Making Room for Renovations on a Tight Budget
Here are some more great remodeling tips from one of our favorite guest bloggers, Savannah Hemmings. If you love remodeling, make it a point to visit our Artisan Home Tour this summer. The final weekend of the tour (June 24-26) features eight amazing remodeled homes, including the one pictured here by Michels Homes.
The renovation urge is real and it is powerful.
Your personal drive may come from a desire to create your dream home, keep up with the proverbial Joneses or sell your home. Sadly, that drive and desire seldom comes with a large inheritance or lottery jackpot.
For most people, renovating is a long process that requires careful planning, pinching pennies and a lot of patience. Are you waiting to make a renovation dream a reality? Having trouble reconciling that dream with your budget? Use these tips to get started on the right foot:
Make a Plan
Before you get to details like grout colors and hardware finishes, ask yourself two big picture questions: What do I want and why do I want it?
Do you want a new kitchen because it will make cooking for a family of seven much easier? Do you want to sell in the next few years and think an updated kitchen will add value?
This updated kitchen by Michels Homes features stylish new cabinetry, stone countertops, and interesting glass-time backsplash, and is featured in the 2016 Artisan Home Tour.
Knowing whether you’re looking for personal, long-term enjoyment or immediate resale value — or something in between — will be a big help when it comes to setting parameters for your budget and a timeline for your renovation. Personalized changes to a house you plan to live in for a decade or more may merit more splurges than updates made for an immediate resale.
Find the Right Firm
Once you have a big picture in mind, it’s time to turn a vague budget idea into a real budget estimate.
It’s best, for any home renovation or repair projects, to research the right vendor for your project first. Comparing estimates between multiple vendors can cause quite a headache. Even though it’s important to focus on the bottom line, finding the most reputable firm to complete your renovation project is priority number one.
As you research, have as many details decided as possible. If your project requires specific skills like drywall installation or re-framing of your house make sure the firm you’re research has proof of those skills and exceptional reviews.
A great place to start your remodeler search in the Twin Cities is the Remodelers Showcase, coming up September 30-October 2nd this fall. You can tour dozens of remodeled homes to find remodelers who have the style, attitude and expertise you want and need — like Cates Fine Homes, the remodeler of the amazing bath which was featured on the Spring 2016 Remodelers Showcase.
Now that you’ve got the right vendor in mind, reach out to request a quote and review the details of your project. Don’t forget to add 10 or 20 percent more to the estimated cost. Unexpected problems are just that: unexpected. It’s better to end up budgeting for more than you end up spending than to sink your entire budget on an unplanned issue.
Start Saving
You don’t need to wait until all your estimates are in to begin saving. If you know you’re planning a renovation, the sooner you start setting money aside, the better.
Find places to save or cut back in your current budget. These could be as simple as:
- Raising or lowering the thermostat by a few degrees to save on HVAC costs
- Eating meatless meals one or two nights a week to save on grocery costs
- Making coffee at home instead of buying a cup every day
- Using a cash envelope system for entertainment/extra items (like movies or dining out) to ensure you don’t go over your budget
- Combining your home and auto insurance to save an average of 15 percent
Of course, there are always exceptions. If the end is in sight for a car payment or loan, you may choose to buckle down and pay it off as soon as possible. Not only is that one less item to worry about, you can then switch that monthly budget amount over to renovation savings.
Take Your Time
There are obvious benefits to paying cash for a renovation — no interest, no monthly payments — but paying cash also gives you the benefit of time.
Saving up to pay cash takes time, which gives you time to thoughtfully consider every aspect of your remodel. With more time to research and consider your choices, you can be sure that you’re picking what you want and what will work for you, rather than being pressured to make snap decisions.
More time can also mean more savings. You can compare prices and make savvy purchases based on yearly sales cycles.
Even a tight budget can make room for renovations. You’ll just need a lot of research, a willingness to save and a lot of patience.
Savannah Hemmings is a lifestyle blogger and personal shopper. She has a passion for curating and creating beautiful spaces. You can read more of her work at SincerelySavannah.com