Home Remodeling | Renovation or home remodeling projects are exciting. Many homeowners create a vision board or list of their dreamy must-haves long before the project begins. Shiny fixtures, the latest smart technology and natural-stone backsplash are only a small portion of those dreams. Once the board is created, reality kicks in. Questions of affordability began to surface.
Here are a few ideas for creating a budget for your project.
1. Estimate the Cost of the Project – now that you’ve gotten all your dreams on paper, get estimates on the cost. It typically cost more to conduct major renovations. Consult with design professionals to determine a ballpark figure of the amount you’ll be spending.
2. Check Your Available Funds – now would be the time to assess your budget. Ask yourself how much money you have to invest in this home remodeling project. Take into consideration if you will be spending from your savings or if you will be financing the project. If you don’t wish to expend your savings, consider a home equity loan of credit. This offers a better rate than traditional bank loans.
3. Consult Contractors for Estimates – Make a detailed list that outlines what you want to have done. Include the changes you wish to implement in each room. This gives potential contractors clarity on the type of home remodel you want. It also allows them to move forward with pricing to give a more precise estimate.
4. Make Adjustments to the Budget – Once you’ve analyzed your budget and realize the amount of money it will take to complete the home remodeling project, make any necessary changes. You may need to scale down your project. If cost allows, you could possibly be able to do more.
A clear budget makes the project more enjoyable. It can be stressful completing a remodel with a tight budget. A professional consult can help homeowners better understand their budget to create a great remodel. Ready for a home remodel? Call us today for an in-home consultation.
