How To Budget for Your Next Home Remodel

Budgeting can be a nuisance, especially when you’re remodeling a home and there’s so much to accomplish and account for. Whether its roofing, a full bathroom or kitchen remodel or a new fencing project, your family-owned Wichita roofing company can help you find the best quality home improvements for your budget. Here’s some tips on how to create the best budget for your project:

How to Create Your Home Renovation Budget

"Minor" renovation projects only happen to other people. No matter the scope of your redo, it will be a big deal because it's happening under your roof.  Beginning with a realistic budget can minimize the stress considerably. Determining what you can spend ahead of time on flooring, lighting, paint, and other goodies helps take some of the pressure off as you shop and compare. 

As you plan, get to know different ways to shape your budget and some tricks to make your dollars go further.

Think large to small. One approach to creating your renovation budget is to first understand the anticipated costs of the must-haves. "There are certain fixed costs you can't avoid," says Tricia Charbonneau, associate principal with Morgante-Wilson Architects in Evanston, Illinois. "Most people have an idea of what they have available to spend on a renovation. So start by thinking about the most expensive things you must have to complete your renovation, such as electrical work and a roof, perhaps. Then, subtract those costs from your available funds. The remaining dollars can be broken down to cover finishes and other features."

Drop an anchor. Another approach, says Charbonneau, is to "pick a point in space. Meaning, choose one thing you feel you absolutely want for the space, such as some gorgeous tile, and make a few selections around it, such as cabinets." This strategy, she points out, "allows you to drop an anchor, but you aren't married to anything. It's an exercise that's helpful in determining what you are dreaming about for the project and, once you understand costs, what things you may decide to compromise on."

Look ahead. When determining what you want to spend on your renovation, consider how much longer you plan to live in the house. "Is this a five-year house or a 20-year house?" Charbonneau asks. If you plan to live in the house only a few more years, make selections you like but consider spending less than you would on a house you plan to live in for many years to come. "Even if you plan to sell," she adds, "you do want the kind of quality that will entice people to buy your house. Just don't sink your nest egg into it."

Consider the neighborhood. Never spend more on your renovation than your location can support. You don't want the most expensive house in the neighborhood so you can recoup your expenses if you decide to sell. Visit with some local realtors and check comparable sales to find out how much homes are worth in your area and what renovations and features buyers value most: Maybe media rooms are more desirable than home libraries, or perhaps a coastal location makes revamped a laundry room or sleek outdoor kitchen worthwhile.

Read the full article at homeportfolio.com

First Posted over here: How To Budget for Your Next Home Remodel
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