Budgeting is the less romantic side of a remodel, but it is a critical conversation to have when committing to a renovation. Before contacting a contractor, take the time to consider two aspects of renovation budgeting.
1. Set a Realistic Budget
When you set your budget, you need to be honest and realistic. You might have big dreams for your home, but it is imperative that your contractor and designer understand the total dollar amount they have to work with. This will help them deliver the best value for your money. It will also help you know whether or not the work you want to have done is possible for the amount you are willing to spend.
An important note on budgets: be wary of contractors who are willing to underbid everyone else in order to win your business. Often, these contractors will cut corners, change your budget later, or use poor-quality materials to reduce costs. It is far better to think creatively during the design process to achieve your plans on a smaller budget than to simply shop around until you find a team willing to tackle your project at a low price tag.
2. Control Your Budget
In order to prevent overspending on your renovation project, it is important to control your budget throughout the process.
First and foremost, make sure you have a list of clearly defined priorities. If you can’t achieve everything you want on your budget, you will need to make decisions about what stays and what goes. It will be helpful to let your contractor and designer know what you can live without and what are your must-haves.
Next, make sure you and your team constantly communicate about the project budget. This is where working with a high-integrity team is critical. Be wary of working with anyone who goes for long periods of time without giving you an update on costs.
Finally, remember that it is better to invest in high-quality products and do less. For example, it is better to use premium quality material for your countertops and renovate less space than to cut costs by using low-quality material to accomplish more. The materials you invest in today will dictate how long your renovation lasts.