One of the most common mistakes committed by homeowners new to remodeling is not keeping an eye on the budget. This often results in the project going over budget, resulting in sub par or even an unfinished project. Shower remodeling companies like LuxStone® of Colorado can help you with planning your project, and in this blog, we share money-saving tips for you first remodeling project.
- Prepare a Contingency Budget — One universal truth about remodeling is that something unexpected is bound to happen in the middle of the project. Perhaps a roofing structure has hidden water damage that needs to be repaired. The bathroom plumbing may have hidden leaks, or are beyond its expected life span. A contingency budget, usually worth around 10% to 20% of the estimated cost, is usually enough to cover such unexpected costs.
- Never Cut Corners — Unscrupulous contractors may offer to cut corners and deviate from the plan in order to “save” money. It may sound tempting, but it can result in bigger problems down the line especially when structural issues are left unaddressed. Legitimate shower replacement contractors like us will never cut corners for any reason, because we want our customers to get nothing less than what their home deserves.
- Keep Track of All Related Expenses — Use a spreadsheet application (or a ledger, if you prefer paper and pen) to keep track of all your expenses, no matter how small. Even what one would consider a minor change or upgrade—a change in bathroom tile or texture—can instantly add up. Make sure you have calculated the cost differences before committing to any change, which can take up the headroom you made with your contingency budget.
- Ask for Financing Options — Cash is still the best payment option for remodeling projects and may even entitle you for discounts or rebates. If cash is not possible, there are various options to make financing easier for you. We at HomePride offer financing options with no downpayment and no interest for the first 12 months.
- Finalize Everything — Project changes are one of the most common causes of projects going over budget. Imagine if you already had tiles laid down in the bathroom, only to decide the color or pattern isn’t right. The labor and cost to start over can potentially double the initial cost of the project. Make sure you are happy with your remodeling choices before you commit to a project.