Creating a Budget for Your Home Remodeling Project

As we head into the summer, it’s a great time to start thinking about home remodeling. You’ve finished spring cleaning, and maybe you’ve noticed things around your house you want to update: kitchen, bathroom, bedroom. But budgeting for these types of projects can be difficult, especially during an economic downturn. Here are some ways to successfully create a home remodeling budget.

How much do home renovations cost?

This depends on the project you’re doing. Costs vary widely between different projects, since each one requires different materials and labor. Home renovation projects can cost anywhere from $10 per square foot to $150 per square foot, meaning a project for a 1000-square-foot home costs somewhere between $10,000 and $150,000. In one word–yikes! With this kind of price tag, how can anyone afford to remodel their home? They do it with a home remodeling budget.

How much should I spend on home renovations?

This question is an important one, since you don’t want to spend an amount close to the home’s value to renovate. You want to pick projects that will increase the home’s value. Typically, no one project should cost more than 10-15% of the total home’s value. More than that, and you probably won’t see renovations financially benefit you when it’s time to sell your home.

How do I create a home remodeling budget?

The first place to start is picking which renovations you want completed first. Prioritizing those projects that are more important or necessary will put your budget to good use. You should also consider prioritizing projects that will increase your home’s value, like a new roof, new flooring, or a finished basement. If you are more interested in projects that you’re excited about, like new kitchen cabinets or updated bathroom fixtures, then focus on those instead.

Next, you should outline the estimated costs of your project. Be sure to budget a little extra, in case complications arise or things end up costing more than you anticipated. Make sure to thoroughly research all the different facets of any project, talking to contractors and builders as needed.

Finally, reach out to contractors to see how much they charge and if your budget is on track. When picking a contractor, using the cheapest one isn’t always the best option. Make sure to research different companies, reading reviews and talking to former customers. Since home renovations are such a large expense, you want to pick the contractor that can best complete the renovations to your specifications, within your budget, in the timeframe originally quoted.

If a home renovation project still seems out of reach even with a home renovation budget, the cheapest way to cut costs is to do the project yourself. However, while the overall cost will be cheaper, you may also end up with inferior results unless you have the necessary skills and tools to complete the project.

If you are ready to explore contractors for your home remodeling project, contact Atlantic Property Restoration today!

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