Would you like to renovate your house and give it a total home makeover? If so, it’s probably going to cost you a decent amount of money.
The total cost of home renovations will depend on a wide range of different factors. But the average home renovation project costs almost $50,000.
With this in mind, people should always make sure they put budgets into place for home renovations. Budgeting for renovations will help you steer clear of spending way more than you anticipated on them.
Would you to learn how to create a home remodeling budget that will help you avoid going into debt? We’ve created a guide for you that should lead you down the right path.
Check out our tips on how to budget for a home makeover project below.
What exactly would you like to do during your upcoming home makeover project? That’s the first question that you’ll want to ask yourself before you begin piecing together a budget for it.
You should sit down and come up with a list of the different things you want to have done during a home makeover project. In some cases, your project might only involve renovating a kitchen or bathroom. In other instances, it might include ripping out an entire floor of your house and starting over from scratch.
Whatever the case, you should have a very clear vision in your head when it comes to your home makeover project. It’ll make it so much easier for you to establish a budget for it. It’ll also ensure that you love the way that your house looks and feels at the end of your project.
Once you have a plan in place for a home makeover project, you should go through it and prioritize all of the different aspects of it. It would be worth listing the aspects of a project in order of importance.
By doing this, you’ll make it easier to eliminate certain aspects of a home makeover project if you can’t afford to do them. It’ll also help to show the home renovation company that you eventually work with which elements of a remodeling job are the most important to you.
After you know what you want to do during a home makeover project and what aspects of it are the most important to you, you should do your homework on how much they’ll each cost. This should give you a much better idea as to how much things will run you when you start renovating your home.
If, for example, you’re going to be renovating your kitchen, you should find out the average cost of things like:
- Kitchen cabinets
You can then add up all of these costs to inch closer to coming up with a final home makeover budget. You can also consider scaling back on some aspects of your home makeover if you know that they’re going to put you way over budget.
You should be able to track down the average cost of home renovations right online. But to get an even better sense of what these renovations will run you, you should reach out to as many renovation companies as you can and ask them to provide you with quotes.
When you do this, you might find that some renovation companies will charge less than others for the same services. It’ll enable you to find out how much different companies will ask you to pay to get your home renovated through them.
Far too often, homeowners will get one or two quotes and then go from there. But the more quotes that you’re able to get from home renovation companies, the easier it should be to develop a budget for your home makeover.
If, after obtaining quotes from home renovation companies, you find that the home makeover project you have in mind is going to fly way over budget, you might need to adjust your expectations. This may include getting rid of some of the things you planned on doing.
The gorgeous hardwood floors that you wanted to run throughout the entire first floor of your house might look great. But if one company after another tells you that they’re going to cost too much, that might be reason enough to go with a different kind of flooring altogether. It might even be reason enough to scrap your plans to install new floors and simply refinish the ones you already have.
You don’t want to fall in love with any particular aspect of a home renovation and blow your entire budget on it. This is one of the biggest budgeting mistakes that you can make.
Here’s one thing you should keep in mind throughout the entire home makeover process: There will be some unexpected surprises that will pop up out of nowhere along the way! You should be sure to make room in your home makeover budget for them.
It’s not uncommon at all for home renovation companies to uncover issues with a home’s electrical system or plumbing pipes. This could potentially put you in a position where you’re paying hundreds or even thousands of dollars for repairs that you didn’t budget for in the beginning.
You’ll feel better about moving forward with a home renovation when you know that you have padded your budget to account for the unexpected. You won’t need to worry about scaling your project back at any point because of the surprises that might appear.
Once you get to this point in the home makeover planning process, you should be close to having a final budget in place. You will want to go back over every aspect of your budget again and tighten things up until you’re happy with it.
You should also sneak a quick peek at your personal finances to make sure you can still move forward with the budget that you’ve come up with. If you recently got hit with a car repair bill or a medical expense that you weren’t anticipating, it could force you to make last-minute changes to your budget.
Whatever you do, you don’t want to be in any huge hurry to finalize your home remodeling budget without taking everything into account. You want to feel good about your budget as you set it in stone.
After you’re all finished with your home makeover budget, you should select the renovation company that you want to work with and share your budget with them. They will be able to look through your budget to make sure that everything makes sense.
If any of your budgeting looks off at all, your renovation company will be able to let you know. It’ll allow you to increase or decrease the money that you’ve allotted to go toward different aspects of your home makeover.
Your renovation company will also be able to keep in touch with you throughout your home makeover project to let you know how things look as far as your budget is concerned. If anything is going to cost more than they originally expected, they can fill you in on this and talk to you about tinkering with your budget.
Just be sure that you have the right renovation company on your side from the beginning so that they’re able to assist you with your budget. Learn more about one great company that can help your renovation project go off without a hitch.
At the end of a home makeover project, you want to love the way that your home looks. You also want to feel good about your financial situation in the aftermath of your project.
But you might not feel this way if you don’t budget for a home makeover. It’s why you should take everything that we’ve talked about today to heart. By taking the right approach to remodeling your home, you can get the job done without spending way more than you may have planned.
Find more useful budgeting hacks by browsing through our other blog articles.
Kenneth is a proud native of sydney, born and raised there. However, he pursued his education abroad and studied in Australia. Kenneth has worked as a journalist for almost a decade, making valuable contributions to prominent publications such as Yahoo News and The Verge. Currently, he serves as a journalist for The Hear Up, where he focuses on covering climate and science news. You can reach Kenneth at [email protected].