How to Budget a Home Remodel

 

Finally owning your own home is a dream come true for many. But what if you already have one and want a home renovation? Another concern arises and that is the cost.

How can you lessen the cost of your renovation? It’s through planning ahead of course! Why not try to look into several factors that affect the cost of the remodel?

Remodeling your home shouldn’t always be expensive. There are efficient ways that you can work around your budget. See what options can work for you below.

How Does a Home Renovation Budget Work?

When planning a home redesign you might want to prepare a budget between $8,000 to $36,000. But this also depends on the square feet of the home. The former cost applies to properties with less than 1,000 square feet. The latter is for those with 3,000 to 4,000 square foot homes.

  1. Think About What Your Priorities Are

The plan of changing up your home stems from reason. That reason should be on your top list before anything else. It could be that you need more space or you need to update old rooms. Don’t get sidetracked by other projects and focus on your goals.

  1. List Down Your Goals for Contractor Bids

Make a list of goals that you could show to potential contractors. You want to have an accurate bid before talking to them. List down the major and the minor renovations you plan on making. If you want to use specific brands, you should list them too. This helps the contractors create an accurate quote for the job you are hiring them for.

  1. Compare the Cost and Value

If you wish to get through with your home remodel, you need to look into the future. Will remodeling improve your home ‘s value? If you are planning to sell your home anytime soon then investing in a remodel is well recommended. You also have to make sure that you can sell your home more than how much you have spent on remodeling it. Differentiate projects worth spending on and those that won’t give you revenue.

A simple renovation cost breakdown according to HomeAdvisor:

  • $6,000 – $14,000 for bathrooms
  • $12,000 – $33,000 for kitchens
  • $10,000 – $27,000 for basements

Of course, this still depends on the type of renovation you want. You also need to discuss the final cost with your contractor. The amount of materials used will also affect the total cost.

Should You Pursue Remodeling Your Home?

If you have wanted the home, bathroom, and kitchen remodeling project for a long time, then better do it now. If you are looking at it as a potential investment then you should go for it. Always make sure that you don’t spend beyond your means.

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