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Addendum to Newsletter –

Budgeting for a Home Renovation

Whether you plan to renovate a house before moving in or are preparing to remodel your current abode, we know budgeting for a home renovation can be a tough process. First, you’ll need to determine what it is you really need versus what you simply want. Next, you’ll have to figure out how you’re going to finance the renovation in the first place. Once you have a general idea of how much money you have to spend on renovations (and where that money is coming from), you should be able to make better decisions on finishes, appliances and other renovation features.

Remember: most renovations end up costing more than originally thought, so be sure to have a money cushion set aside in case of emergencies. This is especially true if you plan to tear down walls and make structural changes, as these projects often end up with unwelcome surprises (think: water damage, mold or electrical and wiring issues). Many homeowners may also be concerned with ways to cut costs and save money without compromising the quality of the home. For tips on budgeting for a home renovation, check out our expert advice below.

Tips for budgeting for a home renovation

  1. Decide on your top renovation needs and priorities
    The reason for renovating your home probably has something to do with a need that isn’t being met by your current living situation. Perhaps it’s a need for more space or perhaps it’s a need for an updated bathroom. Whatever the reason (or reasons) for renovating, be sure to write down and prioritize all of your remodeling goals. For instance, a larger kitchen island may be at the top of your priority list, whereas updated appliances may be lower down on the list of needs. Keep your goals in mind and avoid getting side-tracked with smaller projects that can wait for later.
  2. Look at cost vs. value for each renovation project
    Planning to sell your home in the future? Keep the return on investment top of mind when choosing home renovation projects. After all, there’s no reason to pour $40K into a kitchen, if the home isn’t going to sell for more than you originally paid. Once you’ve prioritized your home renovation needs, research each project’s cost vs. value using Remodeling Magazine’s latest Cost vs. Value report. The report includes the cost of common remodeling projects and compares them to that project’s resale value. This should give you an idea about which projects are worth the money and which projects aren’t. For instance, the 6 most valuable home improvement projects of 2018 included an upscale garage door replacement, manufactured stone veneer, the kitchen, siding and vinyl window replacements and a bathroom remodel, check out the best ready mix supplier deals.
  3. Figure out how you’re going to finance the renovation
    Now for the hard part: figuring out how exactly you’re going to finance this renovation. First, take a look at your current finances. Do you have enough cash to cover the renovation? If so, great. If not, you’ll need to borrow money for the project. Unless you have a fairy godmother willing to loan you cash, we recommend either using a home equity loan or home equity line of credit (HELOC), where homeowners can borrow money against their home. Many homeowners also use credit cards to finance their renovation projects. This may be a good idea – assuming you have a plan to pay these credit cards off. If you have strong credit, you may also be able to obtain a loan through SoFi, an online personal finance company providing personal loans and mortgages to high income individuals.
  4. Talk to others who have finished similar renovations
    Discuss your renovation project with someone who has experienced it first-hand. In addition to obtaining knowledge and tips on how to complete a successful renovation, you may also learn how to cut costs and budget appropriately for certain projects. For instance, someone who has renovated a master bathroom before should be able to give you tips on where to find good deals on hardware and supplies. In addition to telling you what to do, they should just as easily be able to tell you what not to do when it comes to renovations. Learning from their mistakes could end up saving you a substantial amount of money.
  5. Create a list of specific needs and goals for contractor bids
    After going over your needs and wants, create a clear list of renovation goals to hand to contractors. This will ensure that your bid (or cost estimate for the renovation) is as accurate as possible. Make sure to include both major structural changes to the home and cosmetic changes. Examples of what to include on a kitchen renovation list include demo, new quartz countertops, new custom-made cabinets, painting kitchen cabinets and walls, new subway tile backsplash, ceiling beam installations and new GE appliances. Make sure to include specific brands you plan on using as well. From here, a contractor should be able to give you a much more accurate quote.
  6. Obtain bids from at least three general contractors
    If you’re planning to use a general contractor, we recommend obtaining bids from at least three different contractors. It’s not uncommon for bids to differ wildly. If a contractor is particularly busy or charges a hefty percentage, then you can bet that bid will be higher. According to Angi, most general contractors charge “between 10 to 20 percent of the total cost of the job.” The total cost of the job includes materials, supplies, labor, permits, etc. Be aware of contractors that give you a too-good-to-be-true estimate. For example, if three different contractors tell you that the project will likely cost between $30K and $40K, but one contractor tells you he can do it for $10K, this could be a red flag that the contractor is either lying to you or is inexperienced.
  7. Research materials and sources for the new home
    When budgeting for a home renovation, it’s absolutely crucial that you have some idea about how much everything costs. We recommend spending a substantial amount of time researching your specific renovation needs. From the cost of countertops and appliances to the cost of bathroom vanities and flooring, researching these specifics will allow you to keep an ongoing tally of renovation costs. While you can always research costs online, you should also spend time at your local Home Depot, Lowe’s Home Improvement, Ferguson Showroom and local warehouses where granite, marble and other stone surfaces are sold.
  8. Cut costs where you can
    Of course, cutting unnecessary costs where you can is never a bad idea – especially if you’re on a tight budget. Those unwilling to compromise on quality materials or finishes should look into purchasing gently-used or refurbished items. Your contractor may also be able to find leftover stone slabs from previous projects. Other ways to cut back on renovation costs include purchasing items when they go on sale, hiring subcontractors instead of a general contractor and doing a little DIY work (i.e. painting a room yourself).
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9 Responses

  1. I wanted to create you a little observation just to give many thanks as before about the amazing guidelines you’ve documented in this article. This is so strangely generous with you to give unhampered just what many individuals would have distributed for an e book to generate some dough for themselves, even more so considering that you could have done it if you considered necessary. The pointers additionally acted to become a fantastic way to recognize that most people have the identical interest similar to my personal own to understand a lot more regarding this matter. I believe there are many more enjoyable opportunities up front for individuals that check out your website.

  2. Dear Larry,
    Bought “Story Engineering”…Excellent…love it! I subscribe to both Story Fix and your newsletter. They’re great. I’m a new writer on the brink. Have had 2 of my short stories published & am starting to “engineer” a novel. One of the tips in your 100 Free Tips for writers recommends studying screen writing books.Can you recommend a good one, please? Thanks.
    Regards, Rita

  3. Larry, how can I get the newsletter? Is it too late to receive the April issue? I thought I had signed up for it but perhaps not.

    Sher

  4. I signed up for the newsletter a bit late. Is it possible to get a copy of the April newsletter now? I’d like to get the download…. 🙂

  5. Larry, thank you for the free download. E-Junkie let me mine it yesterday. I devoured the download in one sitting, bookmarking those pages where I found nuggets of gold that resonated with what I am trying to do in my novel. To paraphrase a line from a movie: “Thar’s gold in them there pages.” Again, as in your blog, your generosity with us aspiring writers amazes me.

    A note to those out there who are reading the download now: If you find yourselves “trying to wrap your head around” story architecture, all I can say is buy Larry’s book, Story Engineering. It will take right into the gold mine, straight to that biggest seam of golden information about writing a story that you have ever seen. In Larry’s words: “This is huge. This is killer.” It will be the best investment you will ever make in your writing career. You will earn dividends in insights about all the elements that make great stories work; insights that have the potential to make your story great too.

    If you have a completed manuscript, Story Engineering will show where the nuggets are in your story and where the fool’s gold is, so that when you come out of the mine you’ll know that you are headed to the refinery with the potential to turn your manuscript into a brick of gold.

    If you have staked a claim to a story idea, Story Engineering will give you the tools that will tell whether or not it’s worth to start digging. And, if it is worth to start digging, Story Engineering will give you the tools to build your mine shaft that will take your straight to all the nuggets to fill your story sack full of gold.

    Nobody ever said digging for gold is easy. Some dig in the dark. Some dig with the Story Engineer’s Headlamp on. It beats panning for gold, or as Larry would say, “pantsing” for gold.

  6. Mr. Brooks- I’m sure you’ll go over this in the Hunger Games deconstruction series- but I went back and read the scene on page 72, and what is it that makes that the First Plot Point? I’m trying to get the hang of your structure outline…I would have guessed something earlier. Looking forward to what you have to say about it.

  7. Dear Larry, I just read the newsletter and I wanted to comment on the story analysis and coaching service. I’ll put my comment here because I cannot for the life of me figure out how to comment on the newsletter. Any ideas? Anyway, I think the service sounds great! I would love to have you help me with my ideas, beat sheets, etc., but the original price for you to go through the whole manuscript was definitely out of my price range. $60 to start, and even the $100 later on is much more managable for me. I’m hoping to “manage” it before May so I can take advantage of the reduced rate. I’m very excited! You’ve done so much to help my writing already and I’m sure having your personal touch will only make it that much better. Thank you for offering this service.

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