A home remodel can cost thousands or even tens of thousands of dollars depending on the scope of the project. Furthermore, the majority of remodels end up costing more than homeowners anticipated. If you don’t want to go into more debt than you planned, or lose your home that you borrowed against, or leave the project unfinished due to insufficient funds, then the following tips can help.
Don’t go in with an open budget
No matter how much money you have in savings or how much equity you have in your home to borrow against, or how much available credit you have on your credit cards, you shouldn’t go into a remodel with the mindset that you’ll pay for it whatever the cost. There are many different things that can drive up the costs of a remodel and if you haven’t done your research to come up with a realistic estimate, you can be blindsided by the bills that start to pile up. Decide on an amount up front that is the maximum you want to spend on remodeling. Next make a list of what you want to accomplish with a remodel. Finally do extensive research to come up with realistic estimates for these projects and prioritize the ones most important to you if it will cost more than you want to pay.
Do one room at a time
If you plan to remodel multiple rooms, plan to complete them as several smaller projects as opposed to one big one. The more you try to tackle in one go, the more likely there are to be unforeseen costs and delays which can cause a remodel to go over budget. It’s easier to budget for a one- or two-room remodel and once it’s done and paid for, you can set your sights on the next project.
Work with what you have
The most expensive kinds of remodels are ones that entail changing the floor plan, electrical systems, or plumbing since they require subcontractors to come in and tear down walls. This is expensive in and of itself plus it’s more likely to lead to complications which will require even more money. If at all possible try to remodel within the existing space and layout. That means no additions and no moving tubs, showers, or sinks to different locations in the bathroom or kitchen. If you need to get more space out of a remodel, focus on creative storage solutions like foldaway beds, bunk beds, beds with storage underneath, storage ottomans, etc...
Tackle the easy projects yourself
You can also save money by limiting the work that you’re paying contractors to do. There are certainly jobs that should be left to professionals especially if it’s work that requires a license, special equipment, or special training. So while you shouldn’t be doing anything with your electrical wiring, you can do simpler tasks like replacing light fixtures, and while you shouldn’t be doing plumbing work, you can replace a bathroom or kitchen faucet. Other DIY projects to consider are peel and stick vinyl countertop application, cabinet refacing, or baseboard heater cover installation.