5 Tips for Stretching Your Remodeling Budget

It's that time of year again, spring is in the air, and that means fresh thoughts, new beginnings, and ideas for home renovation start to take shape. The National Association of the Remodeling Industry (NARI) reminds homeowners that May is Home Improvement Month, marking the time when homeowners across the country seek out contractors who can turn their dream homes into reality.

"Preparing for a remodeling project is a lot like preparing to buy a car," said Everett Collier, CR, of Collier-Ostrom Remodeling, and President of NARI, "you may know which room and style you'd like, but the options you choose may drive the price higher than you can reasonably afford." He adds, "However, there are ways to stretch your remodeling budget."
Below are NARI's tips for stretching that budget:

Getting Started
§ Hire a professional contractor who is familiar with the building codes in your area. Replacing work that does not meet code can be extremely expensive.

§ A well-written contract can prevent costly mistakes or additions to the scope of your project. It is a critical step in maintaining your budget.

§ Save money by planning ahead. Go through the design process with your remodeler first and choose everything you want to include in the new room(s), from appliances to light fixtures. This will define your budget and prevent hasty (and costly) changes later in the project.

§ Compare products and their prices carefully before you make final decisions. And keep an open mind when you discuss product and design ideas with your contractor.

§ Aside from product choice, another way to decrease the cost of your remodeling project is to pay attention to how labor-intensive some design features may be. For instance, laying a ceramic tile mosaic backsplash would be costly vs. a backsplash laid with conventional-sized tiles.

The remodeling market, a $275 billion industry in the U.S. in 2005, is expected to continue to experience significant growth. It is estimated that more than a million homes per year undergo major renovation or remodeling.

NARI is a professional association whose members voluntarily subscribe to a strict code of ethics. Consumers may wish to search www.RemodelToday.com to find a qualified professional who is a member of NARI. Consumers can also call the NARI National hotline at 800-611-NARI and request a free copy of NARI's brochure, "How to Select a Remodeling Professional," or visit www.RemodelToday.com and click on the homeowner's guide for more information.

About NARI: The National Association of the Remodeling Industry (NARI) is the only trade association dedicated solely to the remodeling industry. With more than 7,000 member companies nationwide, the Association -- based in Des Plaines, Illinois -- is "The Voice of the Remodeling Industry."TM For membership information, or to locate a local NARI chapter or a remodeling professional, visit NARI's website at www.RemodelToday.com, or contact the national headquarters office at 800-611-NARI.

About the Author: Director of Marketing and Communications National Association of the Remodeling Industry