It’s Halloween, which means we are tackling the scariest thing about remodeling: budgeting!
Some homeowners are hesitant to consider a remodel out of a fear of going over budget. But with a good plan and the right remodeler, your-hard earned money can deliver the home of your dreams.
Forbes has 8 ways to stick to your home budget. Chief among them is to have a plan. You can’t wing a remodel! Don’t put off decisions on appliances and tile until after construction starts and expect to have a smooth time. Instead, be diligent about all your decisions and keep the lines of communication open with your remodeler.
That said, it’s always good idea to have a contingency. Unexpected events can arise during a project, so planning a 15% or 20% contingency and reducing it as the project is completed is good way to stay on track. Be careful not to feel as though you must spend the contingency either. Resist the temptation to say, “While we’re at it, let’s …” because that’s a great way to blow your budget.
Nailing down a budget can be tricky. Not every job can be priced per square foot. No two jobs are the same in scale and difficulty. Instead, think of your budget more as a percentage of your home’s value, as this Time article notes.
For example, a kitchen budget should be around 10% to 15% percent of your home’s value; a master bathroom suite should be around 10%; a regular bathroom/powder room should be 5%; and other rooms should be 1% to 3%.
Using this baseline, you can make an informed decision on your remodeling needs, and hopefully take the scariness out of budgeting.
Happy Halloween!
