{"id":20959,"date":"2023-03-10T07:45:00","date_gmt":"2023-03-10T07:45:00","guid":{"rendered":"https:\/\/www.lakehomes.com\/info\/?p=20959"},"modified":"2026-05-06T11:02:02","modified_gmt":"2026-05-06T16:02:02","slug":"5-tips-for-sticking-to-a-renovation-budget","status":"publish","type":"post","link":"https:\/\/www.lakehomes.com\/info\/lifestyles\/5-tips-for-sticking-to-a-renovation-budget","title":{"rendered":"5 Tips for Sticking to a Renovation Budget"},"content":{"rendered":"\n

So you\u2019ve bought the lake home<\/a> with a stunning view, and now you\u2019re ready to tailor the interior<\/a> to fit your needs. Renovations<\/a> are an excellent way to increase your home\u2019s value and incorporate unique features. However, sometimes unexpected problems arise, but fear not\u2014you can easily stick to your renovation budget with some strategic planning. <\/p>\n\n\n\n

1. Conduct Extensive Research <\/h2>\n\n\n\n
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Photo Courtesy of The Family Handyman<\/a><\/figcaption><\/figure>\n\n\n\n

Dazzling images of your dream kitchen and master bedroom swirl through your head. And you\u2019ve scrolled through dozens of Pinterest<\/a> boards to finalize whether you want quartz or marble countertops. However, not all materials are created equally, and it\u2019s crucial to note price points before sketching out renovation plans. Plus, you must factor in the cost of labor<\/a>. <\/p>\n\n\n\n

As Dwell <\/a>contributor Kate Reggev<\/a> points out, the more you plan, the fewer changes you make later and the less money you spend. So, it\u2019s important to detail every renovation you want to integrate\u2014even the minuscule ones. As Imran Hamidi<\/a>, principal at Laing + Simmons<\/a> East Group, explains, extensive planning forces you to ponder which additions enhance the value of your home. If you research thoroughly, you can avoid needless spending and stick to your renovation budget. <\/p>\n\n\n\n

2. Be Intentional During the Bidding Process <\/h2>\n\n\n\n
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Photo Courtesy of Freedom Mentor<\/a><\/figcaption><\/figure>\n\n\n\n

When you are eager to move into your lake home, it can be tempting to rush the renovations. However, it\u2019s essential to explore your options before coming to a decision, especially during the bidding process<\/a>. When selecting a contractor, many renovation experts <\/a>advise reviewing bids from at least three contractors to make an educated decision. <\/p>\n\n\n\n

Although selecting the cheapest contractor may seem economical, you could save less than you expect. Quality matters and an inexpensive contractor might end up leaving tasks unfinished. Home Advisor<\/a> recommends hiring a contractor with a good reputation, noting, \u201cWhen it comes to home renovations, you have to spend money to save money.\u201d Additionally, Family Handyman<\/a> contributor Rachel Broughman<\/a> suggests researching what others have paid for similar renovations. She proposes not selecting the most or least expensive contractor but finding the median between the two. <\/p>\n\n\n\n

Additionally, consider hiring a contractor with fixed rates. As NAB <\/a>(National Australian Bank) explains, \u201cIt could be worth the extra you pay to know exactly what you have to pay for upfront\u2014and make it much easier to stick to your budget.\u201d This way, you won\u2019t have to scramble to readjust your budget later if unexpected issues arise. <\/p>\n\n\n\n

3. Safeguard Against Potential Problems <\/h2>\n\n\n\n
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Photo by ThisIsEngineering<\/a><\/figcaption><\/figure>\n\n\n\n

If you\u2019ve watched HGTV<\/a> long enough, you know renovation horror stories. Although many homeowners encounter minimal renovation issues, it\u2019s paramount to safeguard against potential problems. Electrical or plumbing issues can lurk behind perfectly painted walls and go undetected until the demolition process<\/a>. Most experts<\/a> recommend setting aside 15-20% of the contractor\u2019s renovation cost to confront these unexpected issues. This amount may sound like a hefty sum, but it guarantees these repairs won\u2019t sink your budget. Plus, if you do not encounter any problems, you will have extra funds to invest in renovations you might have initially shelved. <\/p>\n\n\n\n

4. DIY When You Can <\/h2>\n\n\n\n
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Photo Courtesy of Amazing Interior Design<\/a><\/figcaption><\/figure>\n\n\n\n

Unless you have extensive renovation experience, you should leave the plumbing to the professionals. However, there are some basic renovations anyone can accomplish. Most contractors will charge you for any extra work, so taking care of minor repairs<\/a> in advance can help you stick to your renovation budget. For example, you can easily fill in holes in the wall or nail down loose floorboards. Furthermore, Chris Dossman<\/a>, a real estate agent in Indianapolis, says that removing and discarding your old carpet can significantly cut labor costs on the installer\u2019s bill. Then, when the contractor comes in, they can focus on major repairs. <\/p>\n\n\n\n

You can take on design-oriented projects like painting rooms or repurposing furniture. With countless DIY videos on the internet, you can spruce up your home and avoid an expensive trip to the furniture store. Lake Homes Lifestyles<\/a> also has helpful DIY tips to get you started. <\/p>\n\n\n\n

5. Know When to Splurge and When to Save <\/h2>\n\n\n\n
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Photo by Mark McCammon<\/a><\/figcaption><\/figure>\n\n\n\n

Splurging does not equal excess when you\u2019re increasing your home\u2019s value. Reggev<\/a> pinpoints windows, appliances, and doors as a few key examples of where you can splurge and gain revenue in the long run. To decide when to splurge, Hamidi recommends splitting your budget into needs and wants, with essential items falling under the needs category. The needs\u2014such as adding an extra bedroom or bathroom\u2014will increase your lake home\u2019s value if you decide to sell it. On the other hand, an outdoor waterfall might be a unique feature, but it isn\u2019t guaranteed to enhance your home\u2019s marketability. Therefore, it would be better to cut that expense than the extra bathroom\u2014and having your renovations categorized simplifies this decision. <\/p>\n\n\n\n

According to Zillow<\/a>, you should spend no more on each room than the value of that room as a percentage of your overall house value. For example, a kitchen generally accounts for up to 15 percent of a home\u2019s value. So if your lake house is worth $500,000, you wouldn\u2019t want to spend more than $75,000 on the kitchen. Also, consider undertaking several renovations simultaneously. For instance, if you decide to replace your home\u2019s flooring, it would be better to install the new flooring throughout the entire house. It is easier for laborers to accomplish all of this at once, saving you more money in the future. <\/p>\n\n\n\n

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Photo Courtesy of Dwell<\/a><\/figcaption><\/figure>\n\n\n\n

There\u2019s nothing like enjoying a breathtaking lake view in a home perfectly tailored to your taste. With these five tips in mind, you have the necessary tools to stick to your renovation budget and turn your lake house into your dream home. <\/p>\n\n\n\n

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