How to Budget for Home Remodeling

There are many great reasons to remodel a home, from raising its resale value, to updating the style, to simply increasing comfort and livability. Maybe, there is just that one bathroom you don’t quite like or a kitchen that is not conducive to cooking for large family gatherings. Whatever your reason for remodeling is, it can quickly get pricey without a concrete budget and a plan in place.  Still, the fact that you’re researching this means that you’re on the right path to saving money and remodeling right. When it comes to home remodeling, you do not have to break the bank, however, you do have to plan, research, and usually hire people to help you with the project. There are a few simple ways to budget for your remodeling project, and this guide will help you get started.

Why Should I Remodel?

Many people avoid remodeling not only because of the expense, but also because of the time and energy it takes. However, there are many solid reasons to remodel that can save you time, energy, and money in the future:

• You are planning to sell your home: Remodeling can drastically increase your home value, so the effort you put in before reselling your home can pay off later. Even if you are not currently planning to sell your home, remodeling with both small and large updates from year to year will increase resale value and lead to many future benefits.
• Your home is outdated: Let’s face it. Even the most well-designed and decorated homes lose their glamor from decade to decade. There is nothing wrong with wanting your home to look its best and wanting to feel secure about your home when inviting guests over.
• Your home is inadequately designed: Some homes are not only outdated but poorly designed. You may want to focus on the rooms that are not laid out the way you want them, or the overall floor plan layout. For example, you may have a useless room that can be converted into a walk-in closet, or you may have a spare bedroom that would work wonderfully as an office.

Of course, there are other reasons to remodel your home, with reasons as varied as the houses themselves. The key takeaway here is that it’s critical to have a solid plan in place before beginning the remodeling process.

Planning for Remodeling

Are you ready to start remodeling your home? Here are the steps you need to take:

1. Assess your entire home: Whatever your reason for your remodeling, make a list of everything that is going to be fixed or changed. It is best to write this down in an organized chart or type this up on a spreadsheet. List everything you can think of and organize and prioritize it, starting with the most important jobs to you.
2. Determine your budget: Start with the amount you can afford to spend on remodeling. While doing this, it may help to break the remodeling process into stages. Use the same chart or spreadsheet with estimated budgets, often rounding them up 10-20% more than you anticipate to account for delays, errors, or other issues that can raise expenses. 
3. Hire a Remodeling Company: A reliable and experienced remodeling company can save you money, time, and energy. They will help you avoid some of the basic mistakes many people make when remodeling and budgeting their homes, especially for the first time, and they will help you with the planning process.

Remodeling Companies

One of the benefits of hiring a remodeling company is the financing options they can provide. If you are feeling overwhelmed by the cost of your project, they can help you make a plan that is affordable and realistic. Many companies can help you access the HERO program, which provides loans and financing opportunities.  On top of that, remodeling companies often utilize 3D Design, which takes out all of the guesswork necessitated in the past. With 3D Design, there are none of the surprises, errors, or mistakes that are dreaded by any homeowner. This process is smooth, helpful, and easily accessible through many remodeling companies. Further, many remodeling companies specialize in specific areas like kitchens, backyards, or bathrooms. You may only be remodeling one room, and you will want to choose a company that understands your specific needs. Alternatively, you may have many different rooms and areas for remodeling and you will want a company that has experience organizing and planning a process that involves many different steps.

Get Started Today

The truth is that doing this on your own can quickly become overwhelming. Following the tips in this article, as well as consulting experts, will help you feel more at ease in your remodeling decision. Remember, this is your home, an extension of yourself, and you want your home to feel comfortable and beautiful. Now is the time to remodel, redesign, and reap the many benefits that come with a home remodeling job!