Managing your renovation budget doesn’t have to be as impossible as it sounds. Making a few smart, proactive decisions and showing a little initiative is the easiest way to make sure your budget doesn’t grow out of control. Learn about a few things you can do to keep your budget in tact by checking out our video (and transcript) below:
How to Manage Your Renovation Budget
If your home renovation budget starts to spiral out of control, it can get pretty stressful. Unexpected costs can start adding up, and pretty soon you’re mortgaging your house just to renovate it.
Here are a few tips to ensure you stay on budget.
1. Put Aside a Little Extra
It’s important to account for unexpected costs in the beginning. The reality is—things can go wrong. Product costs can fluctuate, contractors may have unexpected fees, your cat might get stuck in the drywall… That’s why we recommend putting aside 5-10% of your overall budget for unforeseen expenses
2. Grab a Hammer!
Another way to keep costs down is to grab a hammer, and do as much of the work as you can yourself.
However, make sure it’s the kind of job you’re skilled at. You may feel comfortable painting the baseboards, cutting your drywall, or buying light fixtures, then you can do that yourself and save money for other home renovation costs.
And, if you run out of money and your renovation is still not done…well–there’s always the lottery!