To get a rough idea of what your remodeling budget should be, consider the value of your home as a whole. You don't want to spend more than 10 to 15 percent of your home's value on a single room. If you spend more, the value of the renovation will not increase the value of your home proportionally. Even if you follow the essential advice we've been handing out for years, build a 20 percent cushion to cover unpleasant surprises, get contractor references and review them, banish words while doing it from your vocabulary, it's hard not to end up shelling out more than you want.
DIYers can make big savings with recycled or underused accessories and building materials. Habitat for Humanity operates around 400 Restores across the country, offering recovered materials at half the prices of the domestic center. If your addition requires a clapboard coating, for example, you can save more in the long run if you put on the pre-primed and pre-painted variety now. It costs an additional 10 to 20 cents per foot, but will end up paying half of paint jobs in the future, says Paul Eldrenkamp, owner of Byggmeister, a design and construction remodeling company in Newton, Massachusetts.
Don't schedule your reindeer in the middle of summer or between September, when the children return to school, and Christmas. That's premium time, explains Lisa Stacholy, owner of LKS Architects, in Atlanta, Georgia. Suppliers tend to be busier, labor is scarce, and deliveries are slower. Virginia-based contractor offers discounts of 4.5 to 5.5 percent (based on general budget) on projects during downtime, just after the new year.
The smartest way to create a budget for a home renovation is to design the renovation projects you want to do and price them. Get bids for each individual project, then rank them according to their priority and start a detailed budget for the project you want to undertake first. Having a plan, and sticking to it as much as possible, is one of the most important things you'll need to do to keep costs down during your home renovation. Make a list of must-haves along with the things you want, if the budget allows it.
Know what you can remove from the list and what needs to stay, no matter what. Have a realistic estimate of how much you can pay for the renewal phase. Remodeling Calculator is a good place to find estimates for various renovation projects. These 32 Tips to Help You Save While Remodeling Your Home.
Homeowners must budget at least 20% of the estimated cost of renovation. Sit down with your contractor, be realistic about your budget and set a contingency line for 20 per cent of projected costs. You should work with your contractor (and architect, if using one) to stay realistic about detailed costs and projected schedule. One of the basic steps in creating a renovation budget is to consider the purpose of the home project.
If you plan to sell your home in the future, you may want to consider the possible costs recovered from the renovation. For example, if you're deciding between a major and a minor kitchen remodel, Remodeling Magazine has calculated that the lowest average kitchen remodel recovers a little more money from a resale than a major one. On the other hand, if you're trying to make your definitive home better fit your needs, the potential resale value of your home may not be a big factor. Some examples of what should be included in a kitchen renovation list include demonstrations, new quartz countertops, new custom-made cabinets, painting kitchen cabinets and walls, new subway tile splashes, ceiling beam installations, and new GE appliances.
When budgeting for a home renovation, it's absolutely crucial that you have an idea of how much everything costs. In addition to gaining knowledge and advice on how to complete a successful renovation, you can also learn how to reduce costs and budget appropriately for certain projects. As a general rule, don't go crazy spending half the price of your home to renovate one or two rooms that probably won't add a balanced value to the home. In terms of energy savings, choosing energy-efficient appliances and equipment for renovation can also save you money in the coming months.
After reviewing your needs and wants, create a clear list of renovation objectives to deliver to contractors. You're likely paying a lot of money for your home renovation, so don't be afraid to over-communicate with your contractor. Depending on the scale of your project, you may not need a full architectural commission, which involves extensive meetings, multiple job site visits, and several sets of construction plans, amounting to approximately 8 percent of a project's construction budget. There are many costly renovation circumstances that cannot be planned, especially in older homes, a broken water pipe can be discovered as a result of work, plumbing and electrical problems, or pest damage when a wall is opened.
Talking to homeowners about the cost of renovation, you quickly realize that everyone has a story, and most of them are peppered with a headache. Try to stick to the original plan as much as possible and evaluate the pros and cons of your new renovation idea before making a final decision. . .