When it comes to making an improvement or repair to your home, one of the most important areas that you have to get right is that of costing. Being in control of your budget is vital, or things can quickly spiral well out of what you can afford. When managing a budget, you have to ensure you’re ready for anything that might crop up unexpectedly, as well as managing the money down to the finest detail. It can be exhausting.
Fortunately, with some advice and practice, nailing the cost side of a home project is relatively simple. There are a few pointers you might need to get you on your way, and ensure that your home renovation goes the way you’re hoping.
Cost Big Items First
The bigger the renovation project you have in mind, the more important it is to cost this first.
This is going to be your biggest outlay, so you need to ensure that you have a firm grip on how the money is going to be managed. Work that falls into this bracket includes anything structural or do to with the foundations; or any major work requiring a specialist such as an electrician or plumber.
When you have identified the areas that are likely to be the most expensive, you can go about costing them. The first step is to obtain at least three quotes before agreeing on a contract for the work with anyone. The three quotes are important. You, as a lay person, don’t know what you need to set aside.
Ensure that the quotes are a step-by-step breakdown of the work that’s being quoted for. A list of structural repairs, for example, should include: how much to repair the foundation, how much for labor, how much in taxes, how much for any extra work. This can help you tell the difference between quotes. If you just look at an overall bulk figure, then there’s a chance you will be missing out on what’s being included. This could leave you vulnerable to extra costs or, on the flip side, not getting everything that you expect for the work to be done.
Deciding On A Quote
If finance is the primary concern, it might seem like the best option is to go for whoever can do the work for the cheapest amount of money.
However, this can be a false economy. It’s generally regarded that the best option is to pick a quote that’s somewhere in the middle of the ones you have received. This means that no tradesperson will be doing the work “on the cheap” and thus be more likely to do a rushed job, nor do you run the risk of being overcharged for something basic.
Before you sign up for any work, finally, make sure you take into account your intuition. Did you like the person who gave you the quote? Do you think they’re trustworthy? Were they easy to get hold of and did they keep to their appointment time? All of these are important factors too, so don’t overlook what your gut might be telling you.