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How to Budget for a Home Renovation

Home Renovation, Remodels | February 20, 2020

Knowing how to budget for a home renovation properly will save you time and stress in the long run. At Ridgepoint Homes, we understand how easy it is for a home renovation project to go over budget, especially when homeowners come up with the budget on their own. That is why we use our extensive industry experience to help our clients determine the most realistic budget for their home renovations.

Tips to Budget for a Home Renovation

Some simple tips to help you properly budget for a home renovation include:

1. Determine Your Final Goals

When preparing a budget for a home renovation, make sure you list all the changes that are needed. Ask yourself questions such as:

  • Does the kitchen need spacious counters?
  • Are the tiles in need of replacement?
  • Does the bathroom need more space or modular design?

The key is to figure out the primary project goals to ensure that the team working on your home renovation is able to maintain high-quality results within your budget.

2. Keep a Contingency Fund

When having your home renovated, you may face several issues during different stages of the process. With a limited budget, you might not be able to afford these unwanted expenses. This means that the best way to deal with potential issues is to set aside extra money into a contingency fund to protect you from worst-case scenarios.

3. Request an Estimate

Before setting your heart on a home renovation project, make sure get in touch with a reputable professional about providing an estimate. Doing so will help you decide whether the entire renovation project is within your budget or not. Apart from this, you can always deduct the unnecessary renovations from your list for the time being to help lower the overall cost of the project.

When selecting a contractor for a service estimate, you need should:

  • Call or get in touch with their representatives to discuss your project
  • Check all the references provided by the company
  • Be precise and clear about the project needs
  • Ask whether the estimate provided might change significantly (in most cases, there is a minute increase or decrease)
  • Ensure that the contractor completely understands the renovation project’s needs

While many homeowners try to tackle home renos on their own, this can often lead to work being completed improperly. The wise way to go is to opt for professional help to save time, money, and unnecessary effort. To find out more about our high-quality home renovation services, get in touch with Ridgepoint Homes at 604-768-7664 or fill out a contact form on our website.