The average interior renovation costs for a 3,000 square foot home is $36,121, but with poor planning, that number can easily balloon to $50,000 or more.
If you’re considering a home renovation, but don’t have that much extra cash laying around, you need to be careful when you design your budget. Forgetting the cost of an installation or running into unexpected costs for your finishes can turn your project upside down and leave you frustrated, disappointed, and living in an unfinished work zone.
Read on to learn the most important things to take into account when you’re designing your budget so you can make your dream home a reality.
1. Prepare for Cost Fluctuations
Whether you are updating a bathroom or building out the kitchen of your dreams, there will most certainly be unexpected costs. But, you still need to try to make a detailed budget for your project.
One way to do this is by creating a three column chart. In the first column, write the word ‘budget’ and list the amount you want to spend on each item you need for your renovation.
Then in the next column, write the word ‘projection’. Here you will list the estimated cost for an item after you’ve done some research.
Finally, once the product is ordered, you can fill in the third column, titled ‘actual’. With this system, you will be able to revise your budget as you go and keep track of where your money is going.
2. Plan for Mistakes in Your Budget
No matter how much research you do into your renovation project, there are still bound to be costs you didn’t consider. These could include unknown manufacturing costs or delivery fees.
Make sure that you set aside additional money for these kinds of costs so that you don’t blow your budget early on in your project.
3. Know Changes to Interior Renovation Costs are Inevitable
Even if you think you know exactly what you want in your home, as you go through the renovation process, you are sure to discover that there are details you want to change.
Changing your mind on a finish is a very common occurrence. So, you need to make sure that you set aside a portion of your budget. You don’t want to run out of money to finish the job because you spent your whole budget on removing and replacing your original tile choice.
4. Be Prepared if Your Project is Delayed
Construction projects are often delayed. Try to estimate an additional 25% of time onto the length that your contractor budgets for your renovation.
Make sure that you have somewhere you can stay for that length of time. You don’t want to have to move into a construction zone in a hurry.
Who to Hire
Now that you know how to properly budget for interior renovation costs, you’re ready to hire a contractor and get to work.
At Fitzpatrick Painting and Construction, we believe in honesty and integrity and would love to help you create the home of your dreams. Contact us today for a quote.