You are ready for your next home renovation project. Maybe you start small with something like a fresh coat of paint and new hardware on your kitchen cabinets. But then you decide to lay new floors and update your out-dated appliances. Pretty soon, your budget starts to increase well beyond your original plan.
This can be shocking for many homeowners, but you can stay in control of your home renovation budget with a plan. If you want to complete your dream renovation without the sticker shock, here are three things to consider when setting your budget.
1- Estimate how long you will stay in your home.
Anything less than 5 years is called a resale budget. This is different from a forever home budget.
2- Determine if the renovation will add value to your home.
Remodeling or renovating your home can oftentimes add huge value to your property and ultimately boost the ROI on your project. So if you plan to sell your home eventually, this is definitely something to take into consideration with your project. You get at least 10 years out of any remodel if done well before it looks dated.
3- Know the breakdown of the overall budget.
While that top dollar number is an important figure in your project, it is important to know how much each piece of the renovation will cost – including materials and labor. This will allow you to make decisions about what is absolutely necessary for the project, and what can be adjusted based on your overall desires.
Are you ready to get started planning for your next home renovation project?
I am opening up a few spots inside my group coaching program where you will get personal design support and your questions answered about remodeling, redecorating, and more! I would love to see you inside!