It’s a lot of fun to think of all the things you’d like to do when you’re planning a home renovation such as for Austin apartments, but it can be a huge wake-up call when you start pricing materials and whatnot. Unless you’re rolling in the dough, you have to be mindful about the budget because the costs can add up quickly.
Here are five tips you can use to help create a budget for a home renovation.
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1. Have a plan
This is probably the most logical first step when you’re budgeting for a home renovation because, well, how can you budget for something that isn’t finalized? When you’re thinking of a plan, you’ll want to outline the important stuff, like what the project will entail, things you want, and things you’d be okay with cutting if needed.
2. Set a limit
After creating your plan, do a little research to figure out how much things will cost. A real estate agent can help with this because they’ll be able to tell you what renovations are in demand in your area, how much value will the renovation add to your home, and they may be able to put you in contact with affordable contractors, too.
3. Do some of the work yourself
Unfortunately, there are some home renovations that you cannot (and should not) do yourself. This includes electrical work, heavy construction, new plumbing, and the like. With that said, you can do some of the work on your own. For example, if you’re doing a kitchen remodel, you can do some of the demolition work on your own. Other tasks that you may want to consider doing on your own include painting, removing, and disposing of old carpeting, putting up a new backsplash, and replacing existing light fixtures.
4. Shop around for materials
Buying the materials for your project is where a lot of your money will go, but you can save a nice chunk of change by shopping around. You can go to architectural salvage companies or contractors if they have any reclaimed wood, vintage hardware, or cabinetry that’s been replaced but is in good condition. You can look to places like Habitat for Humanity’s ReStore, online marketplaces, or the clearance section of a local home improvement store to find discounted materials.
Also, if you’re going to be using a contractor, do some research to find reputable contractors with the best prices.
5. Sell what you don’t need anymore
You can recoup some of your renovation costs by selling things that you aren’t using anymore. For example, if your appliances are in good condition but you’re upgrading to new ones, sell the old appliances online. You can do this with cabinetry, doors, windows, and unused flooring materials.
Don’t go broke when renovating your home!
It doesn’t matter if you’re thinking about selling your home for cash and recouping the costs, or you plan on living there for a long time, you still need to have a budget and stick to it. Unfortunately, some projects can cost a lot but you’ll only see a small return on that investment. A kitchen renovation can add value, for sure, but if you make the wrong design choices or opt for high-end, professional-quality appliances… That’s money you poured down the drain. And, if this is the first time you’re tackling any home renovations, it can be pretty easy to underestimate the cost of the entire project if you don’t budget correctly!