Sudarsan Chakraborty

Gearing up for a big renovation is an exciting moment in your life. It’s also an expensive one, as you take on costs that fall outside your usual budget. If you expect to finish your renovation without going broke, you should know these three things:

1. You need to be flexible

Taking on a renovation requires organization; you need to know who’s going to be making the upgrades, when they’re going to do them, and what materials they need. This helps bring order to the madness involved in renovating your home.

Madness being the key word here — especially if you’re dealing with large contracting companies, big upgrades, or delicate work. With so many moving parts, it only takes one snag to throw off your carefully laid plans. A contractor who goes out sick, poor weather preventing outdoor work, or a product that goes temporarily out of stock can derail your schedule.
Understanding you’ll likely run into delays will ultimately help you keep your calm. You can properly schedule your deadline with the assumption that something will go wrong, factoring in a buffer of a week or more depending on the size of your reno. You can use this extra time to make up any potential losses while dealing with problems.

2. Your budget needs a cushion

Accidents happen. You might accidentally drop a few tiles when transferring them from your car, and they shatter on impact in the driveway. Your contracting team might start to tear down the wrong wall. The fabric manufacturer may run out of your first choice of material, forcing you to choose a more expensive replacement.

It’s all in a day’s work when it comes to your renovation, which is why most professionals suggest you budget 10–25% extra to cover these SNAFUs. This cushion could potentially help you replace those tiles and fix up your wall without a second thought.

People who don’t budget for this cushion may struggle to cover these accidents. In the case of urgent and necessary repairs that come as a result of these issues, they may find it best to secure a cash loan to cover them. Online lenders like MoneyKey offer fast and simple payday loans that work well under pressure, making them one of the quickest ways to get a cash advance.

If you have enough money squirrelled away to cover this repair without a payday loan, lenders like MoneyKey can help in other ways. Their blog is full of great budgeting tips and savings ideas that can help boost your renovation budget, emergency fund, or general savings account.
Their blog offers practical ways you can save more in your everyday life. There you can learn how to reduce your grocery bill by using apps, shopping with a list, or buying in bulk. As you can see, these tips are simple and easy to start implementing right away, so you can see your cash savings immediately.

3. Not everyone is handy

After shopping around for contractors, you might be surprised to find out how much your renovation may cost you. Even the lowest bid might be out of your budget — putting your plans on hold.

The project may be on hold, but that doesn’t mean you’re able to push your reno out of your mind. If it’s a long-awaited upgrade and something you’re excited about starting right away, you might find ways to cut corners and take on work without an expensive contractor — either by doing the work yourself or by hiring an unlicensed Jack-of-all-trades.

Although DIY work and a local handyman are likely to cost you less money than a professional builder or contractor, they come with other risks that might bust your budget. If you aren’t comfortable or experienced making large-scale upgrades, you could make a mistake that’s expensive to fix, or you could do something that endangers your life.

The same risks apply to a neighborhood Jack-of-all-trades. Unlike most contractors, they usually don’t come licensed or insured. Without these certifications, there’s no way to prove the handyperson in question knows what they’re doing. If they make a mistake without insurance, you could be liable for their injury.

The potential for disaster isn’t worth the risk. If you aren’t experienced making DIY renos, don’t take on work you don’t understand how to complete safely. If a contractor costs too much, don’t opt for a less experienced and less expensive local handyman.

When it comes to your home reno, it’s worth waiting to save more, so the job gets done correctly the first time around. This is just one of the lessons you’ll learn when you tackle your next big upgrade. Like adding a cushion to both your schedule and your budget, this trick is all about preparing for your renovation properly.