Renovating on a budget is different from a budget renovation. The latter is a short-cut, inexpensive job. The former is the idea of setting a budget and staying within it for your remodeling project. Budget is a big challenge for everyone, but particularly for young, first-time home buyers. Here are some tips, checks and balances for staying within your means when renovating:
- Decide what you’re willing to spend and make that number the bottom line. Stand firm on it, just as you would when making an offer to buy a home or car.
- Set realistic goals and constraints. Know what you want, and research where you can get it at the best price
- Find out what you can get for your money. Survey the industry or talk to a builder to make sure your budget number is realistic for your remodeling expectations.
- Stay in the loop with your builder during the renovation period. Develop a relationship that is open and honest so that challenges are brought to the forefront in a timely manner, before they become too costly.
- Consider decisions carefully. Changing your mind after materials are ordered or something is built costs money.
Work with your builder to do the renovation in stages that make sense for both of you.