Sticking to a budget is one of those things that no one likes to do, but that everyone knows is essential. Even when doing a major remodeling project, knowing just how much money you have to spend and then staying within that amount is essential. Here are some tips to setting your priorities and establishing a spending limit that you can live with and stick to.
Goals. Why are you renovating? Are you creating more space? Does your business need a facelift? Do you want to save on your energy costs? It will make it easier to set your spending limit once you are clear on what you hope to accomplish. Decide on the details before you even start, selecting your materials, finishings, flooring, and appliances; provide your contractor with a list of exactly what you want. This will help tremendously in formulating an accurate budget.
Financing. Unless you are paying cash for your remodel, you will need to borrow money. There are many financing options available to the business owner; make sure you are aware of all the details of the option you choose.
Quotes. Contractors will give you a free estimate for a remodeling project, but you will generally have to pay for a hard quote. This quote will give you a detailed outline of the costs and timeline for your project specifically.
Contract. A fixed-price contract, where you pay the contractor a lump sum for the project up front, is going to be your best bet to keep your costs low.
DIY. You can refurbish existing items yourself instead of buying high-cost replacements. Refinishing the cabinets in the break room yourself can save you 30 percent compared with the purchase of new cabinetry. You can reduce labor costs if you are willing to do some of the smaller projects yourself, such as pulling up carpeting or removing tile. Even painting is something you can do yourself, or with some help, after the actual construction is complete.
Timing. Contractors tend to be busier during the spring and summer, so commissioning any remodeling work during fall or winter might help you save some money.
Here at Ascension General Contractors, we are ready to help you with all your remodeling needs. Call us today with all your questions and concerns.
Read our response and the protective measures we are taking with COVID-19.