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How to set a Budget for my remodeling project?

1. Consider the value of your home as whole

To estimate what you should be spending, consider 10-15% of how much your home values. As an example, if your house is worth $100,000 , deliberate spending about $10,000-$15,000. Therefore, if your house is worth more, your expected renovation costs should be higher.

 

2. Needs vs Wants

Create a detailed list highlighting items that are necessary for your renovation and items that can be included in the long-run. Next, keep in mind which areas are you willing to compromise and splurge on. Lastly, think about a proper timeline,for instance, if you're considering modifying the layout of your bathroom in the future, it’s quite unnecessary to change your bathroom tiles first. In the long-run, having to re-visit renovation plans will cost more, cause further stress and it’s time-consuming.

 

3. Under-estimating costs

Considering tip #1, you are already on the path to finding out what your renovation will cost. Nevertheless, most jobs will cost and take longer to complete than expected. Reserve an additional 10-20% of your original budget for unexpected items. If your budget is $15,000, set aside an additional $1,500-$3,000.

 

4. Choosing the material Quality by price only

Although it’s rather tempting to pick materials based on the lowest price-point, think about the longevity of the product. How long will you be able to use that item before needing to replace it again? However, that does not mean higher-end products tend to have a better durability. Your contractor will help you get a better understanding of the minimal to luxurious range of products.

 

5. Understanding the process

Setting up a timeline can help you stay on track with the renovation process. If you’re planning a layout change, it’s best to ask an engineer or architect their advice on whether or not it will help with the design flow of the house. Rather than having your contractor request the design plans, and considerably having to discard the original estimate to work on another layout provided by the architect or engineer.

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