Renovating is a great way to improve the look and functionality of your home. But, many homeowners believe that renovating is simply out of the question because it is too expensive. It’s true that renovations can cost a lot, and it’s also common for homeowners to spend way more than they anticipated. Fortunately, there are ways to make major changes around your home without breaking the bank. Follow these tips to renovate your home on a tight budget:
Open A Bank Account For Renovations
The first step is opening a bank account to use solely for renovation expenses. Deposit the money that you have set aside for the renovations–and not a penny more–into this account. Then, make sure that every payment you make that is related to the renovations is made from this account. Pay for labor, materials, building permits, and other expenses that arise from this account. Having this account will keep all of these renovation expenses separate from personal expenses. This will allow you to keep track of every penny you are spending on the renovations so you can ensure you never go over budget.
Request Bids From Multiple Contractors
The total cost of a renovation can vary significantly from contractor to contractor. For this reason, it is important for people who are on a tight budget to request bids from multiple contractors so they can find the best deal. It’s recommended that you meet with and ask for estimates from a minimum of three contractors before hiring one. The cost of the project is not the only factor you should consider when choosing a contractor, but it should play an important role in the decision-making process.
Complete Small Projects on Your Own
Since contractors charge for the amount of work they perform, completing small projects on your own can reduce the total cost of your renovations. Even if you’ve never used a power tool in your life, there are certain projects that you can tackle without the help of a professional. For example, it’s not hard to pick up a few paintbrushes and apply a fresh layer of paint to the walls. Hanging light fixtures, changing handles and knobs, and even installing new appliances can also be done without a professional’s help. Tackle any projects you can safely complete on your own to stay within your budget.
Keep the Lines of Communication Open
It’s important for homeowners to keep the lines of communication open with their contractor from the start to the finish of the renovations. Why? A lack of communication can lead to errors and delays, which can increase the total cost of your project. By communicating with the contractor regularly, you can ensure that he is sticking to the original plans and meeting agreed upon deadlines.
Your home may look like a million bucks once the renovations are complete, but it won’t cost you anywhere near this amount to make the transformation. Following these tips can help homeowners finally have the comfortable and functional home of their dreams without blowing their budget!