You can easily spend all your money when you’re trying to turn your dream home into a reality. If you want to make sure that you get through a home renovation without going broke, you should follow these smart and sensible tips.
Prioritize Your Task-List:
One of the most common home renovation mistakes that people make is spending too much of their money on improvements and items that they don’t actually need — this is especially true for changes that have no purpose other than looking stylish. Avoid this problem by prioritizing necessary renovation tasks that focus on the function and comfort of your home, like the plumbing, windows or roofing. While knocking down walls to create an open concept floor or filling your kitchen with high-end appliances will make your house look like it came straight out of a designer magazine, these choices will eat up your renovation budget fast. If you feel like you can afford practical and gorgeous changes, start off by making a list of what tasks you need to get done—check the average prices of these tasks, and then see if there is still room for design-heavy changes.
Save Some Extra Money:
Even though home renovations can be financially overwhelming, don’t look for loop-holes or cut-corners in order to save a few dollars. At worst, you will have to get shoddy renovations fixed and end up paying even more in the long-run. You are better off trying to save money in other aspects of your life so that the strain on your bank account won’t feel so dramatic. You can easily follow a guide to saving money to shave off any unnecessary spending and to have as a back-up in case your original renovation estimates are wrong. Small sacrifices like preparing meals at home, skipping your morning coffee, and refusing bottled water can help give you some extra financial support.
Be Prepared To Go Over:
No matter how much planning you do, it’s still very possible that your home renovation will go over your set budget. This can happen if you don’t factor in hidden costs and potential obstacles like mould, bad weather, and accidents. Studies have shown that the average costs of remodeling multiple rooms in a house runs between $16,955 to $63,243 — you should expect for the costs of your personal renovation to be in that range or higher. If you haven’t acquired enough money to pay for unexpected additions, you don’t have to give up on your dream home — there are options like MoneyKey that can help you with difficult problems and emergencies. Going over-budget is an all-too-common issue for homeowners, so try to be financially and emotionally prepared for the bad news.
A renovation is supposed to end with you crying tears of joy when you see your finished home — it should not culminate with you crying tears of sadness when you glance at your bank account. If you follow these frank financial tips you can have your dream home without feeling like your wallet is empty.