Whether you’ve been dreaming of making changes to your North Carolina or South Carolina house since you moved in or you are planning a renovation due to necessity, like a new baby on the way, creating a solid budget before work gets underway is essential. Starting any remodeling job without having a budget will only lead to problems down the road. If, however, you’ve never done something like this before, figuring out where to start can be challenging. In this guide, you will find a series of helpful tips that will make budgeting a breeze.
Use estimates to help you
The majority of homeowners obtain estimates from two or three local contractors prior to hiring one. These documents can help you begin putting your budget together. If all of the estimates are in the same ballpark, use the highest number as your starting point. Then, add approximately 20% to that figure for unexpected costs. Very few, if any, renovations go exactly as planned, so it is good to have extra funds available if and when they are needed. Remember, it is always best to over-budget for a project and have money leftover than to not have enough set aside.
Find a trustworthy cost calculator
Nowadays, many websites offer renovation cost calculators. Some of these, however, are better than others. Find a trustworthy cost calculator that takes crucial factors, including your Carolina zip code, into consideration. Urban areas like Charlotte, for example, are generally more expensive than rural regions of both North Carolina and South Carolina. As long as you use a high-quality online calculator, though, it should give you a good idea of what you’ll have to spend on your renovation to get the result you want.
Look at averages around the country
While it is certainly important to know what average remodeling costs are where you live, it is also wise to look at the median price of projects like yours in other markets. This is primarily to help you know if you are being grossly overcharged for labor or materials at any point during the remodeling process. It can also be useful if your area of the Carolinas is particularly expensive for some of the materials you need. You might discover that you can source certain items much more cheaply from other areas of the country.
Talk to your contractor
If you’ve already chosen a Carolina contractor and signed the necessary paperwork, you should sit down with him or her to go over your budget. This way, he or she can see if there are any egregious errors and even help you input certain material costs. You might not, for instance, know the average rate of specialty screws and fasteners that are needed for your job. The more detailed your final budgetary plan is, the less room there will be for surprises over the course of your renovation.
At Hatch Homes, we know that your money matters. That’s why we work hard to offer fair quotes and trustworthy advice each and every day. If you’re interested in having us handle your next exterior remodeling job, call our office to set up a consultation at your earliest convenience. We look forward to helping you make all of your renovation dreams come true!