Worried About Home Renovation Costs? Here's What You Need to Know

Home renovation projects can be insanely expensive. We’ve all heard stories from disgruntled friends and neighbors about how they wanted a simple renovation and it ended up costing them double what they were planning to spend.

Don’t let yourself be one of the cautionary tales though. Whether you have a small job or you know you’re undertaking a big project, there are some ways to manage the costs. 

Keep reading to learn more about how a renovation doesn’t have to blow your savings for life. You might be surprised how little you really know about how renovation.

Budget Wisely

Budgeting isn’t about how much you spend – it’s about how well you spend your money. That couldn’t be more true than when you’re dealing with a home renovation project and you don’t know how much you can really afford to do.

Figure out what’s most important to you and start there. Get quotes for those things – then add extras later if there’s still money for it. That’s how smart homeowners get what they need before the things they simply want.

Create a Real Budget

Budgeting is about choosing what you do in your home wisely, but if you’re paying with cash or credit, you also need to know how much you can really spend. Sit down and figure out how much cash you have on hand and what you can afford to spend from that amount.

You’ll also need to think about credit and whether it’s worth charging a home renovation job. Will interest be a killer when you could have simply waited a year and paid cash?

Put about 5% of your budget aside for construction mishaps or last second changes as well.

Get Multiple Quotes

When you go to buy a car, chances are you don’t pick out your favorite dealership and stick only with them. At least not unless you’ve got a family member setting the prices at the dealership!

So why would you only get one quote for a home renovation job? Get free quotes from local contractors for your job, and don’t be afraid to get three, four or even five of them. 

You can also let contractors know you’ve gotten lower prices. There’s nothing wrong with trying to get the best price you can for the work being done in your home.

That’s what smart homeowners do.

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