The 7 Most Effective Tactics to Budget Your Home Remodel

Are you planning a remodel and afraid of going over budget? If this is you, rest assured knowing that you are capable of turning your home into your dream home without breaking the bank. As long as there are appropriate plans set in place that keep your budget in mind and have extra room for unexpected expenses, you will be on the path to remodeling success. Althoughthe hardest part of the whole remodelis figuring out where to begin, we have some tips and tricks to help get you pointed in the right direction.

1. Estimate the Cost of Your Remodel
The first step in planning your remodel is coming up with an estimate of what the remodel will end up costing you. You will want to do your own research about what the materials may cost and how much labor will be needed to get the job done. Talking with a trusted contractor can be a great way to go about this. Here at Tanguay Homes we would be happy to work out a plan based on your remodeling budget.

2. Decide How Much You’re Willing to Spend
Your next step with planning your remodel is figuring out how much you actually want to spend on the remodel after receiving your estimate. Some questions you may want to ask yourself is whether you will be using savings or if you are planning to take out a loan to cover the remodeling cost. This will help estimate whether you are ready to tackle the project right away, or if you need to save up a few more bucks before hand.

3. Establish Your Priorities
The best way to start establishing your priorities is by making a list of what you want the most within your remodeling plan. Decide what you really want to see completed and what you can live without. This will help you narrow down your list towhat pieces you are willing to spendthe money on.

4. Embrace Limitations as an Avenue for Creativity
Instead of becoming bummed out for what remodeling aspects won't fit within your budget, take this situation as an opportunity to get creative. This can help you gain parts of the remodeling that you may have otherwise lost. There are places to bargain for your appliances and materials that are needed and still get the most out of your home's remodel and your wallet.

5. Work With Your Design Team
Working with your design team can be the best way to avoid miscommunication and going over budget. The design team is experienced and ready to work within that budget and still create something that is beautiful.

6. Make Sure You Have a Buffer
Always be sure you have enough money within the budget for any unexpected expenses. You never know when something costly could crop up, making a dent in the already stretched allowances. To be on the safe side of staying under your remodeling estimate, it is recommended to set a total of 20% of the overall budget as buffer money.

7. Familiarize Yourself With the Costs
Always do your research and educate yourself on what the materials and labor of the project will end up costing you. This will help you make better decisions through out the remodeling project. By doing this research you will allow yourself to make decisions on variations of the same materials. Having more options, including less expensive ones can help you utilize your money in the best ways possible.

If you want to remodel your home and have any questions about the process, feel free to contact Tanguay Homes at 802-334-1384 to see what we can do for you!



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