If you are a homeowner, you probably understand the importance of budgeting, especially when it comes to the maintenance and renovation of your property, however it is easy to make the mistake of overlooking parts of the renovation process or misjudging the complexity of a task, bumping the total cost of your project up and up. It is always important to anticipate additional expenses and allow some budget to cover costs you may not have foreseen. Whether you’re working on a conversion or extension to increase the value of your home and achieve a quick sale, or just to create additional space, ensuring that any work done is completed within budget is the goal.
Below are some of the things you can do to ensure you avoid financial disasters when budgeting for your project, and when carrying out work.
This is key to creating a budget which is realistic and actionable. When you want to stick to your budget, you need to be clear on the details. To perfectly pull this off, you need to do a little background research before you hire a contractor to work on your home improvement project. Have a clear picture of your specifics in mind, think about the materials, and conduct your research.
If you have an unclear picture in your head of what you hope to end up with, it will prove very tricky to stick to a budget; the devil is in the details they say, and some details you might not even think about can end up costing a lot of money and tipping your project over the budgeted total.
When using a construction company, as long as you are upfront and clear about your all of your needs and requirements at the appropriate stages of the design process, there should not be any nasty surprises when it comes to actually carrying out the work. However, if you surprise your contractors with additional requests and last-minute changes, these will need to be accounted for outside of the originally agreed price.
Plan for the unexpected
Even with the best home remodeling budgets, where exhaustive research and planning have been done and all the specifics considered, setbacks and unplanned surprises are bound to happen. As a result, it is necessary to plan ahead so you will not be surprised when they do crop up. Statistics reveal that you should account for 15-20% of your total estimate to cover such contingencies; if you can’t afford to dedicate this additional sum to your budget, you might want to consider taking some time to save a little more as a buffer.
Stick to the plan whilst being flexible
It can be tempting to add a new design to your kitchen model, floor, living area, or even do a complete rethink of the planned makeover. However, additional work will need to be paid for, and your budget is unlikely to be able to withstand too many additional costs; if you keep adding projects to your to-do list you are sure to end up incurring extra costs. Additionally, if you keep changing your mind or trying new ideas, you will be at the mercy of your contractor’s judgment. This also means that you will not be in control of your spending.
Whilst knowing the specifics and having everything planned out is very important, it’s also important to remember that your budget is not a set and forget job. You must constantly revisit and tweak your budget, noting where things have gone over the original estimate, as well as any areas you have managed to save money, so that additional funds can be reallocated or steps taken to make up for any overages.
Speak to a professional
So, should you do it yourself, or speak to a professional? Tempting though the DIY route is when you are on a budget, it is often much easier to stay within the boundaries of your proposed spend when you contract the work of a third party experienced in the field. Trying to complete home improvement projects on your own is often a false economy, as you may find that work will need to be redone within a few years, if not sooner, at extra expense to you. Equally, any mistakes you make may be very costly to rectify. Working with a construction company gives you the peace of mind that trained and experienced professionals have been involved in the whole process from design to implementation. MPK Lofts have been providing first class services in the Bristol and Bath region in the Southwest of England for over 25 years, and can be by your side at every step of the journey. Loft conversions are a specialty, however garage conversions, extensions and more are completed to the highest standards. Get in touch to discuss a quote today.