How to Plan Your Remodel Budget?
Updated: Feb 4, 2019
You know you need to upgrade your flat doors, rip out your kitchen cabinets, and install new baseboards among other projects that are on your list, but you have a small problem. How do you pay for all this? One word to answer this is set up a budget. How do you set up a Budget for a remodel? What are some best practices? We will answer this and more in this blog.
You need to set a Goal and know what you want. Find those pictures on Pinterest and watch those HGTV shows and set up that vision of your home. Remember that if you don’t know how you want your home to look you won’t be able to tell your designer or your contractor. They in tern will not be able to help you get to your goal.
We all would love our home to look something like this model home.
The problem is if you don’t have $15,000 to $30,000 sitting around then you may not be able to afford your perfect Pinterest home. Determining how much you can afford is the most important step. Take the time to examine your cash flow.
Now you’re probably saying, “I don’t know how much my project will cost?” that is where Google or your favorite search engine comes in if you don’t know what you want to do or where to start. Just type something like, “How much does door installation cost in my area?” and you will get a decent idea of cost. Websites like Remodeling Calculator are also an excellent resource in planning your budget, especially when you’re dealing with larger remodels.
Take time to know what kind of materials you want to use. For example, if you want to install new interior doors in your home the average cost of a hollow core interior door is roughly ranges around $50 to $100 cheaper than solid core interior door. You can use information like this to keep your project costs within your budget.
If you know what you want, you can send your inspiration photos to your local contractors who should be able to give you a general cost range for your project. Just let them know you’re still in the planning and budgeting phase if you’re not ready for a commitment.
Keep in mind that websites like Home Advisor charge contractor’s money for your lead information. So you may want to use site’s like Yelp or Search Engines like Google to find a local contractor if you’re not ready for a commitment.
Now you have your vision, your maximum amount you’re willing to spend, and your general price range of your project in front of you.
What do you have saved?
Do you have extra cash that you can save toward this project?
Are you willing to wait a while longer if you can’t afford your dream project?
Can you scale your project down to something you can afford?
Is it possible or reasonable to do the project in smaller stages?
Can you do some of the work yourself to save money? (Keep in mind that if you don’t have the tools or the technical skills it could cost you more money in the long run to DIY a project than to hire a professional)
Take your time with these questions and be honest with yourself.
Now that you know what you want and what you can afford you can find your local expert contractor to accomplish your vision. Share your inspiration photo’s and don’t be afraid to let them know your budget. A good contractor will work within your budget and help you price out your materials so that you can achieve your vision without breaking your bank. If you have followed these steps, you’re already going to have an idea of what a contractor typically costs for a project anyway.
We hope you found our blog beneficial. Please subscribe to our blog to get more tips in the future and share with your friends. If you have a question or would like us to come to your home to give you a free estimate, please contact us, we would love to hear from you.