Avoid Pushing Your Remodel Budget: 5 Tips
Determining and sticking to a home remodel budget can be nerve-wracking and complicated. However, careful planning can alleviate stress and help you ensure that your home remodel won’t break the bank. Here are 5 tips to help you stay within your remodel budget.
Tip 1: Determine your budget.
Even if it’s an extremely preliminary estimate, having a basic budget can help you decide how and when you can tackle your home improvement project.
Once you know how much you can afford to update, you can start nailing down an exact remodel budget. Prioritize your remodel by room, and build out a budget based on each room. This will help you get an even more exact estimate and will make the process feel less overwhelming. Within each room, make a list of wants and needs, and prioritize the needs when creating your budget.
It is imperative that you know precisely how you’re going to finance your home remodel before solidifying a budget. Know exactly where the money will be coming from – cash, loans, credit – and how much you can realistically spend. Once you know how much you’re able to spend on the renovation, set aside 10-20% of the funds for incidentals. If you budget down to your last penny with no wiggle room for things to go wrong, you’re more likely to go over your budget.
Tip 2: Make sure everything is included in your budget.
Once you know how much you can spend, you can flex your Excel spreadsheet skills and start breaking down where the money will go. Create an extremely detailed plan with cost estimates for each part of the renovation. Include estimates for both materials and labor, and don’t leave anything out! Keep in mind appliances, hardware, details, fixtures, paints, brushes, masking tape, every little detail can add up, so it is important that you are thorough in your home remodel budget so that you can avoid spending money you don’t have.
Tip 3: No, really–everything.
Besides the labor and materials needed for the project, don’t forget about any living costs that you may incur during the remodeling process. For example, if you’re remodeling the kitchen, you may not be able to cook for a certain amount of time. Or, if you’re remodeling the bathroom or bedroom, you may need to stay at a hotel or board pets. These expenses, if not planned for, can cause costly overages.
Tip 4: Hire the right team
While hiring a team that falls within your budget is essential, it is also crucial that they understand the project and that they are the right fit for executing your vision. Request bids from multiple contractors, and steer clear of any that offer shockingly low labor fees. If it sounds too good to be true, it likely is, and having a renovation done poorly will just result in you spending more money to fix it.
Tip 5: Think about where you can save
Of course, you’ll need professional help with a renovation, but think about what small projects you can handle on your own. If there are any parts of the project you can DIY, you’ll end up saving money and will be more likely to stay within your home remodel budget.
Budgeting for a project is a daunting task, but with thorough planning you can be sure to stay on schedule and within your budget. When you’re ready, take your space from home to dream home with Special Additions. Our team of experienced designers will work with you step-by-step – from your initial meeting all the way through installation.
To update your kitchen or bathroom to the space of your dreams, contact Special Additions!