Budgeting for a Home Improvement Project

How do you get the most bang for your buck without compromising quality? Here are some ways to budget for a home improvement project that won't break the bank.

Tips for wallet-conscious remodeling

Get work done when it won't cost you an arm and a leg. What does this mean? Simply put, think ahead. If you've already hired someone to remodel one of your bathrooms, and know that in a few years' time you want to put a bathroom in the basement, take advantage of the opportunity and have the contractor rough-in new wiring and plumbing lines now. This tends to be very cost-effective and reduces disruptions when you do go ahead with future plans.

In the same vein, if you've hired a specialty trade professional to carry out a specific project, ask them to repair other problems when on site. While they are in your service, you might as well get as much done as possible. It will cost less in the long run.

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Like with any major purchase, shopping around is the best way to find the good deals. For people with an older home, salvage yards provide excellent opportunities for rare finds at low prices. Purchasing appliances from factory outlets can also save you money.

Another way to save money is to finish house projects in stages. If you can't afford everything at once, especially for a higher quality job, renovate over time. There's no hard and fast rule that says you must remodel your entire house all at once.

Factor in other costs associated with home renovations as well. People often forget that the disruption caused by major overhauls means more take-out meals and perhaps even a visit to a hotel for several days at a time. To avoid too much costly disruption, try to isolate construction areas if you can. For instance, no one can live in a house without a working bathroom, so make sure bathroom improvements happen one at a time. Work on the first room before starting the second. When remodeling a kitchen space, set up some kind of snack bar in your basement or other area where you can fix simple meals.

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