Tips for saving money when remodeling

Ah, a budget. Most of us are all too familiar with living on a budget, especially these days.

Successfully living on a budget is not blindly spending until the money is gone. It is planning where the money will go and sticking to the plan. Knowing how much things will cost and itemizing expenditures will help you know how far your money will stretch.

The concepts of budgeting for a remodeling project are no different than budgeting for your monthly bills and living expenses.

So, why do so many people start a remodeling project with the mind-set to see how far the money will take them without planning where the money will go?

They are setting themselves up for failure. People who don't plan accordingly end up either running out of money in the middle of a project or going way over budget.

This mistake can be avoided. It starts with properly planning and itemizing your project. One huge misconception about remodeling is to go the contractor for a quote first.

A contractor cannot give you an accurate quote without proper construction documents, meaning floor plans, exterior elevations, interior elevations, structural engineering, etc. They can only give you a rough estimate until they know the true scope of the work. Before you ever approach a contractor, work with an architect to discuss the project plans and the budget.

A good architect will help you determine what you can get out of your house within your proposed budget. Remember the more you plan, the easier it will be for you to stay within your budget.

In addition to the drawings, an architect can help you create a design specifications book. By choosing and documenting all the fixtures and finishes in the planning stage, you will enable the contractor to give you the most accurate quote possible for your job.

A thorough specification will eliminate the surprise costs that you might run into if you wait to choose the light fixture at the last minute when the contractors are ready to install it. Don't forget to include a contingency in your budget (5 percent to 10 percent of the project cost); remodeling always has its surprises.

Planning your itemized budget ahead of time will allow you to see the big picture and give you time to determine where you can cut back and where you should buy the best.