Determine Your Home Remodeling Budget in 5 Steps
Before you can begin your home remodeling project, you’ll need to determine your budget. Fortunately, there are some standard rules and tools that can help. Follow these five steps to get a clear picture of the budget you’ll need to accomplish your home remodeling goals.
Step One: Follow the 5 to 15% Rule
The rule states that your remodel project should cost no less than five percent and no more than 15 percent of the current value of your home.
Step Two: Determine the Scope of Your Project
Does your room need a complete gut job or just a minor facelift?
Step Three: Add Cost of Living Expenses
Often it’s the day-to-day costs that get overlooked, causing you to go way over budget. Be sure to take these costs into consideration when planning your budget.
Step Four: Factor in the Variables
With all the variables that can affect your budget, here are some factors to consider:
Take into account not only what you think your home is worth, but also the value of similar updated homes in your neighborhood.
Make a list of factors that are motivating you to remodel.
Needs vs. Wants
Once you’ve envisioned your dream room, you’ll have a better ideas of your absolute project essentials.
If your goal is to spend the next 15 years enjoying your remodeled room, you might be willing to spend more than if moving is part of your five-year plan.
If your room is larger or smaller than average, you may need to increase or decrease your budget accordingly.
If you already know you’re going to want an island appliance added or an interior wall moved, you’ll need to spend well beyond what a basic facelift would cost.
Step Five: Get a Pro’s Opinion
A professional has the ability to offer expert kitchen and bath design services, and many times can recommend unique remodeling ideas that can save you money.
Once you’ve determined your home remodel project budget, the best thing you can do is stick to it. That said, even the most carefully created budget can be thrown off by unforeseen costs. If so, follow suggested guidelines for keeping your project budget under control.
If you need a professional to give you an honest opinion and ideas for your next dream project, give A-Team Construction a call today!
We’re here to help!