Your 5-Step Guide To Budgeting For A Whole Home Renovation

1. Your 5-Step Guide To Budgeting For A Whole Home Renovation

2. Many homeowners who create budgets for their gut renovations, still get a nasty surprise when the final bill is presented to them. However, while this is occasionally unavoidable, generally speaking, there are plenty of ways to ensure that with meticulous planning, your whole home renovation costs don’t skyrocket. Read on for your 5-step guide to creating a workable budget for your home renovation:

3. Step number 1: stop dreaming, start calculating! By putting in place a firm limit to your budget that you absolutely cannot go over under any circumstances, you can avoid being faced with a hefty bill that you weren’t prepared for when the project has been completed. Whatever the final figure you settle upon (and it will course depend on the extent of work being carried out, and your available funding), it must be large enough to cover any issues that may occur, while still giving you a finished product that you can be proud of.

4. If you need further guidance on how much a home remodel is likely to cost, you can of course ask local renovation companies to assess your home and proposal, and give you estimates, or do plenty of research yourself. Step number 2: carefully consider the cost of any add-ons When coming up with a figure that you don’t want your budget to exceed, you must factor in the cost of any potential issues that may occur throughout the project and which could unavoidably bump up the final bill. Generally, adding an extra 10% to the budget for unforeseen costs should cover it, but it can be wise to make sure you have another source of emergency cash outside of your budget, just in case.

5. Step Number 3: prioritize certain features While it might be wonderful to have every single dream aspect of your home fulfilled during a gut renovation, the chances are that this will make your budget spiral wildly out of control, so try prioritize those features that are most important to you, and which you will get the most pleasure or use (or both) out of. Think about what you simply must include in the renovation, and what can wait until a later date when you’re replenished your bank account, or what doesn’t need to be featured at all.

6. Step number 4: conduct plenty of research Once you’ve set your budget and determined what absolutely must be included in the gut renovation, it’s time to start doing some serious research. Make sure that your existing plans are realistic, that you can actually afford to create the spaces inside your home you’ve planned for, and whether any costs can be reworked to reduce the cost further. Sitting down with a renovation company can be advantageous at this point, but it’s worth remembering that their help doesn’t come for free; time is money after all. So ideally, understand as much about the processes involved yourself as you can, and you’ll be much better informed when the time comes to choose a construction company and start signing paperwork.

7. Step number 5: begin gathering estimates If you haven’t already started working with a renovation company, now is the time to start getting estimates for the work planned, from local construction and renovation companies. Ask plenty of questions of them, and only when you’re satisfied with the answers and their suggested price, should you sign a contract. It’s important also to remember that you shouldn’t necessarily assign the project to the company that offers you the lowest estimate; you want to make sure your chosen company are able to complete the work successfully and professionally, with an emphasis on quality.

8. Budgeting for a whole home renovation isn’t always easy, but by taking your time, thinking carefully about every space in the home, and coming up with a firm figure that accounts for unexpected extras, you can do your best to keep your budget, and the project, on track.

9. RZ Construction Group Inc is the best fully inclusive general contractor in Queens NY. From initial design to final clean up, our results speak for themselves. We are fully licensed, insured, and bonded to provide both commercial and residential construction services and apartment renovation in Queens, NY and the surrounding area. Proud to serve New York State for 25 years. No job is too small nor too big. If you are looking for apartment remodeling in NYC or want to know more about our wide range of professional but affordable construction and repair services, reach out to us at (718) 938-9887.