Whether you’re planning to renovate a few areas in your home or give your home a complete makeover, there are ways to give your property some major updates without breaking the bank. And while sticking to your home renovation budget is one of the most difficult aspects of home renovation, it’s not impossible.

Here are five useful home renovation budget tips to help you stay on track.

1. Plan Effectively to Avoid Last Minute Overspending

Planning is one of the most important aspects of home renovation. This includes familiarizing yourself with the costs of materials and labor for what you are looking to accomplish. A well-planned and properly executed home renovation project will remain within or close to budget. In most of the cases where homeowners exceed their home renovation budget, there was little to no planning at all. And that is what leads to making modifications mid-project, which can cause an increase in material costs and construction delays. Make sure you spend quality time up front creating a clear and precise home renovation plan. The more planning you do, the fewer changes you’ll have to make, which will make it easier to stay on budget.  

2. Obtain Quotes from Multiple Home Renovation Contractors

While the first quote you receive may excite you, don’t rush into making a decision when choosing a home renovation company for your project. Patience can be a virtue. Don’t impulsively pick a contractor who is ready to complete the job at the lowest rate. Quality also matters, right? Many contractors will provide you with a tempting (low) estimate to get your project, but they may not be suitable for your home renovation project. When shortlisting a contractor, consider factors such as the contractor’s reputation, recommendations, timetable and portfolio of projects that are similar in scope and type. Renovation experts suggest collecting at least three bids before you make a decision.

3. Set Aside Some Extra Budget for Emergency Scenarios

In spite of our advice about planning ahead, during home renovation emergency scenarios or last-minute modifications may be inevitable. For instance, there might be some electrical issues that you didn’t anticipate when preparing the home renovation plan. Or the subfloor you thought was solid turns out to be rotted in parts after you tear up your flooring. Experts suggest adding 15-20% to your overall home renovation budget for unexpected expenses like these.

4. Explore DIY Options

Doing things yourself can be a good way to bring down construction costs and stay within the home renovation budget. You can take responsibility for some home renovation jobs such as cleaning the furniture and painting your home. Nevertheless, if you’re not confident about tackling this kind of work, a home renovation project is not the best way to test the waters! In such cases, it would be better to seek professional help.

5. Consider Cost vs. Value for Each Project

If you’re planning to sell your home in the near future, don’t ignore the return on investment (ROI) when planning your home renovation project. After all, there’s no reason to spend $50K renovating your family room if your home is not going to sell for more than what you paid when you purchased it. Research shows that the six most valuable home renovation projects include bathroom remodeling, kitchen remodeling, an upscale garage door replacement, manufactured stone veneer, and siding and vinyl window replacements. Consider where it would be a good idea to cut down costs and where it makes sense to spend freely.