5 Tips for Keeping Your Home Improvement Project on Budget

There are many things homeowners need to consider when undertaking a home improvement project. One such consideration is sticking to a budget. Home improvement projects do not have to be as expensive as many homeowners believe, especially if you create a budget before you begin. There are countless benefits to creating a budget, such as helping you determine what you can realistically afford to spend without taking on unnecessary debt. Creating a budget will also help you prioritize what you want and what you need from undertaking your home improvement project. However, even with a budget written down, it is important to note that it is easy to exceed it if you are not vigilant. In this article, we will be offering 5 tips to help ensure your next home improvement project stays on budget.

Tip 1: Plan, Plan and Plan Some More Before You Begin

When creating a budget and successfully sticking to it, planning is key. Before you begin your home improvement project, it is important you create a detailed plan. This might include things like choosing your exact materials (right down to the color and texture). It should be noted that the longer it takes you to make decisions regarding your home improvement project, the more expensive and longer it will before it is finished. It is also much easier to stick to a budget when you have made important decisions ahead of time.

Tip 2: When Possible, Combine Your Home Improvement Projects

Combining home improvement projects is a simple yet effective way to keep individual project costs down. If you’re looking to make several home improvement projects in the next year or so, look for a quality contractor who can handle more than just one. You will find by using the same contractor he can provide recommendations to that will save you money across the board, and also by giving them more work you should be able to negotiate a better price.

Tip 3: Ask Your Home Improvement Contractor for Exact Prices

Another way to help you stay on budget is requesting exact prices from your home improvement contractor. Before you begin, make sure you are aware of the full cost of the project. Ask for a detailed breakdown from your contractor and also ask for an estimate of what unforeseen problems might cost (as they do pop up from time to time), which lead us into our next tip…

Tip 4: Allow for Unforeseen Problems and Additional Expenses

It is a good idea to allocate a certain percentage of your budget for unforeseen problems that may arise during your home improvement project. For example, it is not uncommon for a home improvement contractor to begin working on one part of your home, to find there is an underlying issue you were not even aware of. This will not only make your home improvement take longer, but may set you back in expenses as well. That is why it is wise to allocate additional funds for unexpected problems so if a problem does arise, it will not be a huge stress on you or your finances.

Tip 5: Compromise

While we all have our dream home improvement project, sometimes it is necessary to make compromises if you want to keep to your budget. For example, while you might want a new kitchen countertop, perhaps you could get away with refurbishing it instead. It will not only save you in costs, but it can also be done much quicker (and it is eco-friendlier). However, if a new countertop made of granite has always been your dream, then go for it, and just make compromises in other areas of your home improvement project.