It’s a rule of life: Money talks.
In the remodeling world, budget can be a four-letter word. But in order to have a successful experience, homeowners need to be honest about how much money they are comfortable spending.
Fortunately for you, we have a helpful article from The Washington Post that outlines several budget tips.
First, you need to decide on a goal. What do you want your home to look like? What area or areas of the home will you be working on? Do you want a spa-like master bathroom? Do you want to open up the kitchen?
Next, you need to figure out what you want everything to look like. Doing so will help pin down what kind of materials you will require. The materials you prefer will have different price points, so it’s helpful to pin those down and get a rough idea of their costs.
Doing these first two steps will lead you right into Step 3: Figuring out how to pay for everything.
Unless you are paying in cash, like the article notes, you will be borrowing the money from somewhere. Figure out whether that is a home-equity loan, a home equity line of credit, or a good old fashioned lending institution, the article says.
With those tasks completed, your attention must turn to the future: Is this a project in a forever home or are you probably going to sell at some point? If it is the former, feel free to splurge, the article says. If the latter, make sure you are getting the most return on your investment.
Now you are ready for your quotes. Contacting contractors will give you an idea of what your projects will cost. Going through quotes with a designer and contractor will help you figure out what you can save money on and where you should splurge. And don’t forget to budget a little extra (the article says 10 percent to 15 percent) for hidden expenses.
One thing you might not have thought to budget for in a remodel is something for your pet(s).
Yes, even our four-legged family members want to age in place. According to a post from Remodeling online, more homeowners are including dedicated dog showers in their remodel.
Have a great week!
