Here are some ways to create a reliable budget for your renovation.
Establish Your Budget
You need to know how much you can afford to spend. Run some estimates to see if your project will fit within this budget. There are multiple ways to pay for a home renovation. Depending on the size of the project, you might need to consider getting a loan. You may be able to use your home as collateral for this loan. Make sure to shop around if you’re considering this option. You want to get the best rates, and not take on more than you can handle.
Get Multiple Quotes
Do your research on contractors and home construction companies. Get quotes from several companies. You want to be able to compare what each company is offering you. Before making a decision on who to hire, check their references. Many states require that construction companies are licensed and bonded. Make sure that it’s up-to-date, and that there aren’t any outstanding complaints. You want to work with a company that is reliable.
Create a Contingency Plan
There are always unexpected costs that crop up when starting a renovation. The age of the home will dictate how much of a contingency budget you will need. If you change your mind on the quality of finishes, this can drive up the costs. You need to be prepared for any unexpected issues. Make sure to have a communication plan in place with the company that you hire. You want to be made aware of anything that will exceed your budget before the work is completed.
Decide on Project Priorities
If costs are starting to add, you may need to reevaluate your project. There might be an area in which you can cut costs. You might be able to take on some of the projects yourself in order to stay within your budget. Finishes are an area in which people tend to splurge. Look at lower cost finishes so that you don’t exceed your budget. You might need to complete the project at a later date if you find too many unexpected surprises. Set these priorities before you start the project. Decide on what is really important and needs to get done.
Every home project is unique. Decide what matters to you, and set your budget. Communicate with any companies that you hire so that you don’t get sticker shock.
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summary guide on home equity financing for home renovation
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- Better Homes and Gardens
- Publisher: Better Homes & Gardens
- Edition no. 1 (07/22/2011)
- Used Book in Good Condition
- Steve Cory, Diane Slavik, Home Improvement, Kitchen, How-To
- Publisher: Creative Homeowner
Last update on 2020-03-19 / Affiliate links / Images from Amazon Product Advertising API
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