If you do not effectively manage your home renovation project, things can get out of hand, and costs will add up quickly. If you are building an addition and cost savings is a chief goal, you can complete your project at a fraction of what it will usually cost by putting five steps into action.
1. Create Your Budget
Before you can begin any home renovation project, you need to craft a budget because this will enable you to keep your spending in check and ensure you do not accumulate too much debt. Your budget must be detailed as you factor in all costs for material and labor. Depending on how building your addition will impact your home, you will need to factor hotel costs into your budget, especially if you are not able to remain in your home while the work is being done. If the new addition will temporarily put your kitchen out of commission, you need to factor in dining costs. Add everything together and then increase your budget by 10% to account for any unexpected expenses.
2. Create Your Project Plans
Just like you must plan your budget, the same is true for your project. Draft detailed plans and stick to them. Sure, you can allow your imagination to run away with you; however, doing so can lead to disappointment because you will overspend, and you risk not having a favorable outcome for your project.
3. Purchase Your Own Materials
If you allow the contractor to pick up your materials for you, they can add as much as a 30% markup to cover their operating costs. Of course, the markup depends on what each contractor chooses. If you purchase your own materials and haul them from the store, you will pay no more than the cost of the materials and their delivery.
4. Repurpose Your Materials
Try and repurpose materials where you can so you can save money because you will not have to purchase much of what is new. You may have some cabinets that do not go with your kitchen; use them for your home addition instead. Or, you have some lumber lying around that you have left over from another building project. Work with your contractor to see which materials you have that can be repurposed and reused.
5. Search for Knockoffs
You want your addition to have a look of luxury; however, you do not want to pay soaring prices for luxury materials. Check for knockoffs because these can allow you to obtain cheaper materials that mimic the look you desire.
If you are ready to build an addition that will accommodate your needs and enhance the appeal and esthetics of your home, now is the time. Call us today and work with our experienced construction contractors at Synchronous Construction to craft a home addition for your home in Independence, OH.