How to Set a Remodeling Budget

You’re thinking of remodeling a part of your home and wondering, where do I start? Well, the first step to any home remodeling project is to set your budget. Here are the five steps to create a successful home remodeling budget and stick to it.

  1. Figure out how much money you have to spend

This is the first step to any budget, as it becomes very important later on in a project. This step is crucial in that it will let you determine if you really have enough to do exactly what you want. After this step, you may determine that you want to wait a little while longer in order to save up for your dream kitchen, bathroom, bedroom, etc. but if you do find out you can swing it when it comes to finances, you will want to follow the next step.

  1. Do your Research

You have just determined how much you are going to spend and now it is time to look into how much it really does cost to make your dream remodel a reality. You will want to estimate how much everything will cost. It is also important to think about your future in the home as well. If you are looking to sell the house soon, you will want to really put a lot into the project, as it could really pay off when getting a price for the house. If you are planning to stay in the home long-term, it is important to really customize the room to suit your family’s style.

  1. Get Quotes

Getting quotes is important because it will be the step where you find the right professional to do this project for you. Once this is settled, it is extremely important to know the cost breakdown of the entire project, including labor, material costs, etc.. On a similar note, it is essential to set aside around 20% of your budget for unexpected costs. This could happen at any time during the course of the project and it is important to avoid going over-budget, being preventative and holding aside a certain amount in case this occurs.

  1. Prioritize

This step is simple and just involves making a list of the most important aspects of your home remodeling project. This can be a lifesaver because if you need to trim your project in the future, you will have a list of the first things to go.

  1. Trim the project to fit your needs

If you do start to get close to being overbudget, you will luckily have the list from the previous step to help you cut some things out. If you want to avoid cutting elements of the project out, you can follow some of the following steps in order to create your perfect remodel:

  • Keep some of the elements of the room that still work, and replace them later. This is most relevant in kitchen spaces, where you can keep your microwave, fridge, etc. and replace it later when you have the money for it.
  • Use a lower cost alternative. For example, if you are doing over your kitchen, you can use certain material over granite or marble to make for a cheaper end-cost.

These tips will help you to begin your remodeling project and stay on track during the course of the project. To learn more about home remodeling projects and our process, feel free to contact us or call us at (508) 875-4004.

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