How to Renovate Your Home on a Budget
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How to Renovate Your Home on a Budget

How to Budget for a Home Renovation

by OlaDecor Editorial
home renovation on budget on Oladecorator

How to Renovate Your Home on a Budget


How To Budget for a Home Renovation

Sometimes working with a budget is always a challenge. Creating a budget for a large project you’ve never done before is an even bigger challenge. When it comes to home renovation costs, building a feasible budget requires a detailed plan and plenty of research.

Fortunately, we’ve done most of the background work for you. Simply follow the steps below to renovate your home when on a budget. Create a remodeling budget that will keep you from overspending on your next renovation. Put a call through or reach out to Oladecorator today!

Once you’ve decided how much to spend, use the following steps to create a detailed home renovation plan and budget.

Steps for Creating a Detailed Home Renovation Budget

Step 1: Prioritize Remodeling Needs

The easiest way to stay on budget during a renovation is to know exactly what you want. Create a list of everything you would like the project to include and then separate items into wants and needs.

Ask yourself these questions:

  • What do you want this project to do?
  • What details are required to make that happen?
  • What are you willing to compromise on?
  • What are you willing to splurge on?

Step 2: Create a Detailed Remodeling Plan With Cost Estimates

After setting the goal for your home renovation, create a detailed plan that includes expected costs. This will help you build a remodeling budget and communicate exactly what you want with your contractors.

Build a spreadsheet that includes each portion of the project and the estimated cost for labor and materials. To develop cost estimates:

  • Use resources like HomeAdvisor to estimate labor costs for engineers, architects, plumbers, and handymen. Labor usually accounts for 20 to 35 percent of a project’s budget.
  • Choose fixtures and finishes and calculate what you will spend on them. Include paint, knobs, faucets, tile, flooring and anything else you’ll need. Don’t forget to include taxes and shipping costs in the estimates for your materials.
  • Include the appliances you want and what you expect to spend on them. Include costs for installation, delivery, and how you plan to dispose of appliances.
  • Consider what living expenses you will incur during your project. Consider the costs for living without a functioning kitchen, boarding pets, or staying outside the home during your project and include these costs in your spreadsheet.

If you can create a plan that is detailed enough and includes your choice of finishes and fixtures, your conversations with contractors can focus purely on labor costs and time estimates.

Step 3: Request Bids From Multiple Contractors

Now you know what you need, what you want, and what you can afford to pay for each item. It’s time to find a contractor that can complete your project within your budget.

Find local companies with good reviews and ask them to create a bid for your project. Get bids from at least three companies to accurately compare the costs.

When choosing a contractor:

  • Complete interviews and check their references.
  • Be very clear about both your project and your remodeling budget. If your contractor knows you’re sticking to a tight budget, they will be more likely to talk through additional expenses, time delays, and project changes with you.
  • Make sure the contractor thoroughly understands your needs and has a clear idea of how you plan to prioritize parts of the project.
  • Talk through how you will approach any unforeseen issues and how they will affect the budget of the project.

If one contractor’s bid is well below the others, toss it out. Cheap labor sounds appealing but opens the door to errors which can cost you more money later. Use competing bids to negotiate with your preferred contractor.

If none of the contractor estimates fit into your remodeling budget, cut down on the project until you’re comfortable with the cost. Use your list of wants and needs to eliminate parts of the project you previously deemed less important.

Once you’ve selected your contractor, ask them to look at your project plan and home renovation budget to see if there are any costs you may have overlooked.

Use the contractor’s estimate as well as feedback to make a final update to your project plan before beginning work to make sure the final project stays on budget.

 

 

Summary
Commercial painting and Home decorator
Service Type
Commercial painting and Home decorator
Provider Name
Oladecorator,
Salisbury Wiltshire, United Kingdom,Wiltshire,Salisbury -SP1,
Telephone No.+44 7404 765311
Area
Salisbury Wiltshire, United Kingdom
Description
This is a budget friendly service to renovate your home, office and environment

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Oladecorator has Over 15 years of experience In building repair, home renovations & maintenance, interior decoration, and painting contractor in Salisbury, Wiltshire, UK. 

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