Creating A Budget For Your Home Renovation

We're still at that point in early January when the new year seems to stretch ahead, a blank canvas waiting to be filled with our enviable endeavors.

Maybe you've made some DIY resolutions and are planning a major renovation this year. One of the most critical things to do before you begin is create a budget. It's difficult to estimate exact numbers, but outlining approximate expenses -- and what you can spend -- will help keep your materials, labor and project on track.

If you're planning a large-scale project, you may want to get an estimate from a local contractor. You can use this as a rough guideline, and make adjustments as you dive into the project.

And when you plan for materials, consider a couple of options: affordable and expensive. Maybe you can choose a less expensive tile, which would leave you more money for paint, floor coverings or something else.

It might be tough to do, but you should also tack on an extra 15 to 20 percent. Most major DIY projects always involve some hidden costs, whether it's an unexpected fix, hiring an expert or paying for another unforeseen circumstance. By adding in this cushion, you'll be financially prepared if needed -- otherwise, you'll come in under budget and can celebrate your financial prowess!

Have you successfully (or not so successfully) created a renovation budget? Let us know what worked for you -- or what you learned -- in the comments section!

Photo: Flickr.com/pitel

Katy Ryan | Comments () |

Dafne Buelow

When you're trying to keep to a budget, include in your shopping list only the necessary materials. As much as possible, avoid buying things that your renovation project can go without. You need to have self-control. And before deciding on something, you have to think hard and long, as impulsive decisions can affect your budget.

Easton Sitzes

Actually, budgeting seems to be one of the important things in life today - not only in home remodeling, but also in your daily needs. Your money isn't always enough to support your everyday needs. That's why you do budgeting! In order to do good budgeting for your remodeling project, it is advisable to watch the price of every item that you may need as well as the rates for labor.

Kaiser Villaviciencio

Budgeting may sound quite challenging to some people. This is very vital in planning to do some renovation in your home, so you would know the possible expenses. There are some instances that your savings for your renovation might not be enough. That's why some people choose to borrow money from instant cash advance to make funds for their renovation budget. With that, they have money in cases of emergency.

Magnus Mahoney

Yeah, it's definitely great to set a budget first when you plan to do some renovating. I know it can be frustrating once you finish with the renovating and realize that you could have done this, done that, and done something to cut down on necessary costs. Get yourself a game plan, look up for ways online on how to organize your budget, and you'll find what you need to renovate your home, at a cheaper price.