You’ve finally decided to take on that complex home renovation, but you aren’t sure where to get started with your budget. While it might seem overwhelming, budgeting for a home renovation doesn’t have to be complex, or stressful. It’s all about taking the total home renovation cost into consideration, and then break down the cost into individual parts of your project.
The cost to renovate a home will vary based on the space, but when it comes to budgeting, follow the below tips to find the most cost-effective practices for your home remodel.
Consider Cost vs Value of The Project
Every home improvement project cost is different – and for good reason. The total value of a room will differ based on what you are willing to invest in the project. There is no reason to invest more in your total remodeling cost if it doesn’t significantly increase the value of your home.
For instance, a kitchen’s total value compared to a master bathroom is completely different – so don’t create the same budget for both of these rooms. It’s important to consider the actual value of your kitchen renovation prior to spending unnecessary money. You want to have a high return on your investment, and that isn’t possible if you spend too much money on your remodeling project.
If you have an older home and are using this home remodel as an opportunity to upgrade it’s existing features, it’s important to consider what actually brings value to your home. It’s easy to think that the nicest finishes and hardwood flooring are going to significantly increase the value of your kitchen or living room. However, in most instances that isn’t the case. Adding practical value to the space is highly important – extra finishes can just lead to unnecessarily high costs. You want your remodeling budget to reflect the actual worth of your project.
Consider the Needs of Your Home
A great way to save money and find a reasonable home renovation budget is to consider the needs of your home. If you are working on a bathroom remodel, and want to expand the existing square footage, first consider the rest of the project. Is the outdated shower in need of replacement, or is it worth leaving behind?
The reason it’s important to consider the actual needs of your home is that the budget changes with these specific modifications. The price per square foot is going to increase if you add extra square footage. The average cost of a bathroom remodel might only be $10,000, however, costs per square foot will increase if you modify the square footage drastically.
Factor in the true needs of your home before you start thinking about side projects or additional expenses. Write down a list, and focus on completing the two or three most important tasks before you tackle anything else on your remodel.
Consider the Materials
When it comes to total home remodel costs, one of the most important factors to consider is materials. If you plan on staying in your home for years and years, maybe you’ll want to splurge on certain features like the kitchen cabinets and flooring. However, if you plan on moving in two years’ time, your material costs are something you can reduce as needed. Don’t go for a high-end marble countertop if quartz is more affordable. Reuse what you can, where you can, so you aren’t spending unnecessary funds on material costs you could have bypassed.