When you want to upgrade your home, money can often be the first barrier you run into. But when you consider that almost 10% of homeowners completed a kitchen or bathroom remodeling project within the last year, your project might seem a little more feasible. The key is having a great budget. If you’re not sure where to begin, here are some great tips on how to set a budget for your next big renovation project.
Decide What Your Top Renovation Needs Are
The first thing you need to do when creating a budget for your home improvement projects is determining which home upgrades are the most important or necessary for your situation. If you’re working for one of the employers who started offering work from home programs (subsequently saving almost $44 billion per year), then maybe creating the perfect home office is your top priority. IF your kitchen or bathroom is seriously outdated and aesthetics are most important to you, then you need to start there. When you’re considering what improvements are most important, start small. Maybe a fresh coat of paint will help you create a more concrete vision for the room you’re remodeling. Changing out bathroom fixtures like faucets and cabinet handles is also a great way to see if you’re really committed to a big change or if you just wanted a few aesthetic upgrades.
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Look at Cost vs. Value for the Projects You’re Considering
When you’ve narrowed down your renovation list to a few of the most important upgrades you’d like to make, it’s then time to sit down and think about cost vs value for each project. Return on investment (ROI) is one of the most important things to consider when you’re undertaking any kind of home improvement project. Should you ever decide to move, will the renovation you did add value to your current home when you list it for sale? There’s no reason to totally revamp your bathroom if it’s not going to increase the value of your home at all. If you’re not sure how to calculate the cost vs. value exactly, Remodeling Magazine has an excellent guide to help you along during this process. This will help you determine which of your top renovation projects should be at the top of your to-do list.
Obtain Bids from Multiple Contractors
It might be tempting to select the first contractor who offers you a quote for your renovation project, but that’s no way to get the most accurate picture for your budgeting needs. Instead, make sure you’re getting quotes from at least three different contracting companies. This way, you have a variety of bids to choose from, as well as a list of pros and cons to working with each of the contracting companies you’ve contacted. One of the most important things to look for outside of their pricing quote is their insurance policies. If a contractor gets hurt while working in your house, the last thing you want to be is liable for their injuries. And when the average hospital stay is about 4.5 days, those definitely aren’t bills you want to be responsible for. But if you don’t take the time to thoroughly assess your options, you might end up going with a contractor who’s either not experienced enough or not telling you the whole truth about their fees or work quality.
When you want to start a renovation project, the first step is always to create your budget. The best way to do that is by following the steps outlined above.