How to Budget for a Remodel

After deep consideration, you have decided to remodel your home. Whether it is for you personally or for resale, it is imperative to stay on budget during a renovation. Remodeling your home can quickly become expensive and sometimes unforeseen circumstances will arise during the process. We want to help prepare your home’s remodel and help guide you through the strenuous process. 

 

How to budget for a remodel: 

• Consider the unseen areas. It is easy to overlook electrical, plumbing, and HVAC systems when remodeling your home but don’t forget that these updates can be costly and affect a homeowner’s budget. Make sure to check these areas of your home before finalizing your budget. 
• Making your home up to code. This step is especially important for homeowners looking to sell in the future. Bring your home up to code and schedule necessary inspections to meet your city’s code requirements. 
• Decide if you like the current layout. Remodeling is the prime time to fix the layout of your home. When remodeling, ask yourself: do you love the home’s current architecture or if you want to gut it all?
• Note: If you are planning on selling, buyers tend to love older home’s original architecture. You may want to keep the home’s distinct features and update things like appliances and flooring. 
• Be prepared. There will be unexpected expenses during a demolition; therefore, it is important for a homeowner to be prepared coming into the renovation. Set aside extra money for unforeseen circumstances that may arise. 
• Ask yourself “is it worth it?” We would all love to fill our homes with the top of the line appliances and hardware, but realistically we need to compromise on certain things. If you want a high-end kitchen, you may have to settle for a less updated master bathroom. You will need to ask yourself “is it worth it?”
• Invest in the right places. If you are reselling your home, this statement is especially true to you. Certain rooms make or break the house for potential buyers. The major rooms to focus on are your bathrooms and the kitchen. These rooms are extremely important to buyers because a lot of time is spent in them and they cost the most money to update. 
• R.O.I. It is crucial to consider your home’s return on investment if you are remodeling for a future resale. Will you get back all the money you put into your house? Think about if certain updates are imperative to future buyers to determine if you need them. 

 

If you are looking to remodel your home, please do not hesitate to visit us for advice and a quote on flooring. We have experts ready to answer your questions and help with your home’s remodel.