Every now and then people will contemplate renovating their homes. Sometimes, they will dive in head first, without making a plan, while other times, it could be delayed because ‘the timing is not right’. However, there comes a time when you cannot put it off any longer. That may be because you are selling your home, and need to add value to your property. On the other hand, it could be that you are moving into a new home and have to fix damages.
Whatever the need for an urgent renovation, here is what you need to know to get it done on a tight budget.
How Much Do Renovations Cost?
Renovations are not cheap as they can cost thousands. On average, a kitchen can cost anywhere between $12,000-$33,000. Naturally, an older home will cost more to renovate than a newer one, especially if the plumbing and wiring are in poor condition. You can expect to pay $100-$200 per square foot. Seeing as this can amount to a hefty price, it is best to prioritize projects by room and decide on the budget accordingly.
How Much to Spend
The renovation budget should be proportionate to your home’s value. Typically, you should not exceed 10-15% of the value of a single room. However, before deciding what the budget is you will first need to determine how to finance it. If you are taking out a loan, using your savings or if it is some other way, you will need to make sure it does not exceed the funds.
Renovate on a Budget
There are many ways to renovate on a budget. First, you should reconsider DIY, at least for the easy tasks. Instead of hiring contractors for the demolition process, you can do it yourself. The same goes for any task with elementary skills, such as painting rooms. By simply taking on some tasks, you can save a few hundred.
Hire professionals only for tasks that require their expertise. Here is what you need to know.
1. Architect
Depending on the nature of your project, you may or may not need an architect. However, since you are on a budget, if the project is small, like internal remodels, look to draw the plans yourself. It is feasible as long as you make sure to include all the information that is required. If you cannot draw, maybe include a draughtsperson, who is an artist that is capable of drawing your ideas on your behalf.
If you do need an architect, look for ones that are reasonably priced. Also, preferably ones that offer a flexible payment plan. The renovating advisors over at FoleyHomes.com stress the importance of a ‘pay-as-you-go’ plan, as it can give renovators the flexibility to adapt to the expenses. In return, the renovator will be able to make use of an architect’s talent more efficiently.
2. Suppliers
Naturally, suppliers with a large workforce will charge more than a ‘one-man-band’. However, this does not mean they are always better. Sometimes it is the opposite, so make sure not to be easily seduced by the numbers or brochures.
3. Project Manager
Hiring a project manager can be expensive. Instead, you can assume the position yourself. However, it is important to know that the role can be time-consuming. But, at the same time, you will be in control of every aspect of your project, which includes what you spend on material and labor. That way, you can minimize your costs.
4. Research
Sticking with one supplier is definitely the easiest and quickest approach, however, it is not necessarily the cheapest. For this reason, you will need to research different suppliers and their costs. Usually, you will find suppliers that sell certain items for cheaper than their competitors.
The same goes for when you are getting quotes. Make sure to get multiple quotes, with the minimum being three, and look for recommendations from trusted sources. Remember, the cheapest quotes may not necessarily give you the best value for money, which is what you are after.
5. Recycle
Apart from recycling being eco-friendly, it is also friendly towards your wallet. Reusing the old materials can save you a lot of money, as long as they are not destroyed. Things like roof tiles and bricks can be reused.
By carefully considering these tips, you will be able to reduce your costs and save hundreds, if not thousands. However, you will have to DIY some of the tasks, and only hire contractors that you absolutely need. Moreover, in order to make sure that renovations do not exceed your budget, look for a pay-as-you-go plan. By keeping these things in mind you should be able to complete your much-needed renovation project within your budget.