Whether you plan to renovate your house before moving in or are preparing to remodel to update your home, budgeting for a home renovation can be a tough and tricky process. First, you will need to come up with a clear and thoroughly thought out plan to determine what is necessary vs. what is something that you just want. Next, you will have to figure out how you’re going to finance the projects. Once you have these plans laid out and clearly understand them, you should be able to make further decisions such as finishes, colors, appliances, and renovation features.
A key aspect to keep in mind is most renovations can end up costing more than what you originally planned. Ensuring that you have a money cushion set aside in case of emergencies or any extra costs, is a great way to keep you covered and still in budget. Many homeowners may try ways to cut costs, such as buying cheaper products or cheaper labor. However, to ensure the quality of your project and the long-term outcome, going with quality products and labor that cost a little more, is the way to go.
4 Easy Tips to Follow
1. Look at cost vs. value for each renovation project
If you are planning to sell your home soon or in the future, keeping the return on investment in mind is critical when choosing home renovation projects. For example, there is no reason to put $40K or more into an outdoor living space, if the home is not going to sell for more than you originally paid. To get a better idea on these projects and read more on resale value, look back at our past blogs for more information.
2. Decide on your top renovation needs and priorities
A main reason why you might be choosing to remodel is that your current situation is not being met by what you need or want from that space or area of your home. Perhaps this could be needing more space or needing to update your outdoor living space to entertain more guests. Whatever the reason may be, be sure to make a list of necessary projects and projects you just want to get done. Being able to prioritize these projects will give you a good idea what you need to budget for, and which projects are the most important to get done first.
3. Discuss with others who have finished similar renovations
Discuss your renovation project with neighbors or friends who have experienced similar projects first-hand. When obtaining knowledge on your projects and tips on how to successfully complete it, you may also learn how to save properly and budget appropriately.
4. Research is key!
When budgeting and coming up with a financial play for a home renovation, it is very important that you have some idea about how much everything costs. Researching everything from the cost of appliances and paint color to the cost of lighting and flooring will allow you to keep an ongoing tally of renovation costs. While researching online is a good place to start, you should also spend time at your local home improvement store where these products are sold to get a better idea of what you actually like. Seeing things in person is much different than looking online and can give you a better idea of what will work best for your home.
Renovating your home can be a daunting process. Sunset Ridge Exteriors is here to help you in any way we can! If you are feeling like your home needs some exterior remodeling, feel free to give us a call for your free, no-obligation quote.
