Despite your particular motivation for a renovation, cost is probably a major consideration. Savvy investors seek maximum ROI that lowest repair cost and highest resale value. Likewise, longtime homeowners with no plans to relocate also have a legitimate interest in optimizing property overhaul time and cost efficiency.
ABCs of targeted renovation budget adherence:
Get itemized written quotes from at least four contractors prior to actual work commencement. Conduct careful analyses to eliminate any superfluous expenditure(s). Then, calculate 90 percent of the average total cost of all indispensable items. This figure is your final renovation budget (“FRB”).
Obtain a revised estimate from the lowest initial bidder. It should include an itemized list of all labor and materials to be supplied for a total amount not to exceed your FRB. As most local laws prohibit licensed contractors from exceeding written estimates by more than 10 percent, your FRB has a built-in hedge against materials cost increases or other unforeseeable events.
Seek referrals from friends and family members to find a reputable licensed contractor in your locale. If possible, choose a provider capable of performing all project phases. This allows the contractor to pass their own savings from reduced overhead due to higher labor efficiency along to you.
Ensure that the company and all workers are fully bonded and insured. Vicarious legal liability for on-site injuries or accidents when trying to save money and build value is the last thing you need.
Browse several manufacturers’ websites and ground retail outlets to get the best price(s) for all required materials. Major home improvement staff typically helps customers make the best selections to suit their needs and budgets. They can even advise you of economical alternatives of equal or better quality than more costly contractor suggestions.
Don’t forget to ask about available volume discounts or promotions. For instance, a discount of 10 percent or more on major purchases made upon in-store instant credit approval is a common incentive.
Demand for many construction materials is seasonal. Major appliances, carpeting, wall coverings, wood flooring, and some masonry-style enhancements are a few examples.
Vendors frequently discontinue certain models, styles, or brands for various reasons. “Clearance sales” conducted to free up valuable floor space offer substantial savings..
Price vs. cost
Do not develop such an intense focus on initial price that you lose sight of long-term cost. Energy efficient components can pay for themselves many times over with decades of drastically reduced utility bills. Avoid disreputable providers like the plague. Subsequent expenses for shoddy workmanship repairs and defective component replacement cost far more than doing it right the first time.