As much as we’d all love to save a little money, not many of us are skilled at sticking to a budget. But, the last place you want to exceed your set budget is during a major home renovation! Having a detailed plan is crucial when it comes to helping homeowners stay on budget during a home renovation. While it’s not always easy and surprises happen, there are some steps you can take to help you stick to your home renovation budget. If you’re planning a home remodeling anytime soon you’ll definitely want to check out the tips below!

Have a Plan

The more prepared you are leading up to the start of your project, the better off you’ll be. Before construction begins, make sure you have all your ducks in a row in terms of the products and materials you’re using. In addition, it’s important to establish some wiggle room in the budget for unexpected issues. Home remodeling projects tend to uncover things that may not have been noticeable to the naked eye but will require attention before the project can continue. Working a cushion into your budget will help to soften the blow should any issues arise during remodeling. If you end up not needing it, you can always put that money towards something else in the renovation project or save it for a future project.

Establish Open Communication

Think of your home renovation as a collaborative project between you, the remodeling contractor, and the interior designer. In order for the relationship to work, all three parties need to be open and transparent with one another. Open communication ensures everyone is on the same page and can prevent setbacks, exceeding the budget, and headaches down the road. Work together to verify selections prior to the start of construction so you know where there are allowance overages. That way you can decide whether or not you want to pay the difference or choose a product or material better aligned with your budget. Be sure to review the line item pricing with the builder, as well. Your builder will be able to explain the costs associated with each item and provide alternatives if you need to cut back.

Be Strategic About Cutting Costs

Finding ways to cut costs doesn’t mean sacrificing the quality of workmanship. It just means knowing where you can save money to keep your renovation budget on track. Here are five easy ways to cut costs to stay on budget during a home renovation project.

1. Time It Right

Spring and summer tend to be the busiest times of the year for builders and remodeling contractors. If your project isn’t time-sensitive, consider scheduling your home renovation project in the fall or winter. Not only will this help you save money, but planning a remodel for the end of the year gives you the added bonus of getting out of holiday hosting duties!

2. Upcycle Existing Items

Another way to save is by refurbishing items you already have. If your kitchen cabinetry is in good shape, consider restaining or painting them, which can save you up to 30-50% compared to purchasing all new cabinetry. Other items to upcycle include materials and products such as appliances, doors, and trim.

3.  Know When to Splurge and When to Save

Making smart product swaps can save you a significant amount of money when remodeling your home. For example, opting for a luxury vinyl flooring over traditional tile can help to keep your budget intact. Though it’s not technically real tile, luxury vinyl flooring mimics tile (and even hardwood) so well that most people can’t tell the difference.

4. Tackle Small Projects Yourself

One of the most costly parts of a home renovation project is labor. Completing smaller projects on your own is a great way to reduce those costs and help you stay on budget during a home renovation. Areas to tackle yourself include light demo such as removing floor coverings, removing floor and door trim, and taking doors off their hinges. Other projects include tasks like painting after construction or installing light fixtures. Just make sure you feel comfortable tackling these projects yourself. If something is outside of your wheelhouse, let your builder or another professional handle it.

5. Stick to the Plan

When remodeling, one project often leads to another. However, adding extra projects to a home renovation can be costly. Though it’s tempting to add small projects along the way, try to stick to the original plan as much as possible to help you stay on budget.

Considering remodeling your home? Ironwood Custom Builders can help! Get in touch with our team to learn more.