Yes, I used the B-word
BUDGET
There. I said it. The word everyone hates. Well, not everyone...if you understand how a budget works and how it can save you from making a huge financial mistake...or series of mistakes...it can be a very positive tool to help manage your renovation projects. This is real-world budgeting, not the "funny money" budgets you see on television.
We're not fans of debt (and why we worked so hard to pay it all off). Our pile of money for the renovations of the house is only so-big. We're pretty sure that all of the projects on our wish list aren't going to be covered by that amount. We have to pick and choose what is really important to us. One of the criteria we use is cost, and you arrive at that cost by estimating.
Estimating a project, for some, is a nearly-exact science. With us, not so much. We're DIYers. Learning about the project process, the supplies and materials, tool requirements and rentals, and potential problems help us to make a WAG- wildly assumptive guess. The more research you do and questions you ask the more refined your estimate becomes which will give you a better overall picture of how much your projects will run.
Let's look at the Clean Machine project as an example. This is where, upon taking possession of the house, we clean it. Everything. Windows, walls, bathrooms, floors, vents...everything. Mrs. Rattlecan gets a nice clean house to tear apart. I know, it sounds a little silly but we want to start off this way.
How much window cleaner are we going to use? I honestly have no idea. As far as I know, there isn't a magic formula to determine X amount of windows require Y amount of window cleaner (and Z amount of paper towels). So we WAG it at 2 bottles and a refill. Paper towels? Again, no real idea given the amount of cleaning to be done but we can start at a 24-roll pack. Toilet bowl cleaner, kitchen /bathroom cleaner, wood cleaner and shop rags, protective gloves, plumbing de-clogger, and don't forget filters for shop vacuums, bags for regular vacs and garbage bags. Wait, don't forget the steam cleaning machine for the 3 tile bathrooms (and the distilled water to feed it).
Now price it all out. Don't limit yourself. Look at what retail sources you have at your disposal. Some big-box retailers are now offering free shipping to compete with the large online retailers. You may have access to a store such as a DoD Commissary or a member's only discount store. Be sure to take into account shipping and applicable sales tax and squeeze every penny out of your dollars that you can.
Repeat this process with each project you have. Some you'll be able to zero-in on pretty accurately but others will be a shot in the dark. For instance, estimates for replacing the original windows in our house run in the $13-21K range (installed) using a popular online calculator. That's better than a blind WAG but not nearly as accurate as the ones we'll get when we have possession and can get local window retailers into the home. It helps us get a handle on what the grand total of projects CAN be and helps us decide which ones now have PRIORITY and which may have to wait for another season.
One of the lessons you learn about working within a budget is accepting the three likely answers to can we afford this?: yes, no, or maybe later. Saving for a project's cost is sometimes the right answer. ~Mr.
There. I said it. The word everyone hates. Well, not everyone...if you understand how a budget works and how it can save you from making a huge financial mistake...or series of mistakes...it can be a very positive tool to help manage your renovation projects. This is real-world budgeting, not the "funny money" budgets you see on television.
 |
| When they're gone...they're gone! |
We're not fans of debt (and why we worked so hard to pay it all off). Our pile of money for the renovations of the house is only so-big. We're pretty sure that all of the projects on our wish list aren't going to be covered by that amount. We have to pick and choose what is really important to us. One of the criteria we use is cost, and you arrive at that cost by estimating.
Estimating a project, for some, is a nearly-exact science. With us, not so much. We're DIYers. Learning about the project process, the supplies and materials, tool requirements and rentals, and potential problems help us to make a WAG- wildly assumptive guess. The more research you do and questions you ask the more refined your estimate becomes which will give you a better overall picture of how much your projects will run.
Let's look at the Clean Machine project as an example. This is where, upon taking possession of the house, we clean it. Everything. Windows, walls, bathrooms, floors, vents...everything. Mrs. Rattlecan gets a nice clean house to tear apart. I know, it sounds a little silly but we want to start off this way.
 |
| The Clean Machine card from our project list on Trello. |
Now price it all out. Don't limit yourself. Look at what retail sources you have at your disposal. Some big-box retailers are now offering free shipping to compete with the large online retailers. You may have access to a store such as a DoD Commissary or a member's only discount store. Be sure to take into account shipping and applicable sales tax and squeeze every penny out of your dollars that you can.
 |
| Don't forget to budget for mops if you need them. |
Repeat this process with each project you have. Some you'll be able to zero-in on pretty accurately but others will be a shot in the dark. For instance, estimates for replacing the original windows in our house run in the $13-21K range (installed) using a popular online calculator. That's better than a blind WAG but not nearly as accurate as the ones we'll get when we have possession and can get local window retailers into the home. It helps us get a handle on what the grand total of projects CAN be and helps us decide which ones now have PRIORITY and which may have to wait for another season.
One of the lessons you learn about working within a budget is accepting the three likely answers to can we afford this?: yes, no, or maybe later. Saving for a project's cost is sometimes the right answer. ~Mr.
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