Tips to Create a Realistic Home Improvement Budget

Properly budgeting for your home improvement is key to a successful and stress-free project. However, you might spend more than you care to if you fail to realistically deal with the financial side of your renovation or addition.

To live through your dream home makeover without making your budget a disaster, Up and Above Contractors recommends these tips:

Know Your Limit

Any experienced siding contractor or deck builder will advise you to take a good, hard look at how much your bank account will allow. If you have limited finances, prioritize discretionary projects that you value you more. If you want to improve your livability, focus on improving your interior spaces. But if you’re big on curb appeal, invest in new a siding or roofing system to spruce up your facade.

Think About the Material

Your choice of building material has one of the biggest effects on your home improvement budget. Learn about the price points among products and weigh each option’s overall benefits against those of the others.

Don’t Skimp on Labor

Hiring smart can save you more money in the long run. The lowest bidders may charge the least, but they most likely will deliver inferior workmanship. Always choose the best porch, gutter or roofing contractor in town even if it means spending a bit more on labor. Flawless work is priceless in many ways.

Make Room for the Permit

If your renovation or addition requires a building permit, find out how much it costs. According to HomeAdvisor, most Americans spend between $400 and over $1,000 dollars on a building permit.

Prepare for the Expected

A good rule of thumb is to set aside a 20% of your project’s cost for contingencies. In case there’s any hidden structural damage uncovered during construction or installation, you must be able to absorb the cost of the extra work. Otherwise, you might experience delays because you’ve run out of funds.

Explore Financing Options

Whether you’re buying quality replacement windows and doors, or upgrading your entire kitchen, consider taking out a loan to beef up your budget. Rather than waiting for months to save enough money for home improvement, refinancing your mortgage is a convenient alternative.

Let Up and Above Contractors help you budget for your home improvement project in Northern New Jersey. Call us at (973) 300-0636 now to schedule your in-home consultation.