8 Expert Tips for Budgeting Your Home Renovation

When it comes to home renovation, there’s no easy answer to whether you should do it yourself or hire professionals. It all depends on what you want to get out of the project, your budget for the project, and how much time you have available. In this post, we’ll cover the basics of budgeting a home renovation. 

The first thing you need to know when budgeting your renovation is how much money you have to spend. The best way to figure this out is by creating a budget and sticking with it as you go through the process. As you research materials and go through initial planning stages, you’ll learn more about the costs and what expenses to expect.

The next biggest factor in determining your budget is how much time you’re willing to devote to the project each week. If you’re taking time off work and you have no other obligations, then you can put extra money and energy into the project. Even so, this could still be a full-time job if you want everything to go according to plan. If you don’t have the time to do it all yourself, then hiring out some of the work might be the better option for you.

By now, you’ve probably decided what type of renovation you’re going to tackle  – and how much money and time  you’ll devote to it. With those things in mind, the next step is to list out all of your project costs. This will include materials, labor and any permits or inspections you may need.  

Using this list, you can begin to estimate costs and determine how much work you’ll be able to do yourself.  

For example, let’s say your project is a bathroom remodel. The total cost of the renovation is $10,000 (not including your labor). You have $5,000 in labor that you can handle yourself, but you don’t know how long you’ll be able to work on the project. There are also several different materials and supplies you’re considering purchasing. 

You plan to buy all the materials yourself, because you know you can get a better deal that way.  To further help you with your budgeting, we’ve created an Excel spreadsheet for free download that will assist you in your planning and budgeting efforts. It contains a number of features, including a budget calculator and material cost calculator, that can really come in handy throughout the project.

If you choose to download the Excel spreadsheet, please note that it can be a large file, so it may take some time to download.

Click here to get the free Excel spreadsheet

You’ll find a link below this article for your free download:

Click here to get the free Excel spreadsheet 

Description: Spreadsheet containing tips and tricks for planning your home renovation project. Includes a budget calculator Estimate your cost by using the tool! The downloadable version contains an MS Excel 97/2000/XP file.

Access the file on any computer, even if you don’t have Microsoft Office. Get the latest version of Microsoft Excel View the screenshots of our Excel file. To view how it looks, click here. 

Downloading instructions: Click on the “Download” button located below the article

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How to Save Money on Your Home Renovation

Planning Your Home Renovation To save time and money, plan out your renovation in advance. 

If you have an idea of what you want the renovation to look like, then you can start looking for materials that will help make your vision come true. Right off the bat, this can save you a lot of money on materials and labor costs, as well as energy spent trying to figure out what goes where.

If you don’t have a vision already, then you’ll either need to go through all the planning stages again or you’ll need a little help. It’s always better to start with this step, in my opinion. If you get stuck somewhere along the way, then that’s a good sign that your vision isn’t quite right yet. 

You can then take another look as your project progresses and see if your vision needs some tweaking.