Staying within an established renovation budget is crucial to a successful renovation. Set a clear budget and stay on budget when renovating. Your renovation budget should include products, materials, labor and a little extra set aside for unexpected expenses.

Many factors will determine a budget. For instance, project size and scope, the quality of craftmanship and materials used, and whether major structural changes are required. Ensure the workmanship is of good quality and the materials used are consistent with other homes in your neighbourhood.

Tips to Help Stay on Budget when Renovating

Scope

Begin by clearly defining what you’d like to accomplish. Create a list of everything you’d like to do. Next to each item note whether it’s a need or a want. This will assist you in establishing your priorities and help you stay on budget when renovating. Cover all of the important renovation requirements and involve your family members in the planning process. Make a list of exactly what you want done. Remember that changing plans in the middle of a project will cost extra money.

Manageable Milestones

When work is done in small, doable stages, you can achieve the desired results without overspending. A professional renovator can come up with a master plan that outlines how tasks will follow each other, when they should be completed and how much they should cost.

IdeaKeep track of your renovation milestones via the Project Tracker tool when you hire Bonded by eRenovate™ Pros by using the eRenovate Post My Project tool.

Be Creative

Do you really need more floor space or can your interior home design be reorganized? Interior walls can be rearranged, separations eliminated to create more space. All you need is a home professional that can alter your current space in a creative manner.  This will help keep your renovation budget on track.

Reuse, Refinish and Repair

Consider purchasing gently-used or refurbished items. Your contractor may be able to find leftover stone slabs from previous projects. Maybe your old hardwood flooring can be refinished as opposed to replaced. Instead of buying brand new kitchen cabinets, you can repair the old ones. A fresh coat of paint and changing broken hardware can make a difference in the current appearance of your kitchen cupboards.

Save on New Materials

Depending on the type of materials you select, your project budget could vary significantly. Although you want your renovation to be of high quality, there are some materials that don’t affect performance. Consider using less expensive alternatives that work within your budget. For instance, you may wish to select ceramic tiles instead of marble or slate, shorter baseboards, and so on. When selecting materials, work with your renovation professional to the discuss pros and cons of products. Remember, there is a product for every design aesthetic and every renovation budget.

Consider Future Operating Costs

It’s advisable to have water-conserving appliances installed to reduce water costs over time. In addition, you may want to adopt energy efficient lighting, electronic thermostats and high-efficiency heating systems to save money in the long-run. Modern renovators are aware of modern technologies. They can give you current information so you make wiser decisions and save on future operating costs.

Refer to the eRenovate Renovation Guide to help you get the most out of your home renovation.

Connect with Bonded by eRenovate™ Pros by using the eRenovate Post My Project tool. Enjoy Peace of Mind with the eRenovate Guarantee which offers $25,000 Deposit Payment protection and 88 Day Workmanship Guarantee.

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Author
Tom Cordeiro

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