How to Create a Realistic Renovation Budget

Define the Scope of Your Renovation

The first step in determining your budget is defining the scope of your renovation. How extensive is the renovation that you are planning? Are you doing a complete renovation or just a partial update? Be as specific in your planning as you can. The more specific you are about what you want to do and achieve, the more accurate your budget will be.

To be as accurate as possible, write down everything you would like to change in your home and detail any specific changes you already have in mind. For instance, if you are renovating your kitchen, break it down into categories or individual tasks like cabinetry, countertops, floor renovation, etc. This will help you identify which areas will require the most funding and which areas may give you an opportunity to save.

Determine which items on your list are needs and which ones are wants. Categorizing project areas this way will help you prioritize the essential parts of your remodel and avoid unnecessary spending. Without a well-thought-out plan, you can quickly go over budget, leading to stress, frustration, and an unfinished home remodel.

Get Multiple Estimates

It is important to consult several contractors and get quotes from them for comparison. Remember to ask for itemized estimates of materials, labor, and other possible additional costs. Look at their pricing and timelines to get a good idea of the prices of labor and materials in your area. Remember that the cheapest option is not always the best option. You should also take into consideration the contractor’s reputation, experience, and the quality of their past work.

Research Material Costs

The materials you use will greatly impact your total expenses. High-quality materials like hard floors and marble countertops will naturally be more costly than laminate or tile options. Take your time researching which materials are most cost-effective while still being functional and contributing to the look you are aiming for.

If the specific material matters less to you, consider options that offer the same aesthetics but are sold at lower prices. It pays to search online or visit local shops to see what deals and discounts you can take advantage of to lower your costs.

Factor in Unforeseen Costs

Renovation projects usually come with unexpected costs. These costs are the ones that many homeowners do not usually think about during the initial planning process. These may include permits, which can cost you hundreds or sometimes even thousands of dollars. Remember that demolition and remodeling involve creating waste, and you will need to factor in the cost of a dumpster rental.

Unforeseen issues and surprises should also be considered. No matter how well-planned your project is, there may still be something that will surprise you in the process, like unexpected delays, problems with plumbing and electricity, material shortages, and structural problems. These are significant problems that would need to be addressed, and, unfortunately, could only be addressed with money. Set aside 10-20 % of your total budget as a cushion for unexpected costs and errors.

Prioritize Quality

It may be tempting to choose the most affordable option but remember that some materials are sold at a higher cost because of their higher quality. Spending on quality materials and even labor will save you time, money, and effort later on.

Identify Areas Where You Can Save

Whether you are remodeling your kitchen, upgrading your bathroom, or renovating your living room, specific parts of these spaces can offer you opportunities to save. For example, you could consider incorporating old cabinetry in your new kitchen design to have more money to spend on a quality countertop.

Determine a Spending Limit

After determining everything you need to spend on and the estimated expenses for each, determine your spending limit. How much are you willing to spend on renovating your home? 

Partner with a Contractor You Can Trust

Creating a realistic renovation budget entails careful planning, an eye for detail, creativity, resourcefulness, and the advice of an experienced and licensed contractor. If you cannot wait to turn the space you are dreaming of into reality, talk to our experienced team today and take the next big step towards your dream space.

The post How to Create a Realistic Renovation Budget appeared first on King Remodeling.

Common Remodeling Problems and How to Avoid Them

Remodeling your home can bring new life to the space and improve your overall home. Not only can it improve your home’s function but it can also increase its value. Below you will find the most common remodeling problems, including how to avoid them.

Budget Issues:

One of the most common issues that occurs during a remodel is budget issues. Exceeding the budget can be fairly easy as costs can add up. From materials and labor to permits and code compliance, costs can accumulate fast. Avoid this issue by creating a realistic budget before you get started. In addition to your budget, cushion the project with a contingency fund to ensure any overspending is covered. Work closely with a skilled remodeling contractor company to ensure your budget is realistic and achievable.

Timeline Issues:

Another highly common issue that arises during a remodel is timeline problems. Delays are common and can occur for a variety of reasons. Material shortages, contractor scheduling conflicts, construction challenges, dissatisfaction with certain parts of the project, and weather are all common reasons your remodel may be delayed. Avoid this by planning your timeline in advance. As with the budget, create a cushion to allow for any issues that may arise. The most important partnership you can have during a remodel is your relationship with the contractor. Work with a reputable home and kitchen remodeling contractor as they can ensure your timeline is closely adhered to.

Permits and Code Compliance:

Each area has its own zoning laws and permit requirements. It is necessary to follow the local regulations to ensure your remodel moves forward without issue. Otherwise, failure to obtain the necessary permits or to comply with the building codes can result in fines and delays. In some cases, you may even have to undo completed work. This can lead to delays and budgetary issues. To avoid this, work with skilled professionals to ensure you have all of your plans and paperwork together before you get started.

Daily Disruption:

No matter how large or small your remodel is, it is inevitably a daily disruption to you and your family’s life. This is especially true if you are living at home while the remodel takes place. The noise and lack of access to certain areas of your home can be difficult. Additionally, there is a lot of dust during a remodel, which can be bad for your health. Avoid these issues by planning in advance. If you plan to stay in your home during a remodel, be sure to plan temporary setups for the areas being renovated. Common areas include the kitchen and bedroom, so be sure to have arrangements made. If you don’t plan on living in your home during the remodel, be sure to plan for accommodations with the understanding that delays may occur.

Design Changes:

Design changes made during the remodel can be a serious issue. Not only can it increase your budget but it can also extend your project timeline. Avoiding this is important as it can take up vital resources. Working with a skilled contractor can ensure that you are aware of all of the decisions you need to make. Every decision should be made before the project starts. If design issues arise during the remodel, contact your contractor right away to discuss how to deal with the issue.

The post Common Remodeling Problems and How to Avoid Them appeared first on King Remodeling.