Five Tips for Remodeling Your Home on a Budget

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Whether you are planning to transform your home for years of enjoyment or update it to increase your chances of a sale, there are plenty of reasons to remodel your house: for example, a bathroom remodel alone has been shown to have a 63.6% return on investment. However, as beneficial as the project might be in the long-run, most homeowners see no reason to spend more money than they have to, especially with the high cost of construction. While saving money can sometimes be difficult when it comes to achieving the look and quality you want, there are a number of steps you can take to keep your budget in order. Read on to learn how you can help keep your remodeling project affordable.

Know What You Want
Are you trying to open up your floor plan, update your kitchen or bathroom, or simply give your home a more modern, vibrant feel? Being able to identify your goals for your remodeling project can make it much easier for designers and contractors to help you get results and suggest alternatives to any problems that arise. During this stage, you should also start figuring out what features you want, whether you’re interested in wood floors or a new bathtub. Make a list of these potential changes and include pictures from online articles, magazines and more; this will help your designer and contractor understand exactly what you are looking for.

Being able to identify your goals for your remodeling project can make it much easier for designers and contractors to help you get results and suggest alternatives to any problems that arise.
Being able to identify your goals for your remodeling project can make it much easier for designers and contractors to help you get results and suggest alternatives to any problems that arise.

Meet With Your Team
The designing process is where many of the hidden costs of a remodeling project come from: homeowners are determined to bring as many of their ideas in as possible, while the designer is trying to make all of these ideas work together in a functional, attractive way. Before you know it, the bids you are receiving from contractors will be far beyond your expectations. To avoid this, schedule a meeting with your designer and a potential contractor (the designer may be able to recommend someone if you don’t know who to talk to). While both may charge a fee, you can use this time to discuss methods and materials that will save you money in the long run.

Decide and Compromise
Once you have discussed cost-saving measures with your designer and a contractor, it’s decision time: pick the amazing, high-quality features you can’t live without, and prepare to dismiss those that don’t make your must-have list. This can be hard, but can be easier if you do it early in the process to avoid becoming attached to certain features. In the end, staying on budget will be worth the sacrifice.

Get Creative
Sometimes investments and cost-effective solutions are worth the savings you’ll reap in the end. Try researching energy-saving measures to see if you can decrease your energy payments, and take a look at your house to see if there is any way to improve existing features instead of replacing them. According to the National Association of Realtors, homeowners who replace their windows can get back 80% of their investment.┬áBy being innovative, it is possible to drastically reduce your expenses.

Choose the Right Contractor
Even if your designer vouches for a specific company or individual, you need to find someone who understands your goals for your project. Look for contractors that specialize in features and styles that you are planning to incorporate into your home, and check reviews of their work online. When you find some likely candidates, ask them for an estimate. While some prices may make you hesitate, working with a high-quality, reputable company will likely be preferable over the course of the actual remodeling.

Regardless of your reason for remodeling your home, it is important to make sure that you are satisfied with both the price and the results of the work. Ensuring that these goals are accomplished begins in the planning stages and continues as you choose a contractor to bring your plans to life. By following the tips above, as well as other smart decisions, you can expect to get the house you want without compromising your finances.

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