Preparing for a home construction project is a big task. There is a lot of planning from both a financial and technical standpoint. It is important to have the right team on your side to help you plan accordingly and execute everything within budget.
Before you get started trying to plan your budget, it’s important to ask yourself these questions:
- What do you want this project to accomplish?
- What details are needed to make it happen?
- What are you willing to compromise on?
- What are you willing to splurge on?
With those questions in mind, these are some important budgeting considerations we tell all our clients:
- Expect to spend at least $100 to $200 per square foot on any renovation.
- It’s easier, and potentially more affordable, to prioritize projects by room and build a budget around the cost of each individual project.
- Before you set your budget, decide how you will finance the project (cash, credit, loan, etc.)
To get an estimated idea of what your remodeling budget should be, consider the value of your home as a whole. You don’t want to spend more than 10 to 15% of your home’s value on a single room. Additionally, we always tell clients to set aside 10 to 20% of your available funds for unexpected expenses. While we try to plan for all situations, sometimes things come up in a project that is beyond our control. We’ve also found that sometimes homeowners choose to upgrade certain aspects too. We’d rather have extra funds allotted for these instances rather than being stuck and unable to complete the job.
If you’re currently planning a home remodeling project, we’re here to help. With our experience, we can guide you early in the planning process to help make decisions that will stay within your budget while still accomplishing your desired design. Reach out today and let’s discuss how we can create a plan for making your remodeling dreams a reality! Call today at 813-436-0177.