Put together a home project budget

About to start a home project? Take a look at our budgeting tips to ensure everything runs smoothly

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Getting the budget right for your home project

The budget conversation is likely to make even the most the seasoned renovator a little nervous. It’s not surprising – money is stress-inducing.

But there’s a positive to a budget. With a solid understanding of how much you can spend, it should be easier to map out your renovation. A budget means you can hone in on the materials, cabinets and appliances that fit into your price range, and disregard those that do not.

That said, there are some important budget-related rules to follow.

1. Plan for surprises

By carefully mapping out each cost, you’re far more likely to be prepared for outlying costs. But, it also doesn’t hurt to budget a little over in the event of an emergency. It’s as simple as putting a little extra aside for the meals you’ll likely need to buy while your oven is out of commission.

2. Understand what you’re paying for

Sit down with your designer and go over the budget and any terms you might not be familiar with. It’s important to understand things like hard costs (construction materials and lights) and soft costs (the fees your contractors will charge).

3. Keep a record

It’s helpful to prepare some sort of project folder for your renovation, one where you store all budget-related documents as the development unfolds.

Consider the help of a professional

To ensure your build goes according to plan, you’ll definitely want to consider bringing in the experts. A capable designer and a builder with the right experience and work ethic can make all the difference.

Jul 28, 2017
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