A Remodeling Budget Can Be Hard To Determine
Your remodeling budget will allow you to do everything you want, or it will limit you and require you to make serious tradeoffs. Every remodeling project is different, although there may be similarities. If you’ve never remodeled a home before, you may feel overwhelmed and fearful of making expensive mistakes. Here are some tips to help you get from where you are now to understanding and setting a realistic remodeling budget.
Gather Honest, Reliable Information
A very good source for information is available in the 2016 Cost vs. Value Report. The data is broken first into regions, then into major cities in that region. After that, there are individual remodeling categories for midrange and upscale projects, with not only the investment, but a fairly complete description:
♦ Attic bedroom remodel ♦ Basement remodel ♦ Bathroom addition ♦ Bathroom remodel ♦ Deck addition (wood and composite)
♦ Entry door replacement (fiberglass and steel) ♦ Family room addition ♦ Garage addition ♦ Garage door replacement
♦ Major kitchen remodel ♦ Master suite addition ♦ Minor kitchen remodel ♦ Roof replacement ♦ Siding replacement
♦ Stone veneer accent ♦ Sunroom addition ♦ Two-story addition ♦ Window replacement (vinyl and wood)
There are many other sources of information available online and in print. You can also get information from a contractor who’s been referred to you by someone you know who just remodeled their home. Whether your discussion is in person, by email, or a phone call, you’ll probably get a broad range for your investment based on the person’s experience. If you can share as much information about what you want to achieve, it will help them give you a more accurate investment range. There are also sources to be taken lightly, i.e., TV remodeling shows, magazines that are based in another part of the U.S., and older magazines that you bought more than six months ago.
Make a list of the products you want to include, even if you don’t know a specific manufacturer or model. Most major manufacturers’ websites show retail prices, so you can get realistic numbers to add to your list or a spreadsheet. Your investment in products will be more than your investment in labor. A previous article about bathroom remodeling gave a reliable range of investment for bathroom products. The article about countertops also has investment guidelines that you can use, to help you finalize your decision.
There is much more information about the logical steps involved in the remodeling process and a remodeling budget in my award-winning book, “THE Survival Guide: Home Remodeling”. It’s 257 pages, with an extensive glossary of terms, and a fun short story about an almost-perfect remodeling project at the end. There are 17 easy-to-read chapters written in a conversational style, with great illustrations by Janis Emerson (like the colorized image above).
Talk With Professionals Who Can Help You Move Forward
After you have gathered basic investment information, it’s time to talk honestly and make informed decisions about what you want to do, what you want to include, and people you may want to help you achieve your dream. Get referrals to contractors, remodeling companies (aka “design-build”) as well as independent design professionals from family, friends, business associates, or professional organizations such as NAHB, NARI, and NKBA. Ask the professionals for their feedback about the scope of your remodeling project, the products you’ve selected, and your budget. Hopefully, by the time you get to this point, you’ll have a better idea about your target budget, and you’ll be able to move forward smoothly to achieve your remodeling goals.
“See the Possibilities. Create a Positive Difference.”
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