Disclosure: This website features affiliate links. By following a link on this website and making a purchase, we could receive a commission with no additional cost to you. As an Amazon Associate I earn from qualifying purchases.
Trying to find the best home improvement budgeting tips? Need help planning your budget for home renovations?
A home renovation of any size requires a lot of careful planning and it’s important that you have an idea of what you’re getting into. Nowhere is this more true than when planning your budget.
It’s essential that you plan your budget accurately and make the best use of the money you have to handle your renovation or remodel, no matter what room you’re planning on making changes to.
Luckily, we’re here to help with that. Here are 5 essential tips that can help you plan your home renovation budget.
1. Do the Math Early On
One of the first things you should do if you’re planning to make any improvements or renovations in your home is to find out exactly what your plan will cost you. Talk to some contractors and get quotes for your project, or if you’re planning to do the work yourself, break down the costs the best that you can.
By knowing exactly how much you need to spend, you’ll have a target to aim for and can then start taking steps to get there.
Additionally, if you’re thinking about selling your home in the future, you may want to consider how your home renovations will affect your home value, either for better or for worse. While a home renovation may cost you now, it could pay off later on.
2. Determine What’s Truly Necessary
Once you’ve determined the basic budget for your renovation project, it’s then time to look at ways you can reduce it if necessary.
It’s a great idea to make a distinction between what you want vs what you need in a project. Can some of the materials for your project be changed? Do you really need all of the bells and whistles?
Determine what you need and be sure that if you’re on a tight budget you take off some of the stuff you don’t actually need.
3. Save Up Little By Little
If you want to make home renovations but don’t have a lot of extra savings set aside for it already, it can struggle to try to figure out what to do. In these cases, it’s a great idea to start an emergency fund as soon as you start thinking about your project.
Set an amount to add to the jar or to your account every week for the purpose of your renovation project, and then be consistent with it until you have enough. You may decide to add 10% of each paycheck to your fund or you may simply want to deposit any change you have at the end of the day to your fund.
Slow and steady wins the race and small amounts can add up over time, so be sure to remember this when you’re saving up for your project.
Of course, there are some other great ways to fund a home renovaiton as wel, so you may want to check out these tips for some alternative options.
4. Add Some Wiggle Room
When budgeting for home improvements, it’s important that you expect the unexpected. You should always save at least 15% more than you think you really need.
Things change when you’re in the middle of a home renovation and sometimes decisions will need to be made to use different materials or to add an extra upgrade. It’s always a good idea to have a little bit more than you need so that you’ll have wiggle room to make a few tweaks as your home renovation gets underway.
Learning to Work With Your Home Renovation Budget
If you want to have the easiest time planning a remodel or home renovation budget, then you need to make use of the home improvement budgeting tips listed above. By having a clear budgeting strategy and by using the tips above you’ll make your home renovation as simple to handle as possible.
