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How to stay within your budget during a major remodeling project [VIDEO]

Posted on Monday, February 2, 2015 at 10:03:07 AM

A new coat of paint or some furniture falls on the cheaper end of the home improvement spectrum. A roof replacement, a brand-new kitchen or a deck? Well, those can be a bit more costly.

If you have a major home improvement project such as these in the works, you'll need to take some steps to ensure you come in within your budget.

Here are three simple steps that can help you manage your remodeling costs:

1. Plan ahead
The most important step is to plan ahead. This is especially true if you intend on spending some serious cash. For starters, map out your project. What is your desired result? What tools and materials do you need to get there? Create a plan and stick with it.

2. Analyze your needs
Why are you starting this project? The answer can help you keep your costs down. For example, a homeowner who wants to simply increase his or her property's value will have a different project than one who is planning to stay put for a decade or more.

3. Call around
You'll also need to bring in some contractors, unless you are skilled enough to tackle the job on your own. Before you make a decision about who to hire, make sure you do your research. Estimate the rough costs of your project. Then, call many different contractors to hear their numbers. Finally, decide on who you want to work with.