Home remodeling is an exciting and rewarding experience. However, it can also be a costly one if you don’t plan your budget well.
Budgeting is essential to ensure that you don’t overspend and end up with a half-finished project. A well-planned budget will help you prioritize your expenses, make strategic decisions, and track your expenses. Here are some factors to consider:
Estimating Remodeling Costs
Before you start your home remodel project, it’s essential to estimate the costs involved.
The cost of remodeling depends on several factors such as the size of your home, the scope of the project, and the materials used.
You should also consider the cost of labor, permits, and taxes. Researching the costs involved in your project will help you set a realistic budget.
Prioritizing Expenses: Focus on High-ROI Areas
When planning your home remodel budget, it’s essential to prioritize your expenses. Focus on high-ROI areas such as kitchens and bathrooms that add value to your home.
These areas are where you’ll get the most return on your investment. You should also consider areas that need immediate attention such as roofs or plumbing.
Common Mistakes to Avoid When Budgeting for a Home Remodel
When budgeting for a home remodel, there are several common mistakes that you should avoid. Here are some of them:
- Setting an unrealistic budget: Renovations often cost more than expected. Calculate in an extra 20% to your budget to be better prepared for any surprises.
- Not complimenting the original architectural style: Additions don’t need to be the same style as the original structure. However, they do need to complement it to help with resale value and to look and feel great while you’re living in them.
- Sacrificing function for form: Think about how you’ll actually live in the space. Consider door, window, and outlet placement, as well as foot traffic patterns throughout the home.
- Being too trendy: Fresh, updated looks are great, but consider resale value, too. Trends are short-lived, while good design lasts forever. Don’t hesitate to consult a designer if you have questions.
- Installing new appliances last: Choose your appliances first to help make sure the overall design accommodates the items you really want. But wait to buy them until you’re ready to have them installed.
- Buying furniture and home décor too early: Wait to buy the perfect flooring, furniture, and other materials until the project plans are finalized and the project is far enough along for measurements to be accurate. Otherwise, you risk buying the wrong quantities of materials or ordering appliances that won’t fit.
- Think Long-term: Be sure to address any structural or safety issues, such as updating the electrical system or ensuring foundations and subflooring are sound. Doing so will help avoid damaging your new, beautiful finishes to fix potential problems later.
- Not considering workflow: This is particularly important in kitchens. Consider the “work triangle” between refrigerator, sink and stove to ensure you enjoy the functionality of the new design and can use the space efficiently.
- Buying cheap materials: Select durable, high-quality materials that you won’t need to replace within a few years. Cheaper building materials aren’t the right thing to reduce cost.
Researching Market Trends and Comparable Homes
Researching market trends and comparable homes is essential when planning your home remodel budget. It will give you an idea of what features are popular in your area and what buyers are looking for. You can use this information to make informed decisions about what upgrades to make.
Working with Contractors: Obtaining Multiple Bids
Working with contractors is an important part of any home remodel project.
It’s essential to obtain multiple bids from different contractors to ensure that you get a fair price for the work involved. You should also check their references and credentials before hiring them.
For Instance, the team at Everhart Constructions offers full-service design for the entire home. This includes everything from room additions, kitchen remodeling, bathroom remodeling, and whole home remodeling, as well as commercial construction.
Most of the experts that work there have more than 10 years of expirience. The big plus here is that when Everhart Construction estimates your project and gives you a completion time frame, you will know exactly how long projects will take, with no guesswork.
Tracking Expenses and Adjusting the Budget as Needed
Tracking expenses is crucial during your home remodel project. It will help you stay within your budget and avoid overspending. You should keep track of all expenses, including materials, labor, permits, and taxes. If you find that you’re overspending in one area, adjust your budget accordingly.
