How to Budget Your Room Addition
Building onto your home can be quite the added expense. A lot of times there are expenses that we don’t always see coming either. Since we don’t know exactly what room size you are adding on we have decided just to compile our top tips regarding budget and renovation and hopefully give you some ideas on how to plan ahead.
Before you bite off more than you can chew, you want to get an idea of what you can afford. This you can do by going to your bank or by getting qualified for a home equity loan. This is an important step because you don’t want to start renovations without know a ballpark figure of how much it will cost. Trust us, we have seen renovations stop halfway because of budget restraints and we don’t want that to happen to you and you lose value in your home.
Next you will want to get a few quotes. Getting a few quotes from contractors can be a make or break. You want to get a second opinion on this subject no matter what. This is a great way to save money too by letting the contractor know that he has competition for the project and he may just cut your cost. Getting quotes from a few contractors is important to make sure you work with someone you can easily communicate your vision with.
Lastly, set yourself up for success. Look, we all know that with renovations there comes unexpected cost.. And if there weren’t any in your project then please share your secrets with us! But, in case you are like the most of us, a great idea when adding something to your home is keeping your priorities straight. For example, write down the three most important things you want in your space and concentrate on making sure those are done right and save money somewhere else that isn’t in your top three priorities.