Home Remodel What’s Your Budget?

Do you have questions about how to remodel? Is your social feed filled with inspiration for your next home improvement project but it seems daunting? We are here to help layout some options.
If now is the time you are looking to remodel, the next step is figuring out how to pay for everything you want!
This guide will help you create a realistic budget that you can stick to for your next home improvement project. Outlining and adhering to a budget throughout the process will help your project move forward seamlessly. Here’s what you need to do to create a home improvement budget:
Research the Average Costs for Your Chosen Project and Know the Guidelines
There are some home improvement projects that are more costly than others. It is important to understand the average costs associated with the project of your choice, as this will help you decide if now is the right time to take on that project or how to plan accordingly.
For example, these are the average costs associated with common renovation projects, but prices may vary by geographical location, materials, and size at the time of the project:
• Kitchens cost between $15,000 and $35,000 to renovate.
• Bathrooms cost between $5,000 and $20,000 to renovate.
• Basements cost between $10,000 and $20,000 to renovate.
• A new roof can cost about $10,000 and up to install.

Break down the cost into steps and assign a price accordingly
Decide what you want to do and in what order to maximize your time, budget, and resources (not to mention your sanity). These costs can include materials, installation, and labor. Itemizing the steps will show you how your money is being allocated, and if needed you can adjust accordingly.
Where You Can Save on Costs?
If you want to reduce the overall cost of your home improvement project, ask yourself, is it a project where I can take on some of the labor and time intensive work?” You can look at wholesale suppliers or you can order and pick up the materials yourself if it is beneficial to the end result and keeps you in budget.
Get Estimates from Contractors
Not all of your projects may be in your scope of knowledge. Get as many quotes for the work as you can and compare what is included as well as what is not included in the price. Work toward a job lot price rather than an hourly rate for the work to be done. This is great for introducing all the itemized pieces of your project into a price point, workload, and time frame that you can plan toward. Be honest with the contractors about what your budget looks like, it will avoid surprises and communicating and laying out the plan will keep all parties working toward your end goal.
Decide How You Will Pay for the Project
Do you have a plan to pay for the project? Think about whether you plan to pay cash to complete the work or if financing the project makes sense for the bottom line. There is no right or wrong approach to preparing your budget, but you want to keep it realistic and on track.
There are a wide range of budget possibilities. You can choose a budget-friendly approach that allows you to renovate your home for the right price and your designated budget, or you can opt for higher end options that spare no expense. You may choose one solution for one project and another solution for another home improvement. Be prepared, know your numbers, understand what is involved, and enjoy the process!