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Tips To Keep Your Remodeling Project on Budget

Tips To Keep Your Remodeling Project on Budget

Remodeling your home may sounds like it will be expensive no matter what you do. However, having a remodel project that you want to do with a certain budget is more than possible. There are a few things you need to keep in mind when doing your remodel project to make sure it stays within your budget. These few tips will help you get the new look you have been wanting, while not breaking the bank.

Be realistic.

A lot of the time when people’s remodel projects get out of hand, it’s because they weren’t being realistic when creating their budget. You can’t expect to remodel a kitchen with new appliances, granite counter tops, new lights, and a new sink with only a budget of $2,000. You will definitely go over budget if that is the case. Instead, you need to look at what amount you actually have to spend vs. the average costs are for the changes you want.

Do projects in phases.

Along with being realistic with your budget, you need to be realistic with your time frame. Remember, Rome wasn’t built in a day, and your remodel won’t be done in a day either. Doing your remodel project in phases can help you keep your remodel project on budget by spreading the overall cost over a period of time. If you know that during one month you will only be able to afford part of the project, you can then finish that particular project and save money for the next part of the project. This will help you not only take the time you need to get things installed correctly to prevent future fixes or damages, but will help you from taking on too much at one time without having the proper funding.

Don’t pay for contractors on projects you can do yourself.

There are a lot of things in a remodel that you can do on your own instead of hiring a contractor. You can easily do your own demo, install your own wood flooring, add new back splash, and paint. Taking care of these projects on your own will save you some money vs. paying a contractor for time and labor. While there are things you can do on you own, there are some other projects you should consider getting a contractor for. If you are doing electrical work, plumbing, or changes to structural elements it is probably best to hire a contractor who will be able to help get the job done safely and properly.

Shop around.

While you do have to be realistic when coming up with your budget, don’t forget to shop around when looking for new appliances, flooring, doors, even contractors. By looking at different stores, you will be able to price compare so you can find the best deal. A lot of places have price matching deals, so if you see an ad or item in a different store, but have credit somewhere else or like their policy better, they may be able to match the cheaper price for you.

Use a budget keeping program.

There are a couple ways you can tract your budget, using an excel spreadsheet, or a program like QuickBooks. While many people use QuickBooks for tracking their daily expenses and budget, a lot of people wonder “what is QuickBooks accounting software, and how will it help me with my remodel?” QuickBooks or an Excel spreadsheet will help you to lay out an itemized list of expenses to help you determine what parts of the project you can use more money for than the other parts. If you find that you spent more than you wanted on something, you can easily look at your spreadsheet to determine if you will be able to still do everything or if you will need to cut something out due to expenses.

These are just a few things that can help you keep your remodel project on budget. Be sure to do your research before buying any new appliances or hiring a contractor, and look online to find some DIY projects for your remodel. Don’t forget to add in extra funding for any emergency situations that may occur during your remodel project, such as needing to repair a wall, adding new electrical or plumbing work, or replacing and broken equipment.

source: http://www.homeadvisorhomesource.com/tips-to-keep-your-remodeling-project-on-budget/

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