A simple home reno can go wrong quickly. What starts as a small task evolves into a gigantic project that takes time, money, and effort to complete. Protecting your dream renovations from turning into a nightmare can be difficult — but not impossible. If you expect to finish your renovations without going off the rails, check in with this guide. Here are four super simple ways to get through your renovations without going broke.
1. Be realistic about timing
They say timing is everything, and it’s true when it comes to your renovations. Unfortunately, it usually holds true that your renovations will take a lot longer than you anticipate. Things happen that delay your work, from mandatory work engagements to unexpected repairs. You can prevent how much these issues affect your plans by budgeting your time appropriately. At the planning stages of your task, double or triple the amount of time you think you need. This creates a cushion of time that helps you avoid stress. Without it, it’s easy to work frantically in an attempt to meet your original timeline, accidentally making major mistakes in your haste to get work done.
2. Rank your tasks in order of necessity
Be honest — you spent an embarrassing amount of time flipping through Better Home & Gardens magazines and scrolling through HGTV’s website for inspiration. While these are great resources for design trends, they can convince you to include mostly unnecessary, aesthetic upgrades that take up huge portions of your budget, leaving you with less money to cover the things you need to repair.
Close your magazine or laptop long enough for you to create a list of priorities. Repairs that affect the comfort, function, or safety of your home should rise to the top, while fun (but ultimately pointless) upgrades should drop to the bottom. Tackle the items at the top first, and only take on the ones at the very bottom if you have room in your budget for them.
3. Build extra savings
You’ll have a better chance at tackling those design-heavy chores at the bottom of your list if you develop an appropriate cushion of savings. Look towards your budget to see if you can unearth extra savings in your day-to-day spending. If you aren’t sure how to do that, follow these tips for saving money for ideas. They include budgeting advice that helps you identify daily, weekly, and monthly spending habits that limit your ability to save for your renovation.
Saving is a lot more effective than finding loop-holes with contractors or cutting corners with materials. These two strategies have the potential to cost you more money in the long run as you deal with unprofessional builders or shoddy renovations.
4. Budget for the unexpected
If this summer is the first time you’ve ever organized renovations, it’s easy to underestimate the costs ahead of you. Researching materials, equipment, and labor can give you a good idea of what to expect, but sometimes, your costs involve the unexpected. Professional contractors and builders recommend saving an additional 20–25% of your budget on top of what you’ve costed, so you’re prepared should your work in the basement reveal a black mould problem.
Even increasing your budget by 5% can help improve your odds against this health hazard, but you may find yourself short when it comes down to eradicating black mould from your basement. Luckily, there are other options. The online cash loans from MoneyKey can help you take necessary repairs even if your budget runs out.
Like anything that involves a lot of time, effort, and money, renovations have the potential of going drastically wrong. And when they do, it usually means you’re paying even more for your upgrades. Don’t let the risk of renovation failures stop you from taking necessary work on your home. When you renovation-proof your budget, you can tackle your big project without going broke.