8 Brilliant Ways to Successfully Keep Your Home Renovation Under Budget
According to Houzz almost half of homeowners go over budget when doing a home renovation and only 1 in 5 come in under budget. Renovation budgets are notoriously scopious largely due to the unknowns that lurk behind walls and under floors. But fear not! We’ve compiled a list of our favorite tips to factor costs realistically and stay well within (or hopefully below!) your home remodel design budget.
Reconsider DIY
These days HGTV and Youtube videos can empower even the least capable of us to try tackling a home update. But more often than not, it is a misconception that you will save big bucks by skipping out on hiring a professional and doing it yourself. Without the proper expertise you could spend anywhere from 10%-40% more on your home renovation project than hiring a professional in the first place according to interior architect Glenna Stone. We’ve had numerous clients come to us midway through a botched DIY project and can tell you that everytime it would’ve saved them lots of money to have had us managing the project from the start.
Attempting to pull off a DIY home renovation project without the proper expertise is one of the most common ways to blow a budget. Even if you are a savvy DIY’er with a strong construction skill set there is no limit to the things that can go wrong. The planning stage of a design project is easily the most important. While there is no way to know what is lurking under floors or behind walls, having a good understanding of the potential risks is something a professional can help you prepare for. Even if everything goes perfectly and you luck out with zero unexpected surprises, there are usually costs around the proper materials and tools that can add up to close to what having a professional would cost anyways. This is not to say that there aren’t projects that are worth DIY’ing especially if you enjoy the work and/or want to learn a new skill set. But make sure you consider the type of project, the time and money it will cost, and be realistic about your own knowledge and capabilities before you get started.
At Sukkha Interior Design we offer a Design Consultation which is an affordable option to get professional eyes on your space before you start a DIY.
Many contractors and designers offer a consultation type service and typically the cost is a few hundred dollars. Consultations are a fantastic way to tackle DIY’s while still saving loads of cash by doing the actual work yourself. A few hundred dollars for professional advice at the start of a project can save thousands of dollars down the line.
2. Hire the Right professionals
So you’ve decided against a DIY and decide to hire a contractor or a designer to manage your home renovation. Now what?
First of all, get multiple bids and talk to a few people. (We recommend at least 3.) Yes, this is in part to get an idea of numbers but so often clients collect bids only to go with the lowest. THIS IS A HUGE AND VERY COMMON MISTAKE. Often but not always the lowest bid may be a sign of inferior construction quality or subpar building materials. A bid from a contractor should include a line item for every charge and service. Contractor bids should be item specific for example the exact kind of toilet to the brand of roof shingles.
Working with contractors is different than working with an architect or interior designer. Since the latter will be working with you on the project vision prior to sourcing they will provide that type of line item detail later in the design planning stage. Hiring a designer typically means they will work with and manage the contractors for you. Each design firm works a bit differently but at Sukkha Interior Design we will work with your contractors/trades persons or find good ones for you. This is one of the many benefits of hiring a designer- they are experienced working with contractors, know what to look for and ask about when evaluating bids, and are used to managing the contract work and keeping things on schedule.
It is SO SO important you hire a designer or contractor you trust and have a good connection with. Make sure the person understands your vision, timeline, and budget and that you understand their fees, services, and process. Not all designers will manage installations or contractors for example so knowing what part of the project is included in their fees will help you be able to budget accordingly.
3. Start with a Number not just a Picture
When I first started taking on interior design projects (before I founded Sukkha Interior Design), I would start projects with clients without a solid budget. They’d throw out numbers and say “but if we really like something we’d go over”. It didn’t take long for me to realize why this isn’t an effective way of working and that it is actually a disservice to the client in the end.
Without a budget, costs will spiral out of control, With. Out. Fail.
Today when clients are resistant to commit to a number I help them decide on a range. We can always decide to go over if there are certain design choices that are worth it to them but having a baseline number where we’d like the project to come in helps clients understand where their money is being spent and provides me, the designer, a solid direction about what materials and furnishings to source as well as where to invest.
Knowing where to invest is one of the best things you can do when starting a renovation project budget. (This is also a great opportunity for an interior design consultation.) A professional interior designer can help you understand things like ROI (return of investment) and where is best to spend heavy vs light.
4. Plan Early (and Stick to it!)
Going into a home renovation without a design plan and detailed budget is like going to outer space in just a speedo and cowboy hat. You will waste SO MUCH time and money without proper planning. It can feel frustrating to spend so long in the planning phase but I promise it is well worth taking your time early on and making sure everything is solid before you jump in.
I have seen budgets totally blown solely from clients changing their mind after the project is underway. Change your mind as many times as your need early on before orders are placed/ the project has started- and then try your damnedest to stick to your original plan going forward.
5) Look for Ways to Cut Down Throughout Project
This may seem contradictory to what I just said above but hear me out. While usually we attribute unexpected surprises as “bad news” (asbestos in the subfloor, mold inside walls, etc) sometimes these are good surprises. If you are fortunate enough to have unexpected “good news” during your renovation LEAN IN! In one of our projects a few years ago we had planned to replace all the carpeting on the second story of our clients home. They loved the hardwood flooring on the main floor but decided (due to budget constraints) just to replace the existing carpet with new carpeting. Once the contractors got started it turned out underneath the existing carpeting was vinyl sheet flooring, and under that was original hardwood flooring still in incredible shape! We were able to sand and stain the original hardwoods for less than the cost of the carpet replacement. And since we caught it before the carpet order was fulfilled there were no cancelation fees. Talk about a win!
This is another reason to make sure you have a good renovation contractor or interior designer working for you. Because we checked in with the contractor every other day we were able to act fast and take advantage of this rare opportunity to save. Hiring the right professionals means they care and if they find opportunities along the way to make design changes that will save money while still keeping the design plan intact they will let you know right away and make it happen.
6)Pad the Reno Budget for the Unexpected
You have probably heard it from every single person you know that has undergone a renovation project. “It will take twice as long and be twice as much before it’s said and done.”
While that is not entirely true, in my experience, the sentiment is realistic. As important as good planning is, when it comes to renovation you just never know what you’ll find once things come apart. Depending on the project and age/condition of their home I usually advise clients to add 10-25% to the initial budget. This “contingency fund” is the renovation equivalent of an “in case of emergencies” savings. While the goal is to leave the contingency untouched it makes unexpected surprises so much more bearable when you’ve already accounted for it in your original budget. For more on this check out the top 5 Things People Don’t Expect When Budgeting for a Renovation.
7) Hire Contractors in the Off Season
This is one of my favorite tips for saving on home renovation costs. Depending where you live there is usually an “off season” for contractor work. Scheduling your home renovation project for a time where the majority of contractors see a lull in their workload means you may get a better deal. If you are short on cash and not in a rush this can be a great way for some additional savings.
8) Avoid custom!
If you are trying to trim a budget cutting out custom sizes or finishes. Not only do they cost more per piece the chances of delays or mistakes are so much higher than ordering standard. Remember delays in a home renovation project have a domino affect. If you decide you want custom height kitchen cabinets and there is a delay the entire project will be thrown off. Time equals Money especially in reno’s so when timelines get pushed back that means budgets are getting pushed up. This isn’t to always avoid custom pieces. Just understand the cost and potential risks involved before you decide it’s worth it.
Home Renovation budgets are extremely challenging so it is no surprise that only 1 in 5 home renovation projects come in under budget. These tips will help increase the chances that you’ll be one of the lucky few that comes in at or under your initial budget.
If you have any questions or are considering a renovation or interior design project we’d love to connect. You can reach us via email or schedule a free intro call below!
