How to Budget for Home Renovations

How to Budget for Home Renovations

Every few years you might get a bit bored of your home and decide that it needs a little makeover. When your decor is out of date, and you want to modernize it, you are probably going to spend quite a bit of money. You can quickly land yourself in trouble if you end up paying more than you thought you would, especially if you are making serious structural changes. Once you’re halfway through a building project you have got no choice but to finish it, otherwise, you won’t be able to live in the house. If you go way over budget, you will end up having to borrow money to cover the costs and getting yourself into financial trouble. That is why it is vital that you price up your home renovations correctly, so you know exactly what you’re going to spend and whether you can afford it before you start. There are a lot of things to take into account, and it is easy to overlook the small stuff. Before you start your next home renovation project, here is how to price it up.

 

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Materials

This is the first thing to consider, and you’re probably already doing it. If you’re getting construction workers in to make significant changes or build an extension, then they’ll deal with it. But if you’re making aesthetic modifications inside the house, you’ll probably be getting it all yourself. Start out by looking at flooring and carpet prices, paint prices, wallpaper prices, and furniture prices. A critical thing to remember is to account for any extras that you might need. For example, when you’re measuring up and pricing up wallpaper, there’s always the chance that you’ll make mistakes and need extra rolls. It won’t put you over budget that much, but it’s best to be cautious and budget a few extra.

 

How to Budget for Home Renovations

 

Labor Costs

There’s a lot of stuff that you can do for yourself but some jobs will need to be done by a professional, and that’s going to cost you. When you’re pricing up, don’t just get a quote from one person and go with that. Search around and compare prices to find the cheapest, but make sure that you’re checking reviews from previous customers to find the perfect balance between quality work and good value. It’s also important to remember that even professionals can’t account for any unexpected challenges that might come up after the job has started so it might take longer than they initially thought and you should take that into account when making your budget.

 

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Loss Of Earnings

This is one that people often overlook, but it’s vitally important. If you’re just repainting and changing the carpets, you can get away with doing it over a weekend. However, if you’re making any significant changes around the house, there’s the chance that you might have to take a bit of time off work. If you’ve got paid holiday to use it’s not too much of a problem but if not, you need to factor in the loss of earnings when you’re making a budget.

 

The best thing to do when you’re budgeting for a home renovation project is to over-prepare because you never know when things might not go to plan.

 

This post was written in collaboration. Collaborative writing means that while I have contributed to this post and edited its content and formatting, I am not its original author. By posting this content on my blog, I receive financial compensation. Want to guest post for Jihi Elephant? Learn more here.

  

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How to Budget for Home Renovations