Staying under budget in a renovation project can be challenging. Unexpected delays and unforeseen expenses can quickly push you over your limit. It is wise to add 10% to your estimated cost when seeking remodel financing. This gives you some wiggle room. However, the best way to stay within your budget is to save money whenever possible. Here are some simple money-saving tips to help you reduce cost for your next business renovation project.
Price Hunting – Take time to find the best prices on supplies and needed products. Saving just a few dollars on each purchase can add up to a significant amount of money. Here are a few ways to acquire items at a lower price.
Shop online – It is easy to comparison shop online. Do not be afraid to order items online. Simply make sure the shipping cost does not exceed your savings. This is great for small, lightweight items that are easily shipped. Allow plenty of time for delivery. In other words, do not wait until need an item to order it online. These products should be ordered long before you actually need them.
Price matching – Many retailers will price match a product sold at a lower price from a competing store. If you find a product you really want at a great price but they are sold out, simply take that information to another store and ask for the same price.
Volume discounts – If you are not already receiving a volume discount on a purchase, be sure to ask for one. If you are buying a large number of tiles for example, make sure you inquire about a volume discount. Most retailers are flexible and will provide a discount when prompted.
Do-it-yourself is a tricky area. Any work you can do yourself will save money on labor. However, you need to be experienced and knowledgeable about the work you are doing. Do not attempt projects that you are not prepared to complete. You will end up costing yourself more time and money. If you have the experience to do some of the work yourself, then go for it. Even small projects like installing a doorknob will save money. Do as much of the small jobs as you can. It will add up and save you a bundle on labor.
Stay involved and on top of the project. Do not get in the way of your contractor or laborers. Simply make your presence known and check in to make sure things are running smoothly. Your involvement during the project will greatly improve the speed and quality of the work.
Use these tips to stay within your budget on your next business remodel project. Contact us for more information and assistance.