Getting a DIY renovation done on time and on budget

Monday, February 17, 2020
Getting a DIY renovation done on time and on budget


With the advent of television shows and YouTube tutorials showing how to do everything from rebuilding engines to raising farm animals, you may be considering a do-it-yourself home renovation. There are plenty of tasks, from easy to complex, that one can undertake over a weekend or in the time leading up to a home sale. Perhaps you want to increase your equity or simply update the look of your home.

But two of the biggest stressors for DIY-ers are projects that cost too much and take too long. Unfortunately, there’s no sure way to guarantee that one or the other — or both — won’t happen. But there is a lot you can do to minimize that probability.
 
When budgeting, a big mistake DIY-ers make is not considering the little things. For example, one might budget for drywall panels but neglect to include the cost of nails, tape and plaster. It's easy to overlook these small items or think they won't accumulate expense. But often they do. In fact, for many renovation projects, those little things account for up to 20 percent of the cost. This could leave you with an unsightly, unfinished project.
 
Another expense that is often overlooked is tax. When you find a bathtub you like for $400, be sure to budget for what you'll actually pay out of pocket. Also, don't forget possible delivery expenses. Many experts recommend to add all your expenses, then simply add 10 percent. This should give a buffer. Consider the possibility that you or someone else working on the project may make mistakes, as well.
 
Regarding scheduling, consider whether you've done this type of project before. If you're laying hardwood floors for the first time, there's a learning curve. You'll likely take two to three times longer than you would if you were more experienced. Even if you have experience with the type of project you’re undertaking, it's human nature to underestimate how long it will take. What if you have the wrong materials, or what if you can't find the tools you thought you had? If you feel confident you can install that sink in an hour, give yourself two.
 
A lot of this, of course, is common sense. But if you take a common sense — rather than an optimistic — approach to budgeting and scheduling, you'll stand a much better chance of your DIY project going smoothly.

To get a free report on 27 quick and easy projects to improve your home and sell for more money, CLICK HERE.

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