You’re prepping for a big home improvement project, you’ve planned out which DIY projects you’re going to tackle, and you’ve even started to pick out new paint colors. But how do you ensure that your projected budget will actually match the real-life cost? This article will walk you through three key things you should plan for when setting your remodel budget.
Budget for in Your Home Improvement Project: Fixing Mistakes
Even if you plan out every step of your remodel, mistakes are inevitable. Even simple things like ordering a backsplash that looks different in person than it did when you ordered it can result in certain return fees.
While some major mistakes can be avoided, you may still encounter costly mistakes and you need to plan for some of these to happen. If you’re knocking out a wall, you may find that there are important support beams in that wall that can’t be removed, resulting in a more expensive removal of the wall. Padding your remodel expenses will help you be able to finish your renovations comfortably even when you face unexpected problems.
Even though you own your home, you still need a permit to remodel. Generally, if your remodel will result in changing the exterior face of your home, altering the plumbing, adding windows, or changing other specific aspects of your home, you will need a permit. It’s important to check your specific state’s regulations to ensure whether or not your renovation requires a permit.
Budget for in Your Home Improvement Project: Taxes and Shipping
Maybe you’re planning on remodeling your kitchen and you plan to take out the cabinets and bring in new appliances. When you’re doing your initial budgeting, it can be tempting to only account for the cost of the items themselves.
But even though it’s easy to get free shipping on a lot of other types of purchases—like a pair of jeans—shipping for larger items can actually be quite expensive. Similarly, it’s easy to forget about the cost of taxes. Though some aspects of your renovation may be tax deductible, you should still plan to pay hundreds of dollars in sales taxes when purchasing big ticket items like appliances and cabinetry.
Figuring out all the details to account for in a remodel can be complicated at first—with so many different individual items to pay for including materials, labor, and equipment, it can be easy to forget to factor in certain predictable costs. This article has walked you through a few expenses to plan on, but be sure to do your research about your specific project to ensure that your projected budget is accurate.
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