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How to Budget Appropriately as You Start Your House Remodel

Jul 1, 2018

Remodeling a home can be a great way to make it more comfortable or to increase its value on the open market. However, it is critical that you don’t exceed your budget or spend money on upgrades that don’t offer a significant return on investment. Let’s look at some ways that you can create a reasonable budget for your remodeling project.

What Will Materials Cost?

The cost of materials depends on a variety of factors such as the look that you are going for in a given space and where the materials are purchased. Ideally, you will research prices from at least three different online or physical retail locations. It may be possible to save money by purchasing toilets, tile or other goods at outlet retail locations as opposed to national home improvement stores.

What Will Labor Cost?

Labor costs will vary depending on whether you want to do the work yourself or have a professional do it for you. In some cases, it is best to have a professional do the work. This is generally true when you need to have a room rewired or have the home’s entire electrical system upgraded.

An electrician can also come in handy if an emergency situation occurs during the remodel. Electrical contractors should be willing to provide you with an estimate before work begins.

Will You Need to Get Permits?

Depending on the regulations placed by your local government, it may be necessary to get a permit before making significant changes to a home. It is possible that there will be a fee to obtain a permit, and you may also have to pay a fee to have your home inspected as part of getting your application approved.

What’s the Scope of the Project?

As a general rule, the cost of the project will be much lower if there is no need to open up walls, add new ductwork or add an egress. Therefore, if you have a limited budget, it may be best to limit the scope of a project to cosmetic fixes like installing new floors or putting on a new coat of paint.

One of the perks of owning a home is that you get to turn it into whatever you want it to be. By researching the cost of materials and labor ahead of time, you can add living space or upgrade that outdated kitchen without going over your budget.

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