We all have those one or two or in my case, half a dozen things that you really want to do to your home. You may have some needs that are more pressing than others and yet you may also find yourself in a quandary as to what to address first based on your budget and the potential expenses involved. Does this sound familiar or like you? :)
Before you go and tackle a home remodeling project be sure to first start with a plan of attack. The most important step is to establish a realistic and affordable budget. You'll need this so that you don't overspend and so that you also have some guidelines to follow for materials and labor needed for your project.
First things First:
1) Recognize Your Cash Flow - Do you currently know what your monthly budget consists of and what expendable money you may have to work with each month? If you have not set up a budget to track your monthly expenses, now is a good time to do that. Once you know what your typically spending against what you typically make, you'll better be able to assess what you can put towards a project without jeopardizing your finances.
2) How will you pay? - Its important to determine if the project will be paid for in cash/checks or on credit. Credit has its advantages if there are cash reward programs and if your strong at paying back the balance on a monthly basis. If you don't fall into that category and have not been great with credit then try to avoid it. Paying additional interest on items purchased compared with paying cash isn't a great way to save money!
3) Establish the scope of the project - In order to create a reasonable budget, you have to carefully set the scope of the project and stick to it. If you add additional tasks or projects as you go, then you won't be able to stick to your budget and run the risk of not finishing what you started due to finance shortfalls.
4) Consult a Pro- If your not a handy person and would like some guidance don't be afraid to contact a friend or a professional that can offer advice and can even possibly help with the planning and estimating.
5) Estimates - Are you doing this project yourself? If so then know your material costs but if that's not the case, then get your labor estimates in order. Rule of thumb is often to get 3 estimates but at least 2. You'll be surprised how much one may charge compared with another. Another tip would be to never pay in advance for the work. Its not uncommon to pay half once its half done but then the balance once the work is finished. Also, be sure they sign off on a time-line of when they feel they can complete this work.
6) Measure Carefully - If making measurements for backsplash, tile, etc... or any number of projects its vital to be very accurate with your measurements. You won't want to be wasteful for one, but more importantly you'll need to be in line with your budget and mis-calculating can throw your budget off significantly.
7) Cut Costs and Economize - It can be easier to stick to a remodeling budget if you can cut costs where possible. It's often possible to cut costs by simplifying designs and substituting less expensive materials.
8) Do Some Work Yourself - Many projects have a part to them that may not need the help of a professional that you can complete yourself. By doing so, you'll save money and labor costs. By doing some work where you are able by yourself, you can save money that you can possibly put towards additional work that you'll need help with.
9) Budget Cushion - You can be the best planner in the world, but you better prepared for surprises as they often come up. If you are going to plan a project that is $1000 for example, be sure that you expect to pay $1250. If you never need to dip into the extra amount, great! However, if you needed to but didn't plan for it then you'll wish you had!
10) Be Realistic - Be realistic and careful when planning for your home improvement project. If after careful estimates and budget planning it appears that you can't yet afford the project, either find ways to cut costs or delay the project until you can afford it!
Happy remodeling and don't forget to pass this along to your friends & family looking for great advice on a weekly basis!
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