No matter how big or small your renovation project is, you need reliable ways to stay on track and on budget. Here are twelve tips to help you do just that!
First, get estimates from a contractor. They can put together a comprehensive list of everything that needs to be done, and they’ll also help you estimate any unexpected costs that might come up during the process. Elevate your waterfront lifestyle with a stunning boat house construction, adding value and functionality to your property for the ultimate home improvement.
1. Set a Budget
If you are going to embark on a renovation, it is essential that you set a budget. This will ensure that you don’t get into the situation where your project will overrun your budget and make it difficult to continue.
To create a realistic budget, consider the materials and labor costs you will need to complete your home renovation. You can also factor in the cost of shipping materials from different areas or even abroad, as well as any taxes or fees that will be incurred.
After you have a clear understanding of your budget, prioritize projects that are most important to the safety and value of your home. This is especially important if you’re doing major structural work, or extending your house.
2. Create a Schedule
Schedules are a tool that helps you organize your project timeline. They define the start and end dates of activities, link activities, set a duration, create milestones, and track resources.
To stay on track and on budget during your home improvement project, it’s important to create a schedule that works for you. A good schedule will give you wiggle room to deal with unexpected issues and allow you to re-allocate tasks as needed.
You’ll also want to include some float in your schedule, which is the amount of time that a task can extend before negatively impacting the final deliverable. This can help you make adjustments and avoid squeezing in things that aren’t as critical to the project’s success.
3. Plan for Unexpected Costs
Unexpected costs are a major cause of stress for many people. According to the Federal Reserve, 32% of Americans said they will struggle to cover expenses that are more than $400 when they weren’t expecting them.
There are some things you can do to minimize the amount of unexpected costs you might incur during your home improvement project.
One of the most important ways to prepare for these expenses is to create a contingency fund.
Ideally, you will want to have at least 10% of your budget set aside for unforeseen costs.
The best way to do this is to plan for them during your budgeting process. You can do this by setting aside an amount each week or month for expenses such as property taxes, health insurance and other monthly bills that may come up on a regular basis.
4. Keep a Checklist
Keeping a checklist is a great way to keep track of all the details that will come up during your home improvement project. This will help you avoid any surprises that may pop up and will also ensure that you stay on track with your budget.
When creating a checklist, it is important to prioritize your tasks. This will help you determine which ones are the most important and which ones can wait until later.
Another important factor is that your checklist should be detailed and organized. This is especially important when it comes to a large and complex project like a home remodel.
5. Space Out Smaller Projects
Taking time to space out your home improvement project can help you avoid costly hold-ups. If you’re remodeling a small room, for example, you may not want to commit to painting the entire room at once. Rather, you might consider doing a few accent walls and then finishing the rest later. This way, you can save money on the paint, and the final results will look much more elegant than if you painted the whole room at once. It’s also important to leave wiggle room in your budget for unexpected costs, so you don’t have to spend more than you plan on. Ideally, you’ll want to set aside at least 10% of your budget for unexpected expenses or upgrades.