How To Spend Your Money

How To Spend Your Money

For most of us, renovation is a balancing act between the amount of money available and the finished product you dream of.  When you work with a professional renovator, they will be able to make many suggestions about the best ways to allocate the funds to get the full benefit available.

Prioritize

Everyone in the household should have input and create a comprehensive list of what you want to have.  Then you can start whittling down to what is critical, what would be nice, and what is sheer desire.  As much as possible, you should try to plan for the future in terms of family growth, empty nesting, or caring for an older adult. 

Evaluate

Look very carefully at what is already available in your home.  Professionals are adept at recognizing the hidden treasures the homeowner may not realize are possible.  It might be that simply rearranging walls could give you the space without adding another room.  Larger windows can give you the illumination without an electrical remodel.  They can also suggest minor changes like replacing the hardware on cabinetry instead of a whole new set or a good polish on the countertops instead of new.

 

Plan Stages

While it is nice to have all the work done at once, it may be more practical to have the changes in phases.  That certainly stretches the budget and gives you at least some relief immediately.  Working with a professional renovator can help to establish the stages and all the timelines and budgets that go along with them.

 

Substitutes

While you want to be sure you maintain a good quality of products in your home, there are certainly instances where a substitution can be made.  Ceramic tiles instead of marble; four-inch baseboards rather than seven, etc.  Your renovation contractor will be able to make appropriate suggestions and tell you when it is not a good idea to compromise.

 

Long Term Savings

There are many products on the market today that offer significant savings in resources and ultimate financial incentives.  Looking at the long term savings may make it a good idea to invest now in upgrades. 

 

DIY

Discuss with your contractor the ways that you might be able to cut expenses by doing some of the work yourself.  Leave the big stuff like structural, electrical and plumbing to the professionals, but consider painting, landscaping and small finish work.  Just be sure to discuss the liability and warranty issues.