How To Keep Track of Remodeling Expenses

By Chris Wilson


Proper planning of your resources can ensure that you do not run out of money and time when remodeling. Although it is easy to implement, most people who do not properly strategize from the beginning fail in their renovations. To ensure your remodeling expenses are on track, here are a few tips.

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Do Thorough Research

To keep track of your renovation budget, you must have a realistic budget in place, arrived at through thorough research. Engage in in-depth research of the best cost of materials, services, as well as labor if necessary. This helps to estimate remodeling costs and lets you reach an informed decision as to whether the remodeling is feasible or not.

Get a minimum of three quotes from different suppliers to ensure you get a fair market price on the products. Also, ensure the suppliers have high-quality goods and services to avoid substandard or shoddy results. Cheap can indeed be expensive in the long run.

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Break Down Your Budget

Whether you are remodeling for business or pleasure, you can easily misjudge the costs involved. It can be quite embarrassing if your budget blows out before you can do some finishing touches that are essential to the outcome of the project. For this reason, break down your budget in detail during the initial planning phase.

Every time you spend money, it is wise to know how much of your expenditure is allotted for that purchase. Whether it is a meal out or furniture, everything big and small should be accounted for in the budget. This way, you will be able to keep track of your expenses and make necessary adjustments.

How To Keep Track of Remodeling Expenses

Employ Tracking Techniques

After identifying all the aspects of the remodeling project, it is imperative to get a tracking system in place. You can create a spreadsheet and add everything you want to buy from the research you conducted. Make a habit of updating every invoice, receipt, and any miscellaneous expenditure.

This way, you can see the entries that are munching up most of your budget and make adjustments accordingly. You can readjust the budget by opting for cheaper materials or cutting them out altogether.

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Additionally, there are apps and software nowadays that can make this exercise easier for you. Microsoft Office has a budget template that can help you compare your original budget to the actual expenditure in a separate worksheet. iPhone mobile phone apps such as Renovation Budget Tracker can help you make the budget, track costs, prompt you when payments are due, and even keep track of your project’s completion period.

Be More Hands-On

Being hands-on is not only a good way to save some money while keeping an eye on the expenditure, but it is also a way to ensure no shortcuts are used. You do not have to be a professional at laying tiles or putting up drywall, but you can do other stuff. You can prepare surfaces by scraping, demo the place, pass a tool, or help cleaning up.

How To Keep Track of Remodeling Expenses

On the other hand, if you have some DIY skills in you, go on YouTube or read some instructions. You will lower your budget significantly by cutting out contracting costs and also keep track of your expenditure without outside influences. Plus, expiry dates for materials and due-dates for rental tools can be enough motivators to get the job done in time.

Enlisting Help, Helps

While asking for help can at times be a wrong idea, at times it can go a long way in tracking your remodeling expenses. Enlisting the help of a sub-qualified plumber friend because you trust them will cost you more when you have to pay again for a truly qualified plumber. However, if someone is an expert at updating your spreadsheet and keeping track of your budget, it does not hurt to ask for some friendly help, especially if they are offering.

Home repair male worker busy with house renovation, holds building equipment, has sad expression, wears casual working clothes, looks up. Builder with paint roller, brush and hammer stands indoor

Stick To The Original Plan

Although things might get out of hand during the remodeling, it is imperative to stick to the original plan at all times. This is why budgeting for some unforeseen eventualities is essential. This way, you will not be blowing your budget when a pipe accidentally starts leaking and you have to fix it.

However, substantially changing plans during the process makes it difficult to track your expenses and causes delays as well as labor fees. No matter how great an idea sounds, deviating from the plan creates confusion and record-keeping nightmares. You will lose track of your remodeling expenses when you impulsively change plans, resulting in a half-done job.

Chris Wilson

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