Today on The Marc and Mandy Show: Ask An Expert, contractor and home renovation expert Bryan Baeumler shares answers about at what point during a renovation you should know your total budget.
Q: At what point during my renovation will I have an accurate dollar amount for the total cost?
Bryan Baeumler: The honest answer—the correct answer—is one day one. There is not a single reason to go a penny over budget if you set your budget ahead of time and built a plan that’s going to fit within that budget; accounting for 25-35 percent contingency for things you can’t anticipate. A lot of people add to the renovation over time and make changes, such as upgrading materials, which will end up costing more and eating into your contingency. So, the real answer is: if you’re willing to stick to your budget and you’re willing to make compromises on the cosmetics of the renovation in order to do the things you need to do, you should know exactly what your renovation is going to cost the day you start—or even before!
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