Budget Basics: Planning Your Next Home Remodeling Project

by Katharine Breithaupt (bright-hop) 08/01/2021


Photo by Skylar Kang from Pexels

Your social feed is likely filled with plenty of inspiration for your next home improvement project. It's easy to scroll past images of sparkling kitchens and sleek basements and decide that now is the best time to take on your next renovation project. The next step is figuring out how to pay for everything that you want.

This guide will help you create a realistic budget that you can stick to for your next home improvement project. Outlining and adhering to a budget throughout the process will help your project move forward seamlessly. Here's what you need to do in order to create a home improvement budget:

Research the Average Costs for Your Chosen Project

There are some home improvement projects that are more costly than others. It is important to have an understanding of the average costs associated with the project of your choice, as this will help you decide if now is the right time to take on that project. For example, these are the average costs associated with common renovation projects:

  • Kitchens cost between $15,000 and $35,000 to renovate.
  • Bathrooms cost between $5,000 and $20,000 to renovate.
  • Basements cost between $10,000 and $20,000 to renovate.
  • A new roof can cost about $10,000 to install.

Itemize the Individual Costs

Once you have decided on the home improvement project that you want to pursue, you will need to itemize the individual costs. These costs can include the cost of materials, the cost of installation and the cost of labor. You should know how much of your budget is being spent on each item because it will allow you to make adjustments if needed.

Determine Where You Can Save on Costs

If you want to reduce the overall cost of your home improvement project, you can often find creative ways to save money. For instance, you may be able to reduce the cost of labor by taking on some of the work yourself. You may also be able to purchase materials from a wholesale supplier for a lower price.

Get Estimates from Contractors

Once you have determined a price point that you are comfortable with you can start getting estimates from qualified contractors. It is important to be honest with the contractors about your budget so they can determine which options are best for you. You may find that contractors are willing to work within your budget in order to secure the job.

Decide How You Will Pay for the Project

Before work begins on your home improvement project, you should come up with a plan for paying it. You may be able to pay cash up front for the project but you should also know that financing is often available.

It's important to remember that there is a wide range of budget possibilities for any home improvement project. You can choose a budget-friendly approach that allows you to renovate your home for the lowest possible price, or you can opt for a luxury project that spares no expense. There is no right or wrong way to improve your home. You simply have to find the price point that works for your personal needs.

About the Author
Author

Katharine Breithaupt (bright-hop)

The Wine Country is one of the chosen places on all the earth. I have lived here over 30 years in this extraordinary place. Over 20 years ago, I started representing both Sellers and Buyers and now have proven results and experience in Residential Homes, Luxury Estates, Farms/Ranches and income property here in paradise. I have been in the top 5% year after year in real estate sales, and it is for a reason.  

It takes an extraordinary agent with proven marketing expertise and negotiation strategies to close deals with the results you desire. I am a full time, full service Realtor with the networking connections you need. I produce results and closed sales because of my experience and behind the scenes contacts. As a Top Producer with Premiere Client Services and Global Reach, I will get you to your chosen goal sooner. In any market, it is important to choose a Top Agent that has MORE to offer. You will be my priority. From the finest photography, internet exposure, social networking and networking connections, you will be well-represented by me, first and foremost.  

Benefits to You: Multiple website portals; Free Seller Pak/Free Buyer; Pak/Free Home Analysis available upon request; Member Luxury Networking Group - Top agents of the $1 million plus range; Five Star Technology Training and Internet/Search Engine Optimization Exposure; Member of Marketing Masters Networking Group/Santa Rosa - former President - Top agents in Sonoma County all price ranges; Consistent Sonoma County Top 5% Producer year after year. Active member of BAREIS, CAR, NORBAR. Let's talk! I look forward to serving your needs!  

My husband/partner, Henry (Spud) Davis and I will cover your real estate needs throughout Sonoma County. With six grown children out of the house, we have the time, the energy and experience to devote to you. We support many non-profits with needs. We love to travel, and Spud's the chef so tell us about your favorite foods/recipes. Give me a call/text/email today to have a conversation about your real estate needs and how we can help make your dreams of Wine Country Living come true.