When considering a remodeling project, knowing just how much money you have to spend and then staying within that amount is essential. It’s also important to know what to expect and be ready for whatever you have to manage. Here are some tips for setting your priorities, establishing a spending limit that you can live with, and preparing for your remodeling project.
How Do I Manage My Remodeling Budget?
Before setting your budget, be sure you know what you hope to achieve.
- Set Goals. Why are you renovating? Are you creating more space? Does your home or 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 starting, and then select your materials, finishings, flooring, and appliances. Provide your contractor with a list of exactly what you want; this will help tremendously formulate an accurate budget.
- Financing. Unless you pay cash for your remodel, you will need to borrow money. There are many financing options available to the business owner; make sure you know 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 provide you with a detailed outline of the costs and timeline for your project specifically.
- Value. If your goal is to raise the value of your home, make sure you consider the overall condition of your neighborhood and know which renovations will bring you the best ROI under the circumstances.
- DIY. You can refurbish some existing items yourself instead of buying high-cost replacements. Refinishing the cabinets in your kitchen or bathroom can save you the higher costs of purchasing new cabinetry. You can also reduce labor costs if you are willing to do some of the smaller projects yourself, such as taking up carpeting or removing tile. Even painting is something you can do yourself, or with some help, after the actual construction is complete.
How Can I Plan For My Nashville Remodeling Project?
Understanding how the remodeling process works will help you plan. A few things to be aware of are:
- Timing. Contractors tend to be busier during the spring and summer, so commissioning any remodeling work during fall or winter might help you save money.
- Contract. A fixed-price contract – where you pay the contractor a lump sum for the project upfront – will be your best bet to keep your costs low.
- Communication. Your Nashville commercial renovation project will only be successful if you communicate well with your general contractor. Clear communication is vital for any endeavor.
Here at Ascension General Contractors, we are skilled and experienced in renovations and repairs for Nashville homes and businesses. Our team is experienced, dependable, licensed, insured, and fully bonded. Contact us today about your remodeling project.
We look forward to earning your business!