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Don’t Exceed Your Home Renovation Budget

Don’t Exceed Your Home Renovation Budget

Imagine this: you have planned every phase of a home renovation project. You are excited to get started, as you can’t wait to see your vision come true.

And then something happens along the way. With each passing day, you continue to spend more money than you budgeted for. Soon enough, you realize that you are facing a very serious problem.

There is no better way to kill the buzz of a home renovation project than by exceeding your budget. While this may be common, while it may be something that has plagued others before you, there are tips you can follow to avoid the same fate:

1. Be Realistic

If you aren’t realistic with your budget upfront, there is a greater chance you will exceed your budget at some point in the near future.

To protect against this, create a spreadsheet with every last expense that you expect to incur. From there, answer this question: have you doubled checked these expenses to ensure that they are realistic?

2. Be Clear with Your Contractor

It is imperative to find a contractor who understands the importance of staying on budget. The last thing you want is a person who continually comes back to you, asking for more money.

When you are clear with your contractor upfront, letting him or her know that you must stay on budget, there is less chance of trouble in this area.

3. Stick to the Plan

It’s easy to add to any home renovation project. Why get new kitchen counters when you can get new cabinets as well? Why stop there? You can also add new floors and a backsplash. This is how budgets are broken.

Once you have a project scope laid out, stick with it from beginning to end.

Have you run into this trouble in the past? What steps have you followed to ensure that you stay on budget?

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Comments 1

Frank on Thursday, 21 April 2016 16:28

The best piece of advice I can give to someone who is about to undertake home renovation is to have a flexible budget. There are almost AlWAYS cost overruns, so you need to be prepared for that. I would start with the lowest amount you can spend and provide yourself with some ample wiggle room.

The best piece of advice I can give to someone who is about to undertake home renovation is to have a flexible budget. There are almost AlWAYS cost overruns, so you need to be prepared for that. I would start with the lowest amount you can spend and provide yourself with some ample wiggle room.
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