One of the greatest challenges of managing a remodeling project is keeping it within budget. Even a minor change can throw the project off the rails. In this blog, general contractor Owens Construction shares some tips on how to keep your project on-budget.
Set Realistic Expectations
Some homeowners are guilty of setting too low a budget. They end up cutting corners and get results they’re not happy with, or ending up going over their budget or, worse, not finishing the project at all. Taking the time to research details about the project—material options, average cost, project timelines—helps set realistic expectations.
Be Specific With What You Want
Remodeling has so many variables that making your choices as you go can dramatically change the total cost. The more specific your choices are, the more manageable your remodeling budget will be. For example, when discussing countertop options with bathroom remodeling contractors, don’t just say you want a marble countertop. There are various types of natural marble at various price points, in addition to cultured marble and other types of low-cost engineered stone options.
Stick to the Plan
Changing an ongoing project midway can inflate the project cost and cause delays. Deciding that you wanted a different type of flooring or backsplash, or perhaps you decided you wanted a kitchen island with an extra sink. Depending on the project’s progress, new components may need time to be ordered and delivered. You can avoid all of this by finalizing your remodeling plans before the project begins, and sticking to those plans to completion.
Have a Contingency Budget
There is one type of mid-project change that you should prepare for: unplanned repairs. Sometimes problems like structural issues will require repairs before the project can proceed. Some examples include moisture damage and faulty wiring. A contingency budget worth 10% to 20% of the project estimate is usually enough to cover the repair costs.