Home improvement projects have grown in popularity over the years, with more homeowners choosing to upgrade their current residence rather than invest in a new house. According to the Joint Center for Housing Studies (JCHS), the home remodeling market is projected to reach a valuation of $485 billion by the end of 2023, reflecting the popularity of these projects. The costs involved with such upgrades, however, are often significant and not a matter to be taken lightly. A study published by Statista found that one of the primary motivators behind renovation ventures was the fact that people had planned on initiating such activities for a period but had until that point lacked the resources. As such, budgeting for a remodeling enterprise remains a crucial factor in the potential success that can be enjoyed with the undertaking.
Contrary to popular belief, renovating your home doesn’t always have to represent an overly expensive venture. Several strategies can be adopted with one’s Needham MA Remodeling to keep costs down. Some effective tips that can be implemented when working on a mitigated budget include:
Establish a Firm Budget
One of the cardinal rules of working with a limited budget is ensuring not to stray from the original finances that have been put aside for the project. However, this is easier said than done and one has to be firm in their resolve when undertaking the project if they’re to avoid the temptation of overspending. A poll conducted by Today’s Homeowner found that 80% of homeowners who took on a remodeling project went over their budget by at least $500. It’s worth noting that the tendency to go over budget happens in spurts as one decides to add on what they consider to be trivial sums on different activities, but soon add up to represent a significant over expenditure. It’s also advisable to add a 15% – 20% cushion on top of the final budget to account for potential miscellaneous fees and unforeseen costs that might arise during the project.
Prioritize your Objectives
It’s essential to carefully plan your Needham MA Remodeling project from the start to ensure your attention isn’t derailed by nonessential matters. Established contractors advise individuals to always focus on functionality over aesthetics when developing a remodeling strategy. Whereas transforming one’s space can boost the appearance of the residence, this superficial benefit can’t be fully enjoyed if the underbelly of the house isn’t in working condition. Installing new sinks and cabinets to one’s kitchen, for instance, will be pointless if aspects such as the plumbing and electricity aren’t working. Focusing on specific sections of the house is also advisable when working with limited funds. Identifying the areas that need the most attention and concentrating the available finances on these sections allows for better results. Trying to do too much all at once will stretch out the available kitty to a point where it will have little to no effect on the multiple sections involved with the renovation.
Hiring an established contractor is an effective means of keeping costs down as their expertise and experience will help one develop and stick to a particular budget, so call us today! Exponential Construction, your preferred contractor!