So, here you are ready to renovate your space. You just finished watching the latest and greatest HGTV or Netflix Home Renovation special and your head is chock-full of possibilities for your house that you never saw before.
Why shouldn’t you have a dish warmer (yeah, read that one again) in your kitchen? Why shouldn’t you have killer traditional wainscotting throughout the house and bold paint colors that evoke traditional British manors? Or how about a wall of mirrors to make even Versailles jealous?
You’re living with all the possibilities. You deserve all the possibilities. Outside of one tiny snag: you’re also living with a limited budget.
How can you make realize all these big picture goals while still adhering to a budget that won’t break the bank? That is the real question everyone needs an answer to. While most projects will inevitably cost you more then you expect, you don’t have to shelve (pun intended) your renovation goals. In fact, you can still move forward and start making big impacts on a smaller budget.
Still not so sure? We’ve broken down 5 ways for you to spread the financial love a little further and get a bigger impact with your upcoming renovation:
Build a cushion
We would be lying if we told you that during the renovation process, there wouldn’t be surprises. These little surprises can also put some of the bigger dents in your budget. In a perfect world, everything will go splendid with your revamp and penny-for-penny come out as budgeted. However, that is most certainly not going to be the case. That is why we recommend setting aside an extra 10 to 15% cushion that you add into your initial budget so that when unexpected things arise, you’re able to address them without breaking the bank.
P.S. getting your contractor involved early on can help you set more realistic budget goals. They may not be able to spot everything in advance, (no one is Nostradamus) but they should be able to conduct a pre-inspection and walk you through some potential warning signs.
Rule of thumb: you can’t get what you want if don’t ask. So, when it comes to negotiating what you envision for your renovation, make sure you tell your contractor what projects you have in mind (every single one of them), and how much you’re willing to pay. Honesty and transparency are the name of the game.
Also, consider getting quotes from multiple contractors in order to increase your bargaining power, and don’t be afraid to check HomeAdvisor’s True Cost Guide. This will help you get a feel for what’s happening in the current market rate.
Have A Clear Mental Picture
You’ve got ideas and lots of them. Your Pinterest board is jam-packed with inspiration for every room in the house. However, it is best that you decide on your “final answer” of wants before you get too deep into the process. There is nothing that can negatively impact your budget than a full redesign of your drawings. If you need time or help to decide you want your new space to do for you and your family, that is perfectly fine. In fact, it’s encouraged. We highly recommend hiring an architect (ahem, cough, cough, – we know a guy) and doing a walk-through of your project to see all possibilities for the space and which really resonates with you before you go into the design phase. A project does not have to start immediately. It starts when you say it starts.
Stick to the plan
It’s happened before and it will happen again: after watching another episode of Million Dollar Listing, you decide that you need to add a few more things to your renovation. We’re sorry to break it to you, but unless you have unlimited funds, that’s a bad move. You have to remember that sticking to the original design plan is the best way to keep you out of debt. The four most expensive words in home remodeling is usually “while we’re at it.” If saving money is one of your biggest goals, you have to demonstrate restraint, and stick to your guns.
Get a Working Team
Architects, builders, and even interior designers can be your best friends in a renovation. Professionals play a major role in the success of a space. Don’t skimp or cut corners when it comes to working with a talented group of people that know what they’re doing and have a proven track record. You can still stay within your means, but have reliable, professional help as well. In fact, hiring trusted and experienced professionals can even save you money, time, and even headaches. (Our team has been known to carry Tylenol on us – we’ve always got your back).
We’re just a call away and we are eager and ready to help you with your home renovation. Get in touch – and let’s start designing your project.