Staying within a home remodeling budget
How to stay within a set home remodeling budget? (Photo Credits)
Home renovations usually go beyond a homeowners allotted budget when plans get out of hand.
Qanvast.com offered tips on how to go about a home remodeling without breaking the bank.
“We recommend renovating a home that suit your needs for a period of five years. This is due to the fact that in five years, many changes could take place. In many instances, homeowners would either upgrade to a bigger place to accommodate their kids, or renovate their home to correct past renovation mistakes because they now know what they want.”
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Back to Basics
Zillow meantime shared tips on how to earmark funds for a renovation.
“As a general rule of thumb, you should spend no more on each room than the value of that room as a percentage of your overall house value. (Get an approximate value of your home to start with.) For example, a kitchen generally accounts for 10 to 15 percent of the property value, so spend no more than this on a renovation. If your home is worth $200,000, for example, you’ll want to spend $30,000 or less. Something else to keep in mind: contrary to popular belief, kitchen renovations offer among the lowest return on investment, according to analysis from Zillow Talk: The New Rules of Real Estate. Every dollar you spend on a new kitchen only increases the value of your home by 50 cents.”
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Once a budget is set, it is important to stay within the financial limits. Houselogic tells home owners how.
“While your DIY labor is technically free, your lack of know-how can be costly. And then there’s hiring and scheduling. A task like moving a wall could mean hiring an engineer and an architect, not to mention coordinating permits. A general contractor knows who’ll do the best work for the best price, and they’ll know when to schedule them to avoid wasting dollars on inefficient use of time.”
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Are you thinking of renovating your home?