How to Stick to Your Remodel Budget

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May 24, 2016 / By Trusst Builder Group

With winter in the rear view mirror, more and more homeowners are going to be picking up their hammers and taking on those long-desired remodeling projects. But, whether you choose to do it yourself or you want to hire an outside contractor to do the job for you, you need to have a budget set for the project.

The problem is, home remodeling projects can quickly get out of control. From hidden nightmares to last minute changes, the costs can skyrocket if you’re not careful. Here are some tips from Trusst’s Wilmington NC home builders for sticking to your remodel budget so your project can be finished on time and on budget.

#1: Pick the Project You Want to Complete

Before you can plan a budget, you have to have an idea of what you want to do. This is important because certain remodeling projects are simply more expensive than others. For instance, remodeling your powder room will cost a lot less than converting it into a full-sized second bathroom. And, even that job will cost less than remodeling your kitchen.

#2: Consider All of the Pieces Covered Under Your Budget

One of the most common reasons why projects go over budget is because the homeowner didn’t fully recognize all of the pieces to be covered under their budget. For instance, they may consider the cost of materials and labor, but there are several other things that also need to be addressed, including potential permits, legal fees, landscaping costs, decorating expenses, architectural fees, and more.

#3: Budget Accordingly

You know your tastes. So, if you want the biggest and best commercial kitchen-type range out there on the market, the last thing you want to do is to build your budget based on the cost of a standard range. Keep your budget based on the price point of the things you want to include so it can be as accurate as possible from the start.

#4: Splurge Smartly

Certain elements will cost more than others, but this doesn’t mean you can’t get the things you want. The trick is to splurge smartly. Put more money toward one prized element by saving money elsewhere on less important things.

#5: Have a Plan Set Before You Start

No project should be started unless the plan is finished. Starting before the plan is wrapped up will only lead to a costly nightmare. Know beforehand what flooring and wall tile you want, what plumbing and electrical fixtures you want, and what appliances you want. Know where everything is supposed to go and how it is supposed to look. Remember – changes cost money so you want to make as few of them as possible after the project is started.

#6: Have Contingency Funds Available

Never budget to the point that you don’t have money left over. You need to have contingency funds available in the event something happens. And, when it comes to home remodeling projects, things always happen. You don’t want all of your money tied up in the project or else you won’t be able to accommodate for the eventual.

#7: Don’t Fall Victim to Add-On Syndrome

Once a project is started, it can be easy to fall victim to add-on syndrome. In other words, you might find yourself saying, “Well, while you’re at it…” more and more frequently to your contractor. While each little add-on might only cost a few hundred bucks, they will add up and before you know it your budget is broken.

Call Trusst’s Wilmington NC Home Builders

If you’re planning a new home build, Trusst Builder Group can help. Call Trusst Builder Group’s Wilmington NC home builders today at 910-371-0307. We can help you build the home you have always wanted.

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