If you want to change something in your home, you’re going to need a budget to work with. When you’ve got a pot to dip into, you save your rainy day money for another day, and complete your project in record time without a worry! But it can be hard to decide how much money you should spend on a renovation, extension, or addition. That’s why we’ve listed some of the best questions to ask when you’re putting a project plan together.
How To Decide A Property Project’s Budget | Lifestyle
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How Much of the House is Involved?
Is it just one room, or multiple? Is it the whole house, or just one floor? Is it the front and back garden as well, where you want to change the landscape or add on an extension? If there’s a lot to do, it’s going to reflect in the budget! Once you realize you’ve got a lot of work on your hands, it’s good to either separate it into blocks that can be done one after the other, or simply dial back and leave some stuff for 6 to 12 months later.
What Materials Do You Want to Use?
This is another thing that’s going to affect just how much you’ll need to put in. Good materials cost a good amount of money, and poor materials are cheap and easy to source, but they won’t last long and may even be harder to work with. Different types of metals, wood, plastic, vinyl, laminates, and even carpets and other textiles are all going to have separate price points. And while you may want to get something done quickly so the house looks complete, it might not be the best choice in the long run!
What’s Your Upper Limit?
Once you’ve done your research and found out what you want to do and what you want to use, it’s best to decide on an upper budget limit. Something that is the final cut off for a project; this tends to be the maximum amount of money you’re willing to spend but not necessarily the amount you actually spend.
An upper limit exists to provide you with wiggle room in case something goes wrong and you need to pay to fix it, so think of a number you’d be comfortable with and then reduce it by 20%.
Get a Contractor Quote
Now it’s time to talk to a house remodeling contractor and see what they have to say. If you’ve already got an idea of what you want and the money you’re working with, this is where you can compare the likelihood of getting the work done professionally versus using a DIY approach. Get as many quotes as you can from contractors in your local area; if there tends to be a common price point, you know you’re working with the cheapest cost available.
If you want to complete a project in your home, make sure you decide on the budget first. Don’t wing it and pay as you go!