Determine Your Home Remodeling Budget in 5 StepsStep 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:
Home ValueTake into account not only what you think your home is worth, but also the value of similar updated homes in your neighborhood.
MotivationMake a list of factors that are motivating you to remodel.
Needs vs. WantsOnce you’ve envisioned your dream room, you’ll have a better ideas of your absolute project essentials.
FutureIf 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.
SizeIf your room is larger or smaller than average, you may need to increase or decrease your budget accordingly.
LayoutIf 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!
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