Planning and Budgeting Home Improvement Projects

January 8, 20150

Ask your general remodeling contractor to help you set a budget.

A good general remodeling contractor will help you set an accurate budget.

Plan, prepare and set your budget before planning any home improving and remodeling projects so you can ensure you have the means to get it done right, the first time around.

Why Budgets Matter

Just as many people set budgets when they shop at the grocery store or for holiday gifts, setting one for home improving and remodeling costs is vital. Unless you know exactly what your money allotment is, you might find out later rather than sooner that you don’t have the funds to complete the project. How can you set a realistic budget before renovation begins?

How to Plan, Prepare and Set Your Budget

Once you have a home project and design build plans in the works, sit down and calculate anticipated expenses. While many people contract out for home improvements, some weekend warriors plan to do all the work themselves, including purchasing supplies and equipment.

Think Ahead: Is it just materials or supplies you need to factor into your budget? For example, if you plan on painting your home, will you need to purchase drop cloths, paint brushes and rollers in addition to the paint? These small expenses might seem unimportant, but they can really add up at the checkout counter. Think ahead about every little thing you’ll need to purchase to get the job started and to complete the project.

Set a Budget: Besides just calculating expenses, you’ll need to decide how much money you’re willing to sink into your home improvement projects. Put a cap on what you want to spend and stay below it. If you want to focus on small improvements that add to the resale value, consider replacing dated light fixtures and fans, updating the toilet and window treatments and removing wallpaper, as well as adding decorative paint colors to your walls. These rather inexpensive updates make it simple to stay within a realistic budget and really add style points and improvement to your home.

Work with your contractor on planning home improving and remodeling.

Home improving and remodeling requires careful planning.

What Happens If You Go Over Budget?

The fact of the matter is, not everyone has an endless cash flow to pour into home improvements. So what happens if you start a project you can’t finish? If you’re working with a general remodeling contractor or home improvement specialist, find out if they offer any financing options. If you have to stop a project mid-job, try to save and secure the completion of the job as quickly as possible. Nothing can hurt your home’s value more than having many unfinished jobs taking place at once. Find out exactly what is needed to finish the work and save to get it done.

Planning and preparing your home improvement budget will allow you to make changes to the exterior or interior of your home without the possibility of unexpected expenses. By planning properly and staying under your initial budget, you will likely have enough set aside to deal with any setbacks, if or when they arise. While it can be exciting to plan home improvements, it’s important to be smart with your investment and plan projects you can finish within your budget.

Are you seeking a general remodeling contractor? Please contact us today for a consultation and to begin your next renovation.

Important Questions to Ask Contractors before You Hire Them

Hiring a licensed general contractor is important.

If you want the job done right the first time, hire a licensed general contractor.

When deciding to remodel your home, one of the more important decisions is hiring the right contractor. You need to ensure the person you hire for the job has the time and skills necessary to complete your project. Here are a few important questions to ask before choosing a licensed general contractor.

Time and Experience

A great first question is how many projects a contractor is currently working. If he has too many projects going on at once, your remodel may take longer than you would like. Everyone wants their job done in a timely manner. When a remodeling contractor has too much on his plate, he may not be able to hold up to his promised timeline. However, a busy general remodeling contractor can indicate a good reputation.

Asking how much experience they have is key as well. While your project may not be complicated, if the candidate you are thinking of hiring is a new contractor, he may not have much experience. Asking for references can help answer this question. If the contractor has done work similar to your project, talking to his past clients lets you know the contractor has valuable experience in that particular area.

Itemized Bids and Changes

Instead of getting a single, set price for your project, ask your general remodeling contractor for an itemized bid. This will show the various costs of all elements of the job, and there won’t be any surprise costs. This will also make it easier to compare various licensed general contractors so you can choose which one to hire.

Keep in mind estimates are always subject to change, especially with remodeling projects. Ask the contractor how they handle any revisions and how it will affect the cost of the overall project. You don’t want to change your mind a few times during the project and end up with thousands of dollars in additional charges.

Finding References

A good licensed general contractor should have plenty of references available. If you ask for references and they won’t give you any, this can be a serious red flag. You can also ask who their suppliers are. Asking this question can give you information on a contractor’s reliability. Talking to the suppliers can help you find out about their reputation, such as whether he’s on time with his bills and whether he is someone you should consider hiring.

These are just a few basic questions you should ask when choosing a licensed general contractor for your remodeling project. You need to make sure the contractor you hire has the right skills, time and professionalism to get your project done in a timely manner without additional costs.

At Colony Home Improvement in MA, we have more than 40 years of professional experience and hundreds of happy customers. If you’re looking to hire a contractor who can make your home remodeling dreams come true, contact us.

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