HOME REMODEL TIPS: PRACTICAL WAYS YOU CAN KEEP YOUR COSTS DOWN
Home Renovation Tips: Practical Ways You Can Keep Your Costs Down
A home renovation project can be a two-edged sword. While it can dramatically increase your home's value, it can also spiral out of control and cost a fortune if you are not careful. Just like getting contractors insurance, it makes practical sense to find ways so you don't go over your original budget.
Whether you are just updating your home exterior, adding an extension, or renovating your house completely, it is crucial that you stay on top of everything, so you don't spend more than you intend to. Below are some clever ways you can keep your cost down, reduce your stress level, and finish your home remodelling project on time:
Assess the project pros and cons
Before starting a renovation project, carefully assess first if it will add value to your property. This is especially important if you want to make a profit through a quick resale. It would also help if you speak to estate agents about what buyers want in your area and if it can be achieved in your home.
If you can, speak with an architect to find out if the spatial layout of your home can be enhanced without increasing the square footage. By moving internal walls or doors, you might be able to achieve better flow. Other ways you can add space include:
Extending your kitchen, so it includes an open plan dining area
Loft conversions
Creating an extra bedroom
Adding a cinema room or a home office
Adding en-suite bathroom
Plan your renovation project
Planning and working out your renovation costs should rank high in your list of priorities. Equally as important is deciding how your budget will be split. For instance, will most of your budget go to internal fittings and fixtures or structural renovation work?
It would be much cheaper to create new rooms out of the available space you have rather than extend your home. Removing structural costs from your project (i.e., new foundations, walls, or roof) can help save you a significant amount on construction bills.
When it comes to internal fixtures, it would be best to find ways to stick to the budget you have set. It is also ideal that you shop around. Fortunately, there is no shortage of resources for researching and comparing costs online nowadays.
Hire the right architect for the job
When looking for an architect, opt for one who has already done similar renovation projects like the one you intend to have. This can save you a lot of money since they can recommend clever ways to achieve what you want in the most cost-effective way possible.
Ensure you are also aware of what your prospective architect's fee covers. For instance, will they act as the project manager? Will they assist you in securing the planning permission? Will the fee include more than one set of designs?
If you have a massive project or if the project requires extensive building work, it is advisable that you have an architect manage the renovation project for you. This setup is ideal as they have a thorough understanding of the overall picture, lead time, and budgets, so costly mistakes are avoided.
Get at least three quotes
Before obtaining building quotes, a set of drawings is required to get the accurate cost. For comparison, aim to obtain at least three quotes. Quotations can vary widely, so make sure you read them carefully, and you know what the inclusions are. Also, don't hesitate to ask questions.
If a prospect comes back with a quote way higher than you expected, ask if there are potential ways you can cut costs or save money without compromising work quality. Perhaps they can recommend changes in the specifications or design or work on the project in stages.
Obtaining several quotes can help you find someone who has a good reputation, demonstrates relevant experience, and wants the work. However, it is essential not to go for the cheapest route. If the quote given is too good to be true, there is often a reason for it.
Oversee the renovation project yourself
If you oversee the renovation project yourself, you can save 10 to 20 percent of the overall project cost. You will also be cutting out the cost of the contractor's time plus their mark-up on materials and labor.
However, if you have to do the contractor's job, you will have to take care of finding and hiring local tradespeople and ensuring they have the tools, information, and materials needed to perform their job accordingly.
If the renovation work needed is extensive, it would be best to visit the site every morning and evening. More importantly, you need to be easily accessible in case any concerns come up.
Final Thoughts
When considering a home renovations project, it would be best to seek the advice of a renovations professional so you can get expert guidance. Without the help of the right people, you might underestimate the project's cost and end up spending more than you are supposed to.
About the Author
Rachel Porter is the content specialist for Custom Contractors Insurance, LLC, an Arizona roofing and contractors insurance company. When not writing, she enjoys reading and mountain biking with her friends.a