Setting Aside a Renovation Budget

It’s always a challenge to stick to a budget, but it’s an even bigger challenge to create one for a project you’ve never done before. Setting a budget for a home renovation requires a detailed plan and plenty of research. Most homeowners don’t even know where to start, so it helps to bring in a reliable exterior services contractor early on. In the initial consultation, you can discuss your needs and priorities. Reliable Design-Build-Remodel can guide you through the project and help you set a realistic budget.

Budget for Each Area

When deciding on a home renovation budget, build a budget around each room. The average cost to renovate a kitchen is $12,000 – $33,000, a bathroom $6,000 – $14,000 and a basement $10,000 – $27,000. The experts of Reliable Design-Build-Remodel can help with your budgeting.

How Much to Set Aside

The value of your home as a whole is a factor in your budget. You can’t spend more than 10 to 15 percent of that value on a single room. Spending more will not add to the value of your home. You have to make sure that a project not only serves an aesthetic purpose, but a functional one that adds value as well. Reliable Design-Build-Remodel, your painting services contractor, can help you determine this.

Financing

Before setting the budget, you need to determine how you will finance the project. If you are paying in cash, through a loan or applying for credit, the budget must fit within the available funds. Set aside 10 to 20 percent of your available funds for unexpected expenses. Something will go wrong or cost more than initially projected. In such events, you know you will have the funds available to finish your project no matter what happens.

Reliable Design-Build-Remodel is a full service general construction firm and remodeling contractor operating in the Birmingham metro and Jefferson and Shelby County areas and surrounding communities, including Birmingham, Helena, Chelsea, Mountain Brook, Hoover, Homewood, Montevallo, Alabaster, Vestavia Hills, and Pelham, with over 30 years of servicing our valued clients. Offering full service suite of general remodeling, design and build services. Our specialties include bathroom remodeling, kitchen remodeling, exterior renovations, interior renovations, painting, and more!

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