4 Tips For Managing Your Renovation Budget

House Renovation

If you’re tackling a major home renovation detailed planning can contribute greatly to it’s successful completion.  If you’re planning a complete remodel, you should consider how long you plan on keeping the house.  If you’re renovating to sell, you should consider the latest trends in the market over your personal taste.  This will help you sell your house quickly and for the right price.

The first and probably most important, and sometimes stressful, thing to figure out is your renovation budget.  Remember that you will likely go over budget and so you should plan for that too!  Here are some tips for managing your renovation budget:

1. Break It Down

Before you start with the renovation in Edmonton, break down the cost of the project into sections so you can get a better idea of what each element will cost. This will also help you in the planning process, deciding on certain features of the renovation based on how much you want to spend for each item. Always keep a detailed track list of the project as things will change as you progress in the project.

2. Ask The Experts

It is always a good idea to ask for expert advice. If you are renovating for the first time, your mind will probably be spinning with all the details and to-do lists. Hiring a renovation company or contractor, even for advice, could put you on the right track.  They’ll know how much certain jobs and materials will cost and will help you anticipate unforeseen expenses.

3. Adding a Buffer

Allow about 10-15% buffer on top of whatever you’ve determined for the total cost of your renovation.  Things rarely go exactly has planned and you want to be prepared for additional expenses.

4. Keeping Track of Spending

Start a spreadsheet and keep detailed records of all the spending throughout the project.  This way, you will have a detailed report of all the expenses and will be able to stay more on budget.  If you spent a little less in one area, you might be able to be more flexible in another.  Plus, keeping track of your reno expenses will give you a better idea of how much a future project might cost.

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