Starting on a home renovation journey is a big undertaking. You need to manage budgets, project timelines, contractors for home additions, subcontractors, and more. Not to mention if your original plan won’t work and you need to shift gears because the wall you thought you could knock out is actually load-bearing. Home renovation projects are certainly not for the faint of heart, but when they are done well, they are well worth the investment. Here are some things you should know about home renovation projects.
It May Cost More Than You Think
Budgeting for home renovation projects is an estimate at best and at worst it can feel like a huge gamble. Setting aside money, getting a personal installment loan, or leveraging your home’s equity are all ways to help fund any home renovation projects you need to do. The truth is, from the day you get cost estimates to the day the work is completed, the cost of supplies and labor can vary wildly.
This means that it’s important to not only have a contingency plan but to also create a healthy buffer for how much you think you need. Unexpected things can come up that increase your budget, your supplier may be out of the cabinets you thought you could get for cheap, and more. There are so many different scenarios, just know that it could cost more than you think when all is said and done.
Plan for the Unexpected
You never know what you’re going to find when you start tearing things apart. If it’s not a simple job like completing a basement or updating a few cabinets, there might be some big surprises lurking in your home. It’s best to plan for the unexpected. How can you do that? Set aside extra funds, don’t force a tighter than needed timeline, and make sure you have professionals who can deal with issues like asbestos and mold if needed. All of these unexpected things will feel less stressful if you have a plan in place.
You Can Do a Lot of the Work Yourself
One of the ways that you can save money is by being your own subcontractor. In some places, you’re allowed to do the updates to your own home as long as the work can pass inspection. Others allowed the homeowner to be the general contractor and to subcontract out the work. If there is work you know you can easily do yourself, there is no reason not to when you are remodeling your home. Whether it’s painting the walls yourself, installing your own baseboards or putting the final details into your project, this tip can help you save a lot of money.
Changing Plans Mid-Project is Expensive
Have you ever seen home renovation shows where someone changes a major part of the project for no real reason right in the middle? And then they are surprised when the contractor says those changes could cost an extra $5,000 or more?
Once plans are set in motion, any changes to them will cost more money unless, of course, you decided on cheaper tile or lower-cost kitchen cabinets before they were ordered. Make sure that you and your contractor agree on all the changes before they are done. You want to make sure you understand what the potential costs are if you revert back to a plan or option that didn’t make the final cut.
There Are Ways To Save Money on Supplies
Contractors often have connections that help them save big money on supplies. They often pass these price breaks to their customers. Asking them for their help sourcing materials is a good way to save money. There are also small things you can do like using stock cabinets for the base but customizing only the doors in the bathrooms and kitchens. Choosing a cheaper material that’s still durable and looks just like the one you really wanted is another good option. Lining Boards Melbourne provide a range of affordable yet durable boards to fit your renovation plans.
There Is a Lot of Lag Time
While a project may take 4-6 months to complete, they are not working all that time. There is a lot of wait time when it comes to renovation projects which means that your house will be empty, but messy, for a long time. This can be due to waiting on supplies to come in for the next phase of the project, waiting on inspectors, and more. It can be frustrating, but it’s all part of the process.