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7 Renovation Estimating Tips To Help You Save More

Finances

(Guest Writer: Nichelle Antoque)

After making comparisons on whether to build or renovate, you may end up settling on renovation as the perfect option for you. That is because renovation tends to save on costs that may be spent on constructing a new house.

It would be best if you were careful with your renovation budget to avoid incurring the same or higher cost you would have when acquiring a new item or house. To help you out, you can consider these tips.


Image © Milivoj Kuhar via Unsplash

7 Cost-Saving Tips During Estimation

Read the following tips to understand how to go about your remodelling process and how to do proper estimation to avoid massive deficits after the procedure.

1. Prioritize

Knowing what you want and why you want it is crucial in whatever you do. Outline the critical things to be done first, followed by less important ones. Similarly, when doing your remodelling estimates, ensure that you understand your priorities.

On top of your list should be the critical areas that need attention first and why that should be done. What follows should be under the category of "Not A Must". This will help you decide and know how to spend during the process.

For resources regarding this, you can check on CostCertified. A concise guideline is available to help you out.

2. Carry Out Intensive Research First

Information is vital in whatever you do. It's the power that will propel in whatever you do. Putting time aside to surf the internet to get the best knowledge concerning renovation will help you know how and what should be done at whichever stage. The goal is to save on costs, and you can only accomplish that if you have the know-how.

Also, chatting with your friends and family members are perfect ways of knowing how to go about the whole process. Be specific on who you discuss with concerning your renovation plans. Chatting with people who have done theirs in the past will equip you with the right basics.

It is essential to take time and digest to distinguish the best tips once you get the information because not every homeowner will have the same resources as the other. What worked for someone else might not work for you. Also, comparing yourself with others is the worst thing you can ever do.

3. Do You Have a Budget?

Renovation requires you to plan first, depending on your financial status. Your financial ability is dependent on your source of income. Is it savings or salary? After considering that, you need to draft an outline to know where every cent will go once you start.

Coming up with the idea of renovation and starting it straight away may see you get stuck. But, if you plan well financially, you will cut off the unnecessary costs that will arise as the renovation process continues. If you feel that you are not prepared, you can pause and plan yourself first.

4. Request for Bids from your Potential Contractors

Comparison is vital in the steps you undertake as you look forward to accomplishing your goal. As a way of doing the right things in the right way, you can ask for at least three different quotes from three or more different contractors. Doing that will help you know the amount of money you are likely to spend. That is because contractors do vary with some percentage.

Also, don't get lured by contractors who quote low as you make the comparison. Research states that general contractors majorly charge between 10% and 20% of a project's total cost. The following is an ideal instance that you should take note of before you settle on a contractor:

In a case where your renovation project costs between $70 and $80, you can consider getting bids from at least three general contractors.

If the contractors are quoting between $65-$70 and one of them quotes $45, you shouldn't settle for the $45. That is because the contractor is likely to do a shoddy job for you or even get stuck after starting the project.

5. Don't Purchase New

Renovation and building are two different things. When it comes to building, you must be keen on whichever materials you buy. New materials play a significant role in laying a firm foundation for whatever you will be building.

However, with renovation, it is not a must that you purchase everything new. You can consider getting slightly used materials that are cost-efficient. Doing that will save a significant amount of your money. You can only know what to buy second hand during your estimation period and proper assessment of the affected areas.

6. Create a Score Sheet

After budgeting and planning well, you can create a score sheet that will act as your guide as the renovation work continues. You can use the score sheet to assess if whatever is going on at the renovation site is what you expect.

It will also help you to keep track of the essential things that can be easily forgotten. Never do everything off the top of your head when handling or planning for a renovation project.

7. Involve Yourself Where You Can

The common misconception that many project owners have is that only specialized technicians can do things in the best way. What they may not realise is that even their skill, if put to practice, can count.

Research online on how to do some things you want to be done by the technician during the renovation. You will be surprised at your capability of executing most of them, even creating designs. Engaging yourself will cut out some labour costs.

Bottom Line

It's lucrative to understand why you need to renovate. Also, contacting a specialist in the construction industry can help you understand the renovation and estimation processes better. With the above tips, everything will be easier. You only need to be keen on what you spend your money on once you have set out to do the renovation.

 

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