How to Plan an Interior Remodeling Project to Match Your Budget
Planning an interior remodeling project for your home is a challenge, but what makes it even more challenging is trying to stay within budget. Costs tend to accumulate during these projects and homeowners are often left stressed and overspent.
However, through careful planning and outlining your home interior remodeling, it is very much possible to create a project that will match your available budget.
Take a look at some of the best tips and tricks that we have prepared for you so that you can start preparing yourself and make a plan without breaking the bank.
1. Determine Financing for Your Interior Remodel
The first step to creating a project that will fit your budget is determining how you will finance it in the first place. You need to think about your home budget, the funds you have available, whether you will be paying in cash, if you have any savings or if you are going to apply for credit or take out a loan.
It is important that you know exactly how much you can and want to spend so that you can arrange your spending plan accordingly. This way you will know what you have to work with and you can allocate necessary amounts to different aspects of your project.
An important thing that nearly all experts and homeowners who have gone through similar projects recommend is that you set aside 10-20% of the funds that you have available for contingencies.
It is nearly inevitable for unexpected expenses to spring up because there are things and aspects of your interior remodeling project that you simply cannot control. There can be some damages that you didn’t know you had or simply things that go wrong by nobody’s fault.
With a contingency budget set aside, you will have peace of mind knowing that you are covered in case of emergencies and unplanned costs. Now that you know your final budget, you can move on to planning the project budget in more detail.
2. Set Your Priorities
Deciding what aspects are the most and the least important for your interior remodeling project will help you greatly in allocating funds and spending your money wisely.
The best thing to do is to create a list of everything that needs to be done, bought, etc. Think about your interior remodeling project, whether it is a bathroom, a kitchen, or any other room in the house. Think about what you have at the moment and what you want or need to change. Do you need more functionality, do you need new appliances, a new coat of paint, a new layout?
It is very important to determine what your main needs within this project are so that you can determine your priorities and set aside the required amount of money for them.
Therefore, once you have a clear vision and a goal, you can continue with your list and divide the things you need into several categories, such as must-need or indispensable items, items that are negotiable, and items that you want but don’t necessarily need.
This way, you will know how to arrange your budget, i.e. you can finance the most important things first and then if you have some money left, you can move onto things that are in your low-priority category.
3. Estimate the Costs
After you have set your priorities, created your priority categories, lists, or however else you chose to organize your priorities, you can add the estimated costs to each of the items on your list, including the labor and materials needed.
You can talk to your remodeling contractor if you have already chosen one about the more precise expenses or you can look them up online, consult with some friends and neighbors that have had experience with similar projects, etc.
When it comes to the cost of labor, it usually amounts to around 20 to 35% of your overall budget. After that, you can move onto the fixtures and finishes, whose prices are usually fixed, and you can easily look them up online or ask your contractor. Don’t forget to include paint, knobs, faucets, and other smaller items that you may need, as well as taxes and shipping costs, if there are any.
If you have already chosen a contractor or you have a reliable one that you have worked with before, don’t hesitate to ask them about the prices of materials that you will need, as well as labor, and similar things.
Write all of those costs down, next to the items that you have already listed, so that you can calculate how much you will spend and to make sure you haven’t overlooked anything. This way, you will also be able to determine if you will have some extra money for the low-priority items.
4. Stick to the Plan
In the end, it is very important to exercise strong self-control, to be organized, and to stick to the arranged plan. Many homeowners are tempted to introduce some changes along the way, once the project is already underway, which is almost never a good idea.
Changes will mean extra costs and if you are working on a limited budget, you are sure to break the bank with them. Be confident and trust that you have already created an ideal plan and budget.
If you have dedicated some time to the planning and creating a dream interior remodeling project that will match your budget, then you have undoubtedly incorporated all the most important things into it.
You should introduce changes only if there is a need for them, if some unexpected issues come up or if your contractor advises you to do something that will be for the better of the entire project as well as the end result.
Following these tips and tricks in the planning and budgeting for your home interior remodeling project will undoubtedly help you transform your home while staying within budget. Your entire project will be more organized and you will be more aware of where your money is going.
If you need a reliable interior remodeling contractor that will help you realize your dream project on a budget, contact Chando Construction today and we will help you transform your home.