Renovation is a good way to add space to an existing building or make your building up to date. It is also one way to fix damages for old buildings. Moreover, some people prefer renovation rather than constructing a new building.
Renovation is a cheaper option compared to building a new one. It can also preserve the classic beauty of old houses. However, there are some mistakes that make renovations expensive. But it is avoidable, and all you have to do is to be clever.
Here are ways to avoid common and expensive home renovation mistakes to help you save on your renovation.
Set A Budget
Set a budget and stick to it throughout the project. Do not get tempted to pay a $5 per square foot add-on on that new tile piece offered to you. Stick to the original piece to avoid exceeding your budget. While $5 is a small amount, if your space has 100 square meters, that will give you $500 over your budget.
That $500 could be spent on other materials for your renovations. If you are not mindful of your spending, you will run short in cash halfway through your project. To avoid this situation, add up your expenses before starting the project. Add around 10-20% as an allowance to your budget. Constantly check your expenses throughout the project so that you can monitor it and restrain spending when you already reached the set limit.
Avoid Rushing on Renovation Projects
Do not be impatient in your renovation. Some people want to rush their renovations and spend more just to complete the project sooner. Rushing due to the owner’s set timeline will often result in poor quality finishing.
With a poor quality finish of your current renovation, there’s a huge chance that it’ll be worn out quickly, and you will need to renovate it again, requiring you to spend more money. Take your time. Renovations should not be rushed to achieve a quality finish.
Choose The Right Source Of Fund
You can use your savings to fund your renovation project. However, it will hurt your bank account. If you use up all your saved money to complete the renovation, there will be nothing left in your bank to use for emergencies.
There are other ways that you can acquire funds for your renovation. You can opt for financing, but keep in mind to choose from your options carefully. Among these options are HELOC, personal loan, Cash-out Refinance, and credit cards.
Look for a lender that offers the best deal and check the applicable states where they are operating. If you happen to live in one of the states that they are servicing, grab the opportunity, and apply for a loan.
Don’t Be Too Trendy
Who wouldn’t like to be on-trend, especially when it comes to your home? Everyone loves to have a stylish and updated home. However, if your budget does not permit it, do not insist on making your home trendy. Besides, trends are momentary. It will become outdated sooner than you think, and so does your home’s design.
It is recommended to discard the idea of pursuing trendy designs and materials for your renovation and opt for good design and quality. This ensures that it will last a lifetime and will not go outdated.
Choose The Right Contractors
Research contractors and ask each of them an estimate of your planned renovation. Look up their credentials and references to help you choose the right contractor for your budget and timeline.
It is also best to talk to these contractors and ask as many questions as possible. Let them know about your concerns and expectations. Choose the contractor that is trustworthy and can give you a great deal with promising results.
Complement The Original Structural Design
If you create a design that does not compliment the building’s original structure, expect that you will need to spend more. You can have a different design but opt to follow the original structure’s architecture and style as much as possible.
If your renovation project’s structure design doesn’t follow the original structure, you will find your project needing more time, more materials, and, possibly, more people to work on the new design. More of these will result in more expenses throughout your renovation.
Do Not Focus Solely On Design
In renovations, you should not focus solely on design. You need to consider other factors, such as electrical systems, foundation, structural and safety issues, and usability. By focusing on these factors, you can ensure that you will not damage your newly renovated space prematurely.
Takeaway
We will not be worried about being way over our budget during renovations if we know how to handle our finances properly. It is about how intelligent you are in your decisions and how firm you are to ignore expensive yet substandard material. The combination of proper financial management, right decision-making, and patience will give you a satisfying result.
