When even the simplest of renovations has a lot of moving parts, it’s all too easy to make a mistake that could topple your plans. Don’t let inexperience distract you from completing your renovations on time and on budget. Avoid these mistakes nearly every ambitious homeowner makes, and you’ll save money and your sanity.
Focusing on the flashy, not the practical
You may want to renovate your home from attic to basement, but it’s not always in the cards. Time, money, and skill affect how much you can take on this summer. If you opt to retrofit your bathroom to look like it was designed by the Property Brothers first, these design-heavy upgrades can eat into your budget and leave you unprepared to make necessary renovations that will improve the function of your home.
You should approach your renovations in an organized way. Make a wish list that includes everything you want to tackle, leaving nothing out — from fixing the roof to installing that clawfoot tub. Once you get it all out of your system, take the time to prioritize these tasks, giving precedence to necessary upgrades that improve the safety, comfort, and/or efficiency of your home. Only once these important upgrades are made should you take on aesthetic renovations with your remaining budget.
Not budgeting for the unexpected
As a first-time renovator, you may not realize the costs that go into upgrading your home. Though you can research the average prices of materials and labor, surprises happen. You may unintentionally damage the wall of your bathroom when you’re installing new tiles. Once you look inside, you may notice you have a black mould problem. Now you’re not just upgrading the look of your bathroom; you’re stuck fixing a potential health hazard.
Professionals suggest adding a buffer to your budget that’s at minimum 10 percent of your budget — up to 25 percent for older homes. Increasing your budget by a quarter can be financially overwhelming. Before you start your interior refresh, search out tips for saving money. They can help you identify bad spending habits that limit how much you put in your renovation fund.
Saving is a full-time job. It requires commitment if you really want to make a difference in your bank account. It’s important to remember that, like your renovations, your plans to save can experience an unexpected setback. A visit to the vet or a minor fender bender can wipe you out. If an emergency wrecks your chance at saving, you can rely on options like MoneyKey as your backup plan. They can issue you anonlinepayday advance, so you can cover these unexpected bills quickly and get back to your savings plan.
Hiring the cheapest contractor
When you’re worried about your finances, you’ll be on the lookout for deals to keep your costs low. While there are legitimate ways to reduce the price of materials and other elements of your renovation, don’t cut corners by hiring the cheapest contractor you can find. Sometimes, a contractor will submit a cheap quote just to secure the job, but they’ll add on fees and other expenses mid-project. At worst, they could install low-quality products and produce poor workmanship.
When looking for professional help, speak with at least three contractors about your plans and get a written estimate from each of them. Their quote should include details regarding the job and materials, the cost of permits and insurance, warranties, waste removal, and a general contractor fee. If any of the contractors you speak with don’t include these basics in their estimates, they’re either inexperienced or they’re underestimating the work.
Accidents happen during renovations. You can knock over an open can of paint or drop a box of lightbulbs, but out of all the things that can go wrong, your finances shouldn’t be one of them.Avoid the worst renovating mistakes and save properly, so you can take on a big project without damaging your bank account.