When a homeowner finishes a remodel, it’s one of the most rewarding feelings they’ll ever experience. At the same time, remodeling can be a drain on us—both physically and financially. Common issues like delays, the cost of equipment, and structural changes will drive the cost of your remodel through the roof (so to speak).
If you want to make sure your project stays within your means, here’s what you need to do:
#1: Research Research Research!
First and foremost, do your research! Know exactly what you want before lifting a hammer, and stick to it! Research the various qualities of products involved and select the best you can afford. Shop around for the highest-value pricing (which doesn’t mean “most expensive”). Talk to more than one vendor to see if any are willing to make deals on cost, and be very cautious when you hear the words “refurbished.”
Occasionally, you can get lucky and find a great product, but it may not have a warranty. Be sure if you purchase “as-is” that you are comfortable with the cost of replacing it earlier than you expect. Take advantage of yearly sales (such as Black Friday sales) for major purchases, even if it means putting them in storage for a while until needed.
However, don’t buy something just because it’s on sale. Making sure you’re only buying what you need is why you’ll want to know exactly what you want before you start.
#2: Build a Specific Budget
Second, compartmentalize your spending based on when each phase of the remodeling is to be done. When remodeling the kitchen in your home, normally the first stage in rebuilding will be your cabinetry, second will be appliances, and the last stage will include new flooring. Set up your budget based on the quality you want at each stage.
#3: Keep the Budget Balanced
If you overspend in one area, make sure you cut back in the next. In our experience, this is where most people stress out. They opted for custom cabinets instead of pre-made, which is what was budgeted. Then they chose high end appliances for their kitchen after having budgeted for mid-quality.
They were so pleased with how it looked and wanted 3/4″ hardwood planks to finish it off—but could only afford laminate. If you overspend throughout, by this point you have only two choices: opt for overspending altogether or buy inferior quality for your last items. Neither choice will make you happy.
If you can do these three things, you’ll finish your project with “complete” satisfaction. Stay focused and good luck!