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Cutting Costs on Home Improvement Projects
Tips from an Expert
By Dianne Hadaway
The trick to a successful home improvement project is in creating a realistic budget. Don't freeze up – "budget" does not have to be a scary word. Think of the popular TV shows like Trading Spaces and While You Were Out. Those programs set a strict budget, and the designers must complete their projects within that amount.
Start the planning process by deciding how much you can realistically spend. You'll want to decide if your project is a do-it-yourself (DIY) job or if it will require hiring a contractor. You'll also want to choose your preferred materials and look for ways to save money to get the most bang for your buck.
Whether you will use money you have set aside or money from a home improvement loan, you'll need to consider the complete project and add a contingency of at least 10 percent of your total, which is a cushion for unexpected or unplanned expenses.
Bill Lewis, guide to Home Repair at About.com, says that the first rule regarding money for a home improvement project is to have enough on hand that you don't have to worry about it. "For additions, renovations and major repairs such as roof replacements, take your highest estimate and double it," he says. "If you can't cover a payment due on Friday until Monday, you may not have workers on Monday. Financing should be arranged in advance if you need it. Successful contracting includes successful cash flow management."
