Budgeting Should Be The First Step In Planning Your Renovation

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Chicago Renovation

Deciding to renovate that special space in your home can be exciting. After all, it’s an opportunity to make it all your own. But before you make that first phone call to the designer, make sure you understand all the financials involved with such an undertaking.

Below are some tips that can help you budget your renovation.

 

Decide How Much to Spend

Before you do anything else, start by defining your actual budget. If you know exactly how much you have to spend, you’ll better be able to gauge the size of the project. An average cost of renovating a kitchen is $30,000. Remodeling a bathroom averages $15,000 and it’s around $5,000 to redo a bedroom.

 

Understand the Budget Logistics

Once you have a grasp of exactly how much you have to spend on your renovation, make sure to keep track of how the cost of the project breaks down. Make sure you think about design fees, installation, and all of the supplies.

 

Plan for the Unexpected

Especially if you have an older home, the unexpected is bound to happen with any renovation. That’s why it’s best to be prepared. To do this and ensure your project won’t suffer if something beyond anyone’s control happens, make sure you put 20 percent of your total budget aside. Then if all goes smoothly, you can use it to give the project a little something extra.

 

Make a Spreadsheet

Once you establish the details of your budget, put them down in a spreadsheet. Then record each expenditure and keep an eye on the spreadsheet regularly. This way, you can keep a handle on your costs and prevent the project from going over-budget.

 

Do Some of the Small Work Yourself

A great way to cut some of the costs of a renovation is by doing some of the small work, yourself. Just figure out how much you have the time, skills and comfort level to take on.

 

To find out more about how you can wisely budget your renovation, please contact us.

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