How Do I Budget For a Home Renovation?

As you begin your renovation project, you’ll need to determine how much the entire process will cost. You can estimate the cost by researching contractors’ rates and past projects to determine how much the renovation will cost in the end. When hiring contractors, you should research each contractor thoroughly to find out their rates and customer reviews. It’s also a good idea to talk to past clients to learn about their experiences working with particular contractors. You’ll also want to vet the architects and designers you hire.

To make sure you don’t overspend, budget an additional 20% above the initial cost of the renovation. While this is a good idea, it’s a good idea to be realistic. Also, set a contingency line item for 20% of the overall cost so you have some flexibility in case things go awry. Remember to work closely with your contractor or architect to create a budget that’s both realistic and efficient.

Once you know how much money you can set aside for a renovation, divide it into buckets based on the type of work you need done. Consider the structural, internal, and functional aspects of the project. Make sure to leave enough room in your budget for additional expenses, such as electrical, plumbing, and design. This way, you can budget for unexpected costs and ensure the project will go smoothly. In the end, it will all be worth it.

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