Important Tips to Consider When Budgeting Your Renovation

A recent survey asked homeowners about renovations they planned to undertake in the next five years and their expected costs. The results revealed that while they were aware that projects like bathroom and kitchen remodeling are the most expensive, they did not provide an accurate estimate as to how much they cost. The actual price of these projects, provided by HomeAdvisor, rarely aligned with their guesses.

The report goes to show that a home or apartment renovation can cost more than you expect. As you go through with your plans, it is important that you budget wisely so you don’t experience sticker shock and can avoid stress and frustration. Knockout Renovation®, your local remodeling company, shares budgeting tips you need to consider.

Avoid Change Orders

Change orders are sometimes needed when there is a pre-existing structural condition that needs to be dealt with. Then again, if you think it’s not necessary, then don’t force it. That way, you still keep the budget on track with the whole project.

Consult a Renovation Pro

Understanding costs and determining the factors that cause them to increase quickly are the best ways to keep control of your expenses. With the help of renovation professionals, present them your budget and ask if it fits their expectations of the project. Ask them to provide you an estimated breakdown of where the money will go. Doing so lets you know how your decisions will affect the bottom line.

Prepare for Contingencies

As you set up your budget for the remodel, be sure to allot 20% of your overall funds for additional expenses. Having more than enough helps accommodate certain circumstances, like unforeseen structural damage that needs to be addressed. Truly, a buffer gives you financial flexibility should things not go as planned.

For your home or apartment remodeling needs, turn to Knockout Renovation. Regardless of scope, we approach each project with a foundation of strong design aesthetics and functionality, comprehensive product options, sound project management and a commitment to craftsmanship.

Let’s discuss your plans to enhance the look of your home or apartment. Call (212) 599-5060 or fill out our contact form to request a free consultation. We are NYC pros offering services to homeowners in New York, particularly in Brooklyn.