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How Much Does Renovation Cost?

For those who are thinking about renovating their homes, it’s a good idea to sit down and plan a budget first to see how much work you can afford to have done.

Start by sketching a plan of each project. Instead of writing, “renovate the house,” break the work into chunks or areas like these:

--remodel the bathroom
--update kitchen cabinets
--build a deck on the back of the house
--waterproof the basement
--convert the attic to an office

Then estimate the potential cost for each project, taking into account the work that needs to be performed. Even if you plan to do it yourself, you should calculate time taken from other areas like your job or lawn care to put into home renovation. Then add prices for materials and supplies. You will be surprised how quickly it all adds up.

Chances are that you will decide to renovate one project at a time. You may want to start with the top-most area, probably the roof or attic, and work your way down to the basement. Or you could start from the most distant point, like the shed, and work your way closer to the house.

Then start saving to pay for these projects. You can start a personal savings account or use the interest from your mutual fund portfolio. You may even want to work a part-time second job to cover the costs of your home’s renovation.

When the time comes to begin scheduling the work, look for discounts. Call a local contractors’ association to find out if there are special savings plans for people in your category (retired, employed part-time, disabled, etc.), or whether occasional discounts are offered for other reasons. Do the same for your materials and tools. Avoid paying full price unless you must.

If you hire the services of a contractor, get your agreement, the estimated price, and terms in writing. Then make arrangements to pay for the work in three or four payments to reduce the risk of a scam.

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