How to Stick To a Budget When It Comes To Home Renovation
Home renovation is costly and more often than not, homeowners exceed their budget. The reason lies in the fact that calculating the cost of a home renovation project is not simple and straightforward. There are many options to choose from and who's to say the final look will be as you wanted? However, in spite of all odds, here are some tips to stay within budget:
Know What You Want
Be very specific about what you want and once you have decided it, stick to it. Avoid changing your decision over and over again because that can significantly affect the price of any installation you are planning to get. Budget for what you want and stick to that budget.
Be Mindful Of Scope Creep
Scope creep refers to the concept of doing or adding more things to a project, which were initially not planned. This is why it is very important to have a renovation plan in place because that will prevent you from adding more things in the renovation list. You might think it’s just a few hundred dollars more but by the end of the project, you will realize, it will be thousand dollars or so, off your budget.
Factor In a Contingency Plan
During renovation, many things can go wrong, which will just be out of the reach of the builder and for that, you will have to adjust to it. For instance, you might not be able to find the material you are looking for to install for flooring because it is out of stock. Anything can go wrong at the last minute. A good idea is to include a 15-20% contingency amount in your budget and as you proceed, you can keep reducing it. This should only be used for things that have gone wrong.