How to Determine Your Remodel Budget
It’s the part of remodel that homeowners don’t like to think about, but probably one of the most important questions for anyone planning a remodel:
How much is this going to cost?
There are two key parts to budgeting a remodel; what you can afford, and what your dream remodel would cost.
The first step to budgeting a remodel:
To start to work out a budget for your remodel project you should identify the amount you can comfortably afford to spend or borrow. Once you know this figure, you can start to think about how much of that you want to spend on your remodel. In some cases, you may be happy to spend as much as you can afford, but it’s important to think about how much a remodel is worth to you. For example, if you’re remodeling to add value to your home, you won’t want to spend more than the potential increase in value! This figure doesn’t need to be exact; a general range will work and can add a little more flexibility to your remodel plans.
Identifying the key features of your dream remodel to get an estimate
If you haven’t created a remodel wish list you should do it now! It’s great way to define and prioritize your remodel needs so you have a clear idea of what your remodel involves. Once you have a list of key features for your remodel you’ll be able to request an estimate for the whole project from your contractor, which will give you a rough idea of what the project could cost.
Top Tip 1: Make sure you understand what is included in the estimate. Ask questions if you’re unsure what something means. This is a very important part of budgeting a remodel!
Be honest with your design team
The thing with estimates is that they are ballpark figures. When you’re seriously considering your remodel options, and have a rough idea of the cost, it’s time to sit down with your contractor and create a detailed project outline. It’s much easier for designers to create remodel plans for your home if they know what your budget is. It doesn’t make anybody happy if they design a $200,000 home remodel only to discover you’d only like to spend half of that amount. When a design team has a target figure to work with they’re able to truly optimize the plans to fit your needs and budget. Meaning you get a remodel that you love that won’t break your bank account.
What if the remodel estimate is more than I want to spend?
This is one of the many reasons why it’s a great idea to create a remodel wish list before you even start budgeting your remodel. However, it’s not too late to do this if you’ve already received an estimate that’s over your planned remodel budget! Your wish list should be split into two sections: must-haves and nice-to-haves. If you need to lower the estimated cost of your remodel you can start by removing some of the nice-to-have features from your plans, this way you know you won’t be sacrificing any of the key parts of your home remodel.
Top Tip 2: Don’t plan to max out your budget. Keeping a buffer zone when budgeting a remodel can help you cover any unexpected costs!
Choose an experienced design-build team
The right design-build team can make a huge difference to your remodel. One of the numerous benefits of using experienced designers is that they can help guide you through the important decisions of budgeting a remodel. This can help make sure you make the right budgeting choices to ensure your remodel looks great for years to come. Contact Lars Remodeling & Design to schedule a complimentary Design Consultation today!