9 Mistakes That Can Kill Your Remodeling Budget
1 Not Having A Firm Plan
Not knowing what you want from the outset can make it hard to create and stick to a realistic budget. Go into your remodel with a solid plan and beware of changing your mind halfway through a project – switching things up can get expensive!
3 Leaving Little Details Out of Your Estimate
You’ve budgeted for large items like flooring and tile, but what about the smaller details? Essentials like light switches, door knobs, hinges and cabinet hardware can add up.
4 Miscalculating Your Paint Job
It’s easy to figure the cost of paint, but don’t forget to include the price of rollers, tape, plastic sheets and primer in your total estimate.
5 Neglecting Permits
Make sure that either you or your contractor obtains the necessary permits for remodeling projects. If you forget, you could be dinged when it comes time to resell your home. In some cases, you may even have to pay a fine.
6 Finding Water Damage
It’s not uncommon to uncover water damage when you open up the walls for a remodel. Be prepared to pay a hefty price to fix mold, mildew and warped wood.
8 Overlooking the Clean-Up
Remodels are messy. Be sure to factor in a clean-up following the final days of renovation. You’ll need help dusting, scrubbing and disposing of or recycling any leftover materials.
9 Not Having a Big Enough Cushion
A good rule of thumb? Budget 20 percent more than you think you need to avoid financial strain. Best case scenario, you’ll have cash left over to use for something fun.
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