One of the most important issues when remodeling a home in a strict budget is the issue of planning. Simply put, without planning carefully, your budget will break, and you will end up with tons of debt. Having a plan of the different areas that will be tackled in the home remodeling project will help keep track of expenses and keep you under budget. Whether it is a small remodeling project or a large one does not matter, you still need to plan your work and materials.
One issue to include in your planning is to keep track of seasonal sales to save more money on materials. Inventory clearance sales at home improvement centers offer great savings. Old models or last inventory models that are brand new items will save you hundreds of dollars.
If you are handy, do as much of the renovation yourself, as much as you can handle. Hire help only on the areas that you are not handy. Areas that will require licensing or an expert should be left to the professionals. It is recommended to do more than two estimates and compare pricing.
Many times, items can be brought back to life by refinishing and repainting; consider that before discarding a piece of furniture and spending money on a new one. Think outside the box and use items in a different way – an old cabinet can be refinished and used as a sink base or as an island in the kitchen.
Consider buying paint that has a built-in primer on it – it will save you time and money. Protect the areas that do not require remodeling by covering them with used or cheap throws, sheets that you have or can get at flea markets.
Try to save money for the smaller remodeling projects, if you must use a home equity loan or a line of credit for a large remodel, shop and compare different lenders. Keep within budget and do not be tempted to spend more just because you have the money for it.
Try to work with your existing floor plan and plumbing system layout. It is more expensive to add to the sides or change the plumbing to accommodate an addition than to build up. The same thing goes with the electrical system; moving it will cost you more.
Another issue is to live in your home while you are doing the remodeling. Although this may be unnerving in many cases, it will save you tons of money on hotel costs, especially if the remodel extends the time frame. Unless, you have a family member that will let you stay free, living at home during the remodeling is best, as long as there are no safety issues.
Planning, budgeting, and comparing prices are the three key elements for a successful remodel.