Remodeling your building is something you might decide to do for a couple of reasons. Your building is probably starting to look a bit old, and you want to brighten things up, or you need your building to run more efficiently. One thing is clear, though. A remodeling project would likely have a noticeable impact on your resources with the potential to gulp even more. Hence, the need to stay within your budget becomes prominent.
We are sure you can imagine what a sad experience it would be to have to halt your remodeling project halfway because you have reached the limit of your resources, or to manage to complete the project and being left with little cash for furniture and decorations. To avoid such situations, we have some tips to help you complete a satisfactory remodeling project without breaking the bank.
First, you need to determine exactly what you are trying to do with the building and the extent to which you will need to make modifications to achieve those plans. Are you simply remodeling existing facilities like your bathroom, kitchen, or room? Is it an extension of the whole building, or do you want to update the building’s MEP design to utilize energy more efficiently? Determining the scope of your project would give you a rough idea of how much you might need to spend and if you can take it on.
However, note that there are some projects where it would be nearly impossible to foresee costs accurately. For instance, if you are remodeling a historical home or an ancient building, you might not be able to determine the extent of changes that would be needed. As such, your regular cost guidelines would likely not apply.
When starting a remodeling project, you can easily decide to focus on the construction costs. However, to draw up a practical budget that you will be able to stick with, you must ensure that you are looking at all the expenses you will need to make. Depending on your project, you might need to expend land costs, legal costs, moving costs, decoration costs, impact fees, architecture fees, or permit fees.
You should make sure you identify all the potential costs from the get-go. That way, you will be working with a comprehensive and realistic budget with a lesser chance of dealing with unexpected expenses.
This might seem like a no-brainer for someone who is trying to remodel on a budget. However, there are some less obvious unnecessary expenses you may need to look into. Take the structural design of the remodeling, for example. Do you have to shift the location of the existing facilities you are trying to remodel? Having to shift facilities like bathrooms and kitchens might incur extra costs in terms of also having to rework the plumbing system.
Besides, when shopping for materials, there might be a tendency to churn out cash for ‘high-end’ materials when you could have been able to find cheaper materials that give better value for money. It would help if you tried to balance high-end and low-end materials depending on your priorities. You may also be able to reuse certain materials for your remodeling. This will further drive down expenses.
As tempting as it might be to go all ‘DIY’ on your remodeling project, you should recognize your limits. Some tasks are better left to professionals, and an attempt to handle it yourself might increase your expenses. You might eventually have to remove the work and start all over.
Be meticulous in your hiring of professional help. Only select someone who actually listens to your plans and can answer your questions satisfactorily. You can also ask for references to ascertain the credibility of the professional you are considering. At the end of the day, you might discover that good professional help is worth the money.
Work with the experts to draw up an execution plan for the remodeling and make your decisions early. Delaying your decisions regarding key aspects of the plan, such as structural design and MEP design, may cost you a lot. If you have to be pressured to make these decisions, you might give it much thought and find the work disappointing at the end of the day. To rectify this, you will have to make more expenses, or worse, you may have to live with something you don’t like.
To avoid such a situation, think well about your decisions and make them well before construction starts.
Avoid the “while we’re at it, we might as well…” statement. It is one of the surest ways to go beyond your budget. This probably one of the most difficult things to stick to, but remember you are trying to stay within your budget, so adhere to your plan and avoid such unnecessary alterations.
In short, discipline is your budget’s best friend when it comes to remodeling projects, so be sure to have it.
The process of remodeling your building can be exciting and equally tasking. Regardless, you want to make sure the whole process is absolutely worth it, so you don’t have to endure regrets.