Renovating an area of your home is an enormous undertaking. Whether it’s a small guest bathroom window replacement or a complete remodel of your entire Jacksonville home, it’s crucial to develop a renovation plan. Without a plan, your project will quickly exceed your budget and go off track.
Developing elaborate design ideas and visions of your dream home is easy. The hard part is creating an overall project scope that keeps your vision in the budget. From wallpaper to window panes, every line item must be accounted for in the grand total. Take a look at our expert advice on keeping your renovation project within budget.
Simple Tips to Maintain a Wallet-Friendly Home Renovation
American Window Products has delivered top-quality, in-budget window replacement services to Jacksonville homeowners for over 36 years. Find out what three decades of experience has taught us about keeping renovation projects within the desired price point.
Set Realistic Expectations from the Start
A common mistake homeowners make is setting an unrealistic budget and trying to cut corners to stay within it. If you’re honest with yourself and the building professionals you hire from the get-go, you’ll avoid unnecessary surprises and stress.
Do your research and gather estimates for material and labor costs for every aspect of the reno. The purpose of a budget isn’t to restrict you from creating a vision, it’s to keep your family prepared for every expense during the process.
Expect the Unexpected
It doesn’t matter what kind of project you’re completing or who you work with, there will always be unexpected costs for which you must account. The question is…how can you prepare yourself for unforeseen expenses?
We recommend you add a “miscellaneous” line item in your master budget that’s 15-to-20 percent of your total estimate. That percentage may sound steep, but it’s always better to be over-prepared with money leftover in the end. If you don’t have wiggle room to add that expense to your budget, it might be smart to save for a few more months.
Understand the Value-Addition for Each Line Item
Smart homeowners renovate their homes looking months and years ahead to when they might sell. If there’s even the slightest chance you could list your house n the coming years, it’s smart to seek the advice of a home appraiser before beginning your project.
The goal of a renovation is to boost your home’s appearance, functionality and property value. A smart rule of thumb is to anticipate a 10-percent return on your investment (ROI). For example, a renovation budget of $50,000 should yield a profit of $55,000.
Certain home improvement items, like window replacement, provide more value than others. Select high-quality, energy-efficient windows for lower energy bills and increased home value.
Windows are a big-ticket item that will help with the sale of your home. Years of research shows that home buyers will purchase an alternative home with recent updates instead of a house they have to remodel on their own.
Prioritize Each Upgrade and Shape the Project to Fit Your Budget
After the research is done and each line item is accounted for down to the penny, revisit your budget to identify your next steps. Don’t forget the 15-to-20 percent miscellaneous expense!
If your dream renovation doesn’t align with the hard budget, begin to explore alternatives to bring your vision to life. A few simple options to scale back include:
– Consider low-cost alternatives to pricier line items: Maybe you don’t need that Carrera marble countertop, after all! Quartz might be just fine.
– Scale back the size of the project: Cut back the square footage of a renovation project to significantly decrease the expense.
– Reuse old items until a later date: Accessories like light fixtures and kitchen hardware can be updated after you’ve saved more money. They’re simple replacements down the road that will save you money in the short-term.
Most Importantly, Work With Industry Professionals You Can Trust
One of the best ways to keep your prices accurate and your project on track is to partner with trustworthy, honest professionals. There’s a good chance your home renovation isn’t a complete DIY job. Because of this, it’s crucial to do your research and read reviews before hiring anyone!
From window replacement installation to flooring specialists, we highly encourage you to do your due diligence. Jacksonville is full of people in the home renovation industry, but not just anyone can get the job done right.
When it comes to windows, American Window Products is hands-down the best team for the job. But hey, you don’t have to take our word for it! Check out our four and five star Google reviews written by many of your Jacksonville neighbors.
When you’re ready to take the next step with your home renovation, American Window Products is here for all of your window needs. Reach out to us to get started today.