A home renovation or remodel project can increase the value of your home tremendously, but if you aren’t strategically planning your budget for the project, the cost can spiral out of control quickly!!
Here are 3 things to keep in mind when determining your project budget.
1. Determine Exactly What You Want: Now is the time to dream big about your project and decide what exactly you want to accomplish. Make a list of all your non-negotiables, determine what you are willing to compromise on or part ways with, and what you want to splurge on. These can always change as you finalize your renovation plans, but it is a great idea to lay all of this out before you start!
2. Plan for Extra: This may sound overwhelming, because “extra” could be so broad, but there will always be unplanned and unforeseen expenses. And I truly mean always!! If you plan an 8-10% buffer on your project, you will avoid the stress and heartache of going off budget when unforeseen problems come up. Plus, this may give you a little wiggle room to work in some of your splurges and must-haves!
3. Budget Before You Start: This is where I see so many home renovation projects to amiss! It is natural for most people to budget as they go, but this is the quickest path to ending up completely out of budget on your project. It is important to make a detailed list of all the things that will go into your project, and include associated with each task or item!
Are you ready to get started on your next home renovation project? Join me inside my group coaching program where you will get personal design support and your questions answered about remodeling, redecorating, and more!