Hello World! Welcome Friends! When you’re having any kind of home renovation carried out, a budget is crucial. Without a budget, you won’t know how much you have available to spend to begin with, and you won’t know how much you’re spending as you go along. By the end, you might run out of money before the project is finished, or you might have to borrow to get it done.
It might seem easy to make a budget. After all, you just need to look at the money you have available and then look at the costs for the work – materials and labor – and take the latter away from the former. If there is money left over, you’re within budget.
While it might be that easy in practice, in reality, it’s not quite like that, and this can often be down to costs that you missed from the original budget, but that have to be paid for nonetheless. With that in mind, here are some of the things that are easy to miss from your home renovation budget; once you’re aware of them, you can account for them.
Feeding The Family
This point will only be necessary if your renovation means that your kitchen is out of action. If you can’t get in the kitchen – possibly because you don’t have one since it’s being remodeled – you may need to spend money on restaurants or takeout. This can soon become very expensive and can take a large portion of the budget you set aside for other things.
If you’re aware that you’ll need to spend this money before you start the work, you can put an estimate on the cost of this and ensure it’s in your budget. It’s so important but so easy to miss.
Off-Site Storage
It’s better for everyone if you can store your belongings and furniture away from the house while it’s being renovated. This will make the job much easier for any contractors, and it will mean you don’t have to worry about breakages and damage.
If you want to do this – and it’s highly recommended that you do – you’ll need to factor in the cost of storage in your budget. If you choose somewhere like Mammoth Self Store, you should be able to find all the prices online before you sign up, so you will know in advance how much it’s going to cost you.
Contingency
Often, people will create their budgets by adding everything up and ensuring that they have enough money put aside to pay for it. This does seem to make sense, but it’s neglecting a critical aspect of any budget, not just a home renovation one. That is the contingency fund.
Having a contingency fund of around ten to 20 percent means that, should something overrun or you need to buy something, or you forgot to think about any of the other items on this list, you’ve got ‘spare money’ put aside for it.
The ideal is that you hope never to use this contingency, but it’s there if you need it. Forgetting to include this in your budget is one of the biggest mistakes you can make.
Click the links below for any posts you have missed:
First Time Home Buyers Mistakes
Ways to Make Money in the Textile Industry
8 Best Houseplants for Low Light Areas
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Toodles,
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