Renovating your home is a good way to keep it looking beautiful and increase the property value, but it can also be expensive. After you have spent months or even years dreaming of what you would like to achieve by making wish lists, pouring over books, magazines, blogs and creating Pinterest boards, the time finally comes to make you home dreams a reality. You are so excited to get started, you even have a little extra money in the bank.
If you are working with a contractor you might end up surprised by a lot of extra fees that weren’t in your budget. With that in mind, here are some ways to be sure you have negotiated effectively so that you can save money on your next home renovation.
Prepare A Budget At Least 3-12 months in advance.
Create a detailed budget months in advance. Use a computer template or printable so you can keep track of exactly how much you will be spending.
Prices of lumber and building materials fluctuate so be sure to be aware of what current pricing is before starting the reno.
Home renovation projects can be expensive, so it is important to budget beforehand. The last thing you want to happen is to run out of money halfway through your project, as you might have to live in what looks like a building site for months on end. So, before work begins, work out the cost of the supplies you will need, the people you will need to hire, and factor in these hidden expenses too. Then make sure you have those extra reserves in your bank account, as you might need to pay out more should anything go wrong during your project. A pipe could burst, for example, or you might encounter another unpleasant surprise. By taking care of the financial side of your renovation, you will have one less thing to worry about.
While you may have found the most helpful sales associates at your favorite hardware store, they’re probably not going to turn around and tell you that their competitors may be cheaper. That’s why you need to find sources of impartial advice. You can use websites that will compare prices from lots of different companies and give you the best price.
For example, if you go on the empire flooring website, you can type in the service you need and your address and they’ll find all of the companies in your area and tell you which the best one.
Document All Price Quotes
First you want to get price quotes from at least three different contractors. This will help you in negotiating the best possible deal. No matter how much you may personally like a contractor, it is imperative that you get all quotes and agreements in writing before renovations begin.
Working with contractors can be confusing. You might be positive they quoted one price, then they suddenly turn around and tell you it’s going to be more expensive after they’ve already started, leaving you no option but to pay the extra costs. You can mitigate these stressful events by keeping legal written documentation.
In some cases, prices changes can’t be avoided because of increased materials cost etc. but you should take steps to make sure the contractor can’t increase the labor costs half way through a job. Before you agree to anything, get all of those quotes in writing so you can produce the documentation if there are any disputes about the agreed price.
Some things, mainly materials, will be fixed price but most of the time the labor costs will be negotiable. A lot of people just get a load of quotes and then pick the cheapest one without challenging the price. But a lot of the time, if you tell a company that you want them to do the work but you can’t afford their price, they’ll be a little flexible with it. It’s also a good way of getting them to add smaller bits and pieces onto the job at no extra cost. You never know if you don’t ask so always try to negotiate. Of course you want to find a reputable contractor. For more information, check out these telltale signs of a dodgy tradesman, and steer clear if you spot any of them when you are approaching local firms.
DIY And Save Thousands
Lastly, don’t forget to save money by doing it yourself! There are tons of DIY home renovations that even a novice can do to save money.Chances are, you can even find a friend or two to pitch in and help, or at least keep you company!
When to Call in the Experts
You might be very adept at DIY, so there are probably some tasks you can do yourself. You might be able to wallpaper your living room, for example, and tiling your bathroom might be something you have no problem with. However, if you are unsure as to your abilities to do something successfully, find the help you need. Some jobs can be very complicated, such as replumbing a bathroom or making over a basement, so despite the expense, don’t hesitate about hiring a plumber or a basement remodeling company when dealing with those tricky rooms. Yes, you will have to pay for their services, but you won’t have to endure the financial and practical consequences of your mistakes should you make any.
If you are planning a home renovation these tips can help you make the event less stressful.. With a little extra planning and budgeting, you can save a lot of money on your home renovation. Best of luck in making your home dreams a reality!