How Do I Budget for Remodeling Projects?

Remodeling projects are notorious for going over budget. You may have planned to spend $15,000 on remodeling your kitchen, but it turns out to be $20,000 instead. This happens all the time. Why is that? That is because projects can take longer, materials are more expensive than you expected, there are hidden issues that are found and need to be fixed, and you need to buy tools to get the job done. These all add up to more expensive remodeling costs. So, we are here with some helpful tips on how to realistically budget for any remodeling project you decide to undertake. They include:

• Prioritize Projects: You likely have a laundry list of ideas that you want to incorporate into your home remodeling projects. In an ideal world, you can do them all. However, that is unlikely due to time, budget, and space constraints. So, prioritize your project between must-haves and would-like-to-haves.

• Outline Your Costs: Do some research. Look up the costs of materials that you will need for your projects. Do not forget tools. Look up how much your new flooring, cabinetry, paint, paint brushes, tarps, gloves, masks, tape, appliances, countertops, and installation fees will cost you. Add them all up and you have an estimate of your project costs.

• Add a Buffer to Your Budget: Budgets always need a buffer added to them. This accounts for damaged materials, mistakes, and unforeseen issues that were previously hidden by your appliances, cabinetry, and flooring. We recommend adding 10% to your estimate that you determined using the previous tip.