-hand couch at an affordable price.

There’s always someone who might be willing to buy your second-hand goodies, and you can comfortably sell them online.

Take Away…

When you renovate your home, you don’t need to spend a small fortune or flounder in credit card debt. Just remember patience and planning, discounts, DIY, and decluttering for a profit. If you remember these tips, you can save money on your next home renovation.

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