How to set a realistic budget for your remodeling project

Posted by Ben Thompson on 06.20.14

These 5 tips will help you set a realistic budget for your remodeling project.

So you've decided you want to remodel your home. That's fantastic! Now, one of the first things you should do is develop a realistic budget. A remodeling project is a significant financial investment, one that will pay off in happiness and comfort as well as adding value to your home. To help you, we've put together a list of five tips to help you establish a realistic budget for your remodeling project.

Tip 1: Make a list of your reasons for remodeling.

Why do you want to remodel? Prepare a list and put down anything that comes to mind. Here are a few common motivations behind remodeling: improving function or flow, expanding family size, downsizing, preparing for aging in place, accommodating a family member with special needs, or repairing damage. Putting together a list will help you work through tips 2-5.

Tip 2: Determine how long you plan to stay in your current home.

Why does this matter? Well, if you plan to stay in your home for 10 years or more you should allow yourself enough budget to create a space that has everything you want and need. If you are remodeling to get your home ready for sale you can be tighter with your dollars, but don't skimp on quality materials.

Tip 3: Learn what the average cost of a quality remodeling project costs in your local area.

One of the best resources to educate yourself on average costs and recoup value for projects in the Grand Rapids area is Remodeling Magazine's Cost Vs. Value Report. This report will provide averages for a variety of project types.

Tip 4: Prepare a list of your "must haves".

Your "must haves" are items or elements that must be including in your remodeling project. They are your non-negotiables. This could include hardwood floors, a walk-in closet, or steam shower. Do keep an open mind though, as a professional designer may have a suggestion that you would like even better!

Tip 5: Select a professional remodeler to evaluate your project and provide an estimate.

They will be impressed with your preparation! A professional design/build firm will be able evaluate your project's feasibility, make recommendations, and point out potential challenges that might affect your budget.

If you have a project in mind that you'd like to discuss, please contact Thompson Remodeling. We'd love to chat with you about creating a space that you will love!
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Topics: Love Where You Live, Thompson Tips