Renovations can be expensive. In fact, the cost of remodeling a kitchen alone can exceed $100,000. In truth, you’ll need to put some big money down, whether you want to remodel just one room or the entire house. But you can still make renovations cost-effective, and that’s what we discuss here. To come up with a realistic remodeling budget, read through the sections below.
1. Make Remodeling Needs A Priority
Knowing exactly what you want before you start remodeling will ensure you don’t spend money frivolously. Make a list of everything you could do, and then classify projects into WANTS and NEEDS. Do this and you’ll know where to spend your money.
2. You Might Need Special Arrangements
If you’re planning a major renovation, such as a kitchen remodel or the installation of a new floor, you might need to relocate while work is being done. Therefore, your project budget should take into account lodging and related expenses.
3. Estimate Costs
Estimate costs to see which renovations will provide the most bang for your buck. If you’re remodeling a bathroom or adding a family room, expect to pay between $100 and $200 per square foot. If you want to hire a designer or a remodeling pro, talk to them about your project and ask them to come up with a ballpark estimate.
4. Obtain Quotes From Several Contractors
You now know what you want and how much you’re willing to spend. It’s time to look for a contractor who can complete your project on time while staying in your budget. Find nearby remodelers and request quotes. You should approach at least three remodelers. And remember to be upfront when discussing your intentions.
5. Understand Where You Can Cut Corners
Saving wherever you can will go a long way in making your renovation affordable. Consider which parts of the house get less traffic; these areas won’t need a lot of work.
6. Analyze Funding Alternatives
Home renovations can be expensive, which is why there are several financing options for those who want to spend top dollar on renovations. Look into refinancing, home equity loans, and other financing options.
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