Budgeting is a vital task for any major remodeling project around your home, but so is a key related element: Following through and sticking to the budget you’ve laid out. There are a few basic strategies for accomplishing this.
At Barlow Construction, we’re here to offer the best kitchen remodeling, bathroom remodeling and home addition services available around Layton, Centerville, Bountiful, Farmington, Kaysville and nearby areas of Utah. Here are some basic tips from our remodeling professionals on how to set and stick to a realistic budget for your project, ensuring you get the desired result without breaking the bank.
Determining a Realistic Budget
Naturally, this process starts with a realistic budget in the first place. If your budget is out of control and unrealistic, then it’s highly likely that your project will also spiral out of control.
You need to take into account your current financial situation and make sure that you can afford the remodeling project in the long run. It’s important to consider all the possible expenses, including materials, labor costs, permits, and unexpected additional costs.
Look Into Financing Options
If you know your remodeling project comes with a high cost, you might want to consider financing options. This could be through a personal loan, home equity line of credit, or credit card with a low interest rate. Make sure to do your research and compare different options before making a decision.
Another important aspect to keep in mind is maintaining good credit. This will not only make it easier for you to secure financing, but also help you get better interest rates and repayment terms.
Plan Ahead for Unexpected Costs
No matter how well you plan and budget for your remodeling project, there’s always the possibility of unexpected costs popping up. It’s important to have some extra funds set aside for these situations.
A general rule of thumb is to add an additional 10-20% of your total budget for unexpected costs. This will give you a cushion to cover any unforeseen expenses that may arise, such as material price increases or unexpected repairs.
It’s also a good idea to have a contingency plan in case something major happens during the remodeling process, such as a contractor going out of business or project delays due to weather conditions. Having a backup plan will help you avoid any potential setbacks and keep your project on track.
Consider DIY Options
While it’s important to hire professionals for certain parts of your remodeling project, there are also opportunities for cost savings by doing some tasks yourself. Many of these are simple, straightforward tasks that you can easily learn how to do through online tutorials or workshops. Some examples of DIY projects include painting walls, installing light fixtures, and even laying tile flooring. However, it’s important to be realistic about your skill level and only take on tasks that you feel comfortable and confident in completing.
Don’t Be Lured in By Unnecessary Items
Many of us have been in a familiar situation: We’re at a given home improvement store looking for a few simple items, and we end up leaving with a cart full of unnecessary tools and gadgets that we may never use again. While it can be tempting to purchase every cool-looking tool or device you come across, it’s important to stick to your original plan and only buy what you need for your project.
It’s also worth considering borrowing or renting tools from friends or neighbors if you don’t anticipate needing them frequently. This can save you money in the long run and prevent clutter in your home.
Working With Quality Professionals
Another great way of sticking to your remodeling budget is by employing the help of quality professionals. While it may seem like a more expensive route at first, hiring experienced and skilled contractors or designers can actually save you money in the long run.
These professionals have the expertise to ensure that your project is done correctly and efficiently, avoiding costly mistakes or delays. They also have connections with suppliers and may be able to secure better deals on materials for you.
When choosing professionals to work with, do your research and ask for recommendations from family and friends. It’s also important to get multiple quotes before making a decision.
At Barlow Construction, we’re highly cognizant of clients’ budgets and timelines. We strive to provide quality work at competitive prices, while also completing projects within the agreed-upon budget. Contact us today to learn about our kitchen remodeling, bathroom remodeling or other home addition services around Kaysville, Centerville, Layton, Farmington, Bountiful or nearby areas!
