Setting your budget for your home renovation project is a big deal. You have to know what to expect or you might be disappointed with the final results. Let’s look at some of the ways you can better assess your home renovation budget.
5 Tips for Budgeting for Your Home Renovation Project
1. Know the Average Cost of Home Renovations
It’s smart to start by looking at the average costs for different renovation projects. When you know the average, you have a good starting point.
The average cost for a renovation project will be about $19K for a 1,000-square-foot home and $87,500 for a 3,000 to 4,000-square-foot home.
If you take on a kitchen remodel project, the range of cost will go from about $4K to $60K. Even just renovating a bathroom will come with a cost of $2,500 to $25K. Use these numbers as a starting point for your budget.
2. Figure Out What You Can Afford
While the average numbers can help, you have to figure out what you can actually afford to spend, too. It doesn’t matter if the average is $19K for a 1,000-square-foot home if you only have $10K to spend. Decide what you are willing to spend on your home renovation project.
You might be using your own savings or funds from some type of financing. Either way, you want to make sure you can handle the renovations without causing financial strain.
3. Prioritize Your Needs
After you have an idea of what you want to spend, start looking at what’s most important to you. This will help you choose the right projects to fit your budget.
Maybe you want to do a kitchen remodeling project, but you don’t have enough in your budget to do the entire kitchen. Figure out if it’s most important to replace the countertops, the cabinetry, the flooring, or even the fixtures. Then, you can figure out what will fit within your budget.
4. Get Estimates
After you know what you’d like to complete, you should get estimates. You can compare a few estimates to make sure you have the right quote for your needs. Sometimes, the lowest estimate isn’t the best choice and it’s smart to get a few estimates before you finalize your home renovation budget.
5. Consider Ways to Save Money
Sometimes, you can stretch your budget by doing a few different things. One of the main ways you can save money on your home renovation budget is to do the demolition yourself. Of course, you don’t want to take this on, if you’re not capable or if expertise is required.
You can also take care of some of the remodeling tasks yourself, such as painting or other simple things. If you have a tight budget and you want to make it stretch, consider some of the ways you can make your dollars stretch further.
Figuring out your home renovation budget is important. You want to make sure you have a budget set to make it easier to move forward with your project.