Home remodeling projects can add tremendous value in terms of function, aesthetics, and listing price should you ever wish to sell your home. Yet, many homeowners wonder whether home improvements are within their current financial means. It turns out remodeling projects can easily align with your budget with a few simple considerations.   

5 Tips for Financially Planning Your Home Remodeling Project

1. Determine Your Top Priorities

If you know your space is due for an upgrade but you aren’t sure where to begin, think about the changes that matter most to you. For instance, your kitchen appliances may still be in good shape, but the countertops and sink need updates. Remodeling doesn’t have to encompass a top-to-bottom revamp.

2. Estimate the Cost

Next, come up with an estimate of how much your project will cost. While factors like materials used and geographical location can affect pricing, you can get a ballpark figure from an online calculator tool, such as Remodeling’s Cost vs. Value Report. This will also help you pinpoint which home upgrades can have the highest return on investment.

3. Determine Financing Options

Some homeowners set aside savings for home upgrades, but many take out loans. In either case, you’ll need to determine how much you can spend on the project. For a loan, factor in the payment to create a new monthly budget. You may also want to add a 20% buffer to your estimate for any unexpected costs which could arise.

4. Look for Ways to Save

There are plenty of ways to bring the price of a remodeling project down if it’s not aligning with your expectations. For instance, resurfacing your countertops, showers, or other kitchen or bathroom fixtures can come in at a fraction of the cost of replacing them entirely. You can also look for like-new fixtures such as lighting or appliances for sale online or at garage sales.

5. Gather Bids

Finally, gather estimates from contractors in your area. Keep in mind that price and quality are often directly related, so the most affordable option won’t always yield the best outcome. Any contractor you work with should respect your budget and try to offer solutions within your set price range.

 

If you’re considering a home remodeling project on a budget, allow Surface Pro STL to help. Serving Warren County, MO, this team can refinish your countertops, bathroom fixtures, and other home surfaces to refresh your space for an affordable aesthetic enhancement. Browse through their services online now or call (636) 359-6844 for a free consultation.