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Thinking of doing a home renovation is always easier said than done. “ I want to change the look of my kitchen.” “I want a facelift in my living room.” “I want to add on an extra room.” All the “I wants” abound, but the costs of implementation add up quickly, and it’s always important to stay focused on the most important thing: budget.

Home renovations are easier if you have a large budget to spend. But, how can you create your renovation dreams if you’re working on a smaller budget?  The first thing you need to do is to be very specific about your budget and set a limit up front, from the beginning. See how much renovation activity it covers. If it isn’t sufficient to pay for what you want, continue saving. If it is enough, you can then move forward with specific parameters in mind.

Below are some helpful tips for establishing your renovation budget:

• Know what you want. Don’t let your contractor or anyone else to tell you what you want for your renovation. Costs may be high, especially if you just allow anybody to tell you what to do. When you consider renovating, think of the reasons why. List them down and focus on those needs.
• Evaluate your finances. Do you have the extra money for the renovation? If not, how will you finance the project? What will be your source of funding? Understanding this aspect will help you determine if you can move on with your renovation or if it should wait until you have more funds. Pursuing a smaller-scale renovation instead is another option.
• Know your budget early. Set your budget from the beginning, so you can make your decisions around it. The expense does not always start with the first day of the renovation itself. There are expenses that need to be incurred even before the project starts.
• Get a rough estimate of your desired renovation. Have an overview of how much you will be spending on your project. That way, you can make necessary financial considerations to meet renovation needs. Keep in mind that unexpected things inevitably come up during a project, so have an extra buffer of funds for “surprises” as well.
• Shop around. Request quotes from different contractors before you choose one. You want to be sure you’re not unnecessarily over-spending.
• Know your priorities. Is having a new window a priority? If yes, consider it in your budget. Is a new kitchen flooring a priority? If not necessarily, put it in your list of second priorities and see if it fits your budget later on.

Unique Properties
Tulsa Real Estate
Call us: 918-760-6959