Have you prepared a budget for basement remodeling? Many homeowners don’t know how to budget for the full cost of labor, materials, and potential delays.
In this blog post, we will give you our tips for how to stay on budget so you won’t run out of money before your basement is finished. For an accurate basement remodeling quote, we recommend contacting a basement remodeling contractor near you.
Plan for the long term
During the planning phase, we recommend choosing materials for your basement remodel that will still look good several years from now. Keep in mind that this might mean choosing more expensive materials. For example, hardwood flooring has a higher upfront cost than carpeting, but requires less maintenance over the long run to keep looking nice.
It’s much better to pay more money up front than to be surprised by upkeep expenses further down the road. Materials that are more expensive are also made to last. A reputable basement remodeling company will be able to help you pick out quality materials that will look good in your home.
Know what your estimate includes
There’s a lot that goes into turning your basement into usable living space. Depending on your basement remodeling ideas and the current condition of your basement, you may have to pay for permits, inspections, plumbing, framing, drywall, electrical work, and more. Be sure to ask your basement remodeler what the estimate includes so you aren’t left with unexpected expenses.
If a company offers to give you a quote over the phone, hang up. It’s impossible for a home remodeling contractor to give you an accurate estimate if they haven’t seen the condition of your basement. You’ll want to pick a contractor who puts careful thought into the total cost of basement remodeling.
Don’t change plans halfway
Make sure you know exactly what you want before finishing a basement. Every time you change your mind, you extend the timeline of the project and end up spending more money on basement renovation. However, this doesn’t mean that you shouldn’t speak up if you notice something that doesn’t follow your specifications. The best way to stay on budget is to make sure you are truly happy with the remodeling plans before moving forward.
Read the contract
Make sure you know what you’re paying for before signing any contracts. Some contractors may want you to pay extra for services you assume are covered by their initial fee. For example, depending on the contractor you choose, cleanup services after the remodel aren’t always a guarantee. Reading the contract helps you stay on budget so you know what expenses are covered by the initial fee and what expenses you’ll have to pay later.
Choose basement remodels that add value
Since a basement remodel is an investment in your home, you want to make sure that you are going to get the most for your money. For example, adding a basement bedroom or bathroom can increase the value of your home when it comes time to sell. You’ll also want to think carefully about the materials you use. While you may like orange carpeting, the next homeowner may be happier with traditional hardwood floors.
If you plan on staying in your home for years to come, you’ll want to think about whether you’ll still like that color carpet five years from now. Most homeowners change plans in the middle of basement remodeling because they haven’t thought about their long term goals for the remodel. However, choosing basement remodels that add value to your home will help you save money in the long run and get better return on investment.
Our Grand Rapids basement remodeling contractors at Basement Trust are dedicated to making sure you are kept informed on the progress of your basement remodel. If you are interested in getting a quote for your basement remodel, give us a call at (616) 588-4081.