Refining Your Home Remodeling Plans to Fit Your Budget
Saving money for your home remodeling budget can be challenging, especially if you have a lot of projects in mind. As your home remodeling budget grows, you realize you can afford certain improvements. You might be tempted to constantly do the small jobs first while putting off the big projects. Without a plan, you may not make the most strategic choices.
Think big picture, but pay attention to the details.
Shiny object syndrome is a serious problem for some homeowners. Your gaze fixates on a stainless steel range hood at a local home improvement store. Or you find yourself captivated by the clean, white subway tiles seemingly used in every episode of any home improvement TV show airing these days.
You can have your steel range hood and clean, white subway tiles, but make sure you complete all your home renovation tasks in a logical order. An experienced builder will know the exact correct order of operations, and you can make slight tweaks to their recommendation while usually still making wise choices overall.
Crunch some actual numbers. How much can you afford over what period of time?
The big picture of your home improvement plan is a certain amount of money over a certain period of time. You eventually have to decide on a number. Some homeowners take the number crunching to extremes, while you might just keep it simple.
You might just simplify the big picture by saying you have $40,000 to spend over a period of two years. It might be $25,000 over five years, where you save up $5000 between tax refunds, change jars and coupon cutting each year. There’s a big-picture strategy for each budget.
Most professional building companies will also offer their insights about budgeting and strategizing the funding of your projects. You may also bring this topic up at your next meeting with your CPA or accountant if you have one retained, or as a friend or professional associate.
Do the easy fix projects with the greatest impact first. This may mean simple cosmetic tune-ups or bigger structural elements, like removing a wall. Address safety hazards before cosmetic improvements wherever possible. Add up the estimated cost of all projects you deem essential. If this amount is less than your overall upfront home improvement project budget, you have the difference left to spend however you choose.
Spread out the love. Hold off on your golden toilet!
Avoid concentrating all of your home improvement work in one area. Imagine walking into a large stately home with an outdated exterior, through a dark and closed-in foyer area, into a beautiful kitchen with trendy tile and marble countertops. It’s like living in a budget studio apartment while owning a Ferrari.
Of course, your home remodeling budget is yours alone, so you and your family’s preference matters more than anyone else’s. But keep in mind resale value if you ever intend to sell your home down the line. Are you designing something only you and your family could love?
A qualified home builder like Alair Homes is committed to assisting with the entire project. This includes input on strategy, budget, and market factors. Contact us today to start a conversation about your home renovation dreams.