How to Create a Home Renovation Budget

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The national average cost for a home renovation project is over $46,000. That might seem steep, but it’s a huge investment. Whether you’re improving your home to sell or you have a dream home in mind, if you can afford it, why not take the plunge?

You have to set a realistic home renovation budget if you want a successful project. We’re here to help you plan one. Read on to learn all about setting a reasonable home improvement budget.

Set a Firm Limit

This is the first and most important part of making a budget for your home remodel. You need a firm upper limit, even before you start breaking it down into specific projects.

Your home remodel is going to be expensive no matter how you try to cut costs.

Consider the value of your home overall. You don’t want to spend more than about 10% (15% if you’re stretching it) of your home’s value on a single room. If you plan on selling the home at some point in the future, consider whether or not the renovations you’re planning will actually add value.

Set aside at least 10% of your budget for unexpected costs. In other words, you only want 90% of your budget to actually be used during the planning stages.

Make a List of Wants and Needs

So what do you want to accomplish with your home renovation? Make a list of “must-haves” and “wants” before you contact any home renovation contractors.

We recommend making an inspiration board or vision board on a site like Pinterest to get all of your ideas together.

Find the Right Crew

The right team can do wonders when you’re trying to stay within a reasonable budget.

This doesn’t mean that you should “price shop” or opt for the cheapest contractors around. Instead, you should collect quotes from a variety of contractors while also assessing their portfolios and learning about what they’re able to offer you.

Can they use repurposed or salvaged materials? Do they have experience with your type of project? How long do they anticipate the project taking?

All of these factors are likely to go into your overall quote. Ask a local contractor, like, www.freemangeneralcontracting.com, about what they can do for you.

Don’t Forget Hidden Costs

Make sure to ask the contractors about potential hidden fees before you make a commitment. As long as you’ve left enough wiggle room in your budget, they shouldn’t be a big deal.

Some contractors include the cost of materials in their quote, while others do not. Some may charge extra if they have to spend more time than they’d planned on your project.

It’s Time to Plan Your Home Renovation Budget

Figuring out your home renovation budget is the first step toward your perfect new home updates. Remember to set a hard limit, note the differences between wants and needs, and find the perfect team for the job. Good luck!

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