Budgeting tips for home additions

 

home additionsAre you planning a remodeling project for your home? While exciting, it can also be nerve-wracking to think about potential costs and the ways in which they may affect your daily life. Ideally, it is helpful to save up for a remodel before doing so, but it can also be beneficial to get into money-saving habits during the remodel as well. This list provides a few ways you can stay on top of money issues while creating the home of your dreams.

  1. Ditch the coffee shop in favor of your favorite mug: This tip makes an appearance on most money-saving lists, mostly because it works! Americans love their coffee and many fork over around $5 a day on specialty drinks (and that’s only considering those who limit their coffee shop trips to once a day.) Assuming you have a daily latte habit on workdays, that averages out to $25 a week and $100 a month! That’s some serious cash that could be allocated to something with more longevity, like new stainless steel pots and pans to complement your kitchen remodel.
  2. Become a DIY master: It’s no surprise that the excitement of remodeling one room of your home may spark ideas in other areas of your home too. But before you shell out extra money to add on a basement remodeling project, think about what small updates might be beneficial in other rooms and figure out how to do them yourself. Living room looking drab? Perhaps some new artwork could liven it up. Canvas and art supplies are relatively cheap, plus creating your own artwork is a wonderful way to let out creative energy. Not the artistic type? Rearranging furniture can give a room an entirely new feel for no money at all.
  3. Find a penny, pick it up: How many times have you spotted a penny on the ground, in a cushion, on the floor of your car, only to leave it there because it’s “just a penny”? Instead, pocket these pennies and put them in a jar in your home. Do this for all change you find laying around, including excess change in your wallet. Over time, you’ll see this jar fill up. Take it to the bank and cash it out when the jar is full. You can then use that money to pay for part of your renovations or even put it in a fund for the next one!
  4. Befriend your custom builders: Your relationship with your contractors is an important one. Not only will they be mainstays in your home for the duration of the project, but they can provide real insight into the construction process. Talk to them. Get to know them. An open relationship with your contractors ensures you can get advice about pricing, methods and ways to cut your costs as well as places where spending a little extra might be necessary.

When remodeling any part of your home, money is an important factor. Being mindful of your financial situation will make the process easier and less stressful, not to mention how much more you’ll enjoy your new space with a few extra bucks in your pocket.