Staying within a home remodeling budget

How to stay within a set home remodeling budget? (Photo Credits)

Home renovations usually go beyond a homeowners allotted budget when plans get out of hand.

Qanvast.com offered tips on how to go about a home remodeling without breaking the bank.

“We recommend renovating a home that suit your needs for a period of five years. This is due to the fact that in five years, many changes could take place. In many instances, homeowners would either upgrade to a bigger place to accommodate their kids, or renovate their home to correct past renovation mistakes because they now know what they want.”

Check out the informative article here.

Back to Basics

Zillow meantime shared tips on how to earmark funds for a renovation.

“As a general rule of thumb, you should spend no more on each room than the value of that room as a percentage of your overall house value. (Get an approximate value of your home to start with.) For example, a kitchen generally accounts for 10 to 15 percent of the property value, so spend no more than this on a renovation. If your home is worth $200,000, for example, you’ll want to spend $30,000 or less. Something else to keep in mind: contrary to popular belief, kitchen renovations offer among the lowest return on investment, according to analysis from Zillow Talk: The New Rules of Real Estate. Every dollar you spend on a new kitchen only increases the value of your home by 50 cents.”

Read the rest of the tips here.

You may also want to read:

Once a budget is set, it is important to stay within the financial limits. Houselogic tells home owners how.

“While your DIY labor is technically free, your lack of know-how can be costly. And then there’s hiring and scheduling. A task like moving a wall could mean hiring an engineer and an architect, not to mention coordinating permits. A general contractor knows who’ll do the best work for the best price, and they’ll know when to schedule them to avoid wasting dollars on inefficient use of time.”

Get the rest of the tips here.

Are you thinking of renovating your home?