If you’re like most people, you may be wondering if it’s possible to remodel your house into a home you love without breaking the bank, If this is the case, you’ll be glad to know that with the right planning it’s more than possible to have the house of your dreams. However, many people find it difficult to start budgeting for a home remodel; there is a multitude of factors to think about, and it’s hard to know how to how to begin. To make it easier for you to start planning for your dream remodel, we’ve outlined some helpful tips below.
1. Estimate the Cost of Your Remodel
As you begin to think about your home remodel, you’ll want start planning by making a rough estimate of the overall cost of the remodel. You may want to consult with a trusted contractor, research the costs of building materials, and possibly talk to friends or family members who’ve had similar remodels. Keep in mind that this estimate doesn’t have to fit into your budget constraints yet. This is just a starting point; there will be time to adjust your costs later. Every year Remodeling Magazine creates the Cost vs Value Report, which is a great tool to help with estimating the costs of your the most popular home remodel projects.
2. Decide How Much You’re Willing to Spend
Once you have a rough idea of the cost of the home remodel in mind, it’s essential to think about how much you’re willing to spend on a remodel. Have you been saving up for a remodel, or are you planning to take out a loan? Is there a percentage of your income that you’re planning to put toward the remodel? Do you want the remodel budget to be based on a given percentage of your home’s value, as Money Magazine’s article suggests?
3. Establish Your Priorities
Now that you have the figures for both your estimated remodel cost and your budget in mind, it’s time to start finding ways to make your remodel cost to match your budget. You can begin doing this by making a list of your remodel priorities. What features are essential to the remodel, and where might you be able to make compromises or find alternate solutions without sacrificing your overall vision?
4. Embrace Limitations as an Avenue for Creativity
In keeping with establishing your remodel priorities, it’s helpful to view budget limitations as an opportunity for creativity. After exploring new materials and designs, many people find that working within a budget doesn’t have to be a compromise at all.
5. Work With Your Design Team
As you set your budget for your home remodel, don’t hesitate to be upfront with your design team about what you’re willing to spend. They are highly experienced in home remodels, and will be able to help you find ways to create a beautiful home within your budget.
Check out our article that is focused on a budgeting your kitchen remodel.
6. Make Sure You Have a Buffer
As with any home project, unexpected expenses will likely surface throughout your home remodel. Setting aside a portion of your budget as a “buffer” will give you peace of mind when you’re faced with surprise expenses. Some sites recommend setting 20% of the budget aside for this purpose.
7. Familiarize Yourself With the Costs
Taking time to familiarize yourself with the various costs of material and labor will help you make more educated decisions throughout the project. By learning about the various project costs that you’ll encounter, you’ll have the knowledge to ensure that you’re getting the most out of your money, including whether less expensive options are available. Another great article to read is: What is Overhead for a Home Remodeling Contractor, it will help you understand the differences between choosing different contractors.
If you’re thinking about remodeling your house and want advice on making your dream remodel a reality, please contact us to learn more about what we can do to help!
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