Every remodeling homeowner wants to get the most value for their money. Yet, far too many of them discover that their projects cost up to 50% more than estimated. Here are five tried-and-true ways to prevent going over your budget.
1. Conceptualize what you envision with 20/20 vision.
Imagine spending money on a remodel and not being happy with the final result. This disappointment happens more often than not because visualizing home improvements can be challenging. The best way to overcome this challenge is by incorporating technology into your remodeling plan so you can preview your remodel in 3-D before construction starts. Seeing what your home will look in the early stages of the planning process will help ensure the clarity of your vision and prevent the dreaded that’s-not-what-I-thought-I-was-getting feeling.
2. Focusing on the must-have vs. the nice-to-haves.
It’s easy to forget about the basics and the work that needs to get done when you’re seduced by what your project will look like. So as you consider your vision, prioritize your needs (i.e. must-haves). Only after addressing your needs should you consider your wants (i.e. nice-to-haves) for your renovation project. If your needs aren’t crystal clear, ask yourself:
- What absolutely has to absolutely stay?
- What absolutely has to go?
- What absolutely has to change?
These four questions should help you focus on your must-haves.
3. Buying surplus materials.
It’s not uncommon for homeowners to change their minds in the middle of a project and select different finish materials. Unfortunately, when this happens returns may not be possible in some instances. Another remodeling reality is purchasing approximately 10% more material to account for defects or installation mistakes. So, they’re stuck with unwanted materials they will never use.
No homeowner wants to see materials they’ve already paid for sitting idle in their garage. Thus, one homeowner’s material surplus can become your material bargain. The next time you see remodeling homeowners in your neighborhood, don’t be afraid to ask them if they have any finish or building materials that did not end up in their project. If so, there may be an opportunity for you to walk away with an incredible deal on an item you’re going to use for your project.
4. Timing purchases to take advantage of rebates or incentives.
Every manufacturer offers special promotions on costly items such as appliances or other pricey finish materials. So, if you are able to time your purchases to coincide with these promotions you can save hundreds, maybe even thousands of dollars.
5. Buying closeout materials.
Buying closeouts is a lot like buying a new car. When the next model year is released, the current model year is marked down significantly to make room for the new model year. For example, if you are in the market for a new dishwasher and the next version of it will be released soon or just hit showroom floors, you may be able to get a better deal on the current version since manufacturers are often eager to liquidate the old version.
The great thing about these tips is that all of them allow you to transform your home without transforming your budget.
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