Thursday, October 1, 2020

A simple guide to creating a home project budget

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As you scroll the feeds of Instagram and Pinterest you may realize you have an outdated house that you want to remodel. Before you establish the look and feel of what you want to do for your remodel, you’ll need to next put a budget in place.

How to create a home remodel project budget

  1. Choose needs verse wants – It’s easy to create a list of things you want to do with your house such as remodeling the kitchen cabinets when they are working just fine. Instead, you need to establish what items are needs verse wants.
    1. A need – Hiring a roofing company to replace a leaky roof with new shingles
    2. A want – Change your kitchen backsplash from tile to marble
  2. Ask for multiple project bids – Another thing you should do is contact 2-5 contractors to come bid your project. Upon doing so will give you a better understanding of the fees involved. These bids will also help you understand where you may need to cut costs so you can complete the project sooner rather than later.
  3. Get material quotes – After you’ve figured out what items need to be fixed or remodeled and you have project bids in place, it’s time to get quotes for materials you’ll need to provide for the contractor to start. Be sure you bring a notebook and pen with you when you go get material quotes so you can keep track of which places were more cost-effective.
  4. Cut expenses to fit the budget – Now that you have a better understanding of the project you’re going to start with, the contractor costs, and material costs – are there any places you can cut additional costs? Review your entire project plan and see where you can cut extra costs – usually with materials.
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