Tips for Your Home Remodeling Budget
When starting a home remodeling project, wise use of your budget is important. You want to ensure you meet your goals without going over budget.
1. Make a List, Check it Twice
When planning for any remodeling project, it is important to set your goals ahead of time. Maybe you want to renovate a single room, or maybe you are considering an entire house. Whatever the scope, write out a list of what you would like to accomplish in each space, and then order the items in terms of importance. That will help you prioritize where your money is best spent. Also consider short versus long-term goals; perhaps you are willing to wait on some portions of your project, while knocking out more critical updates right away.
If this may seem a little out of your area of expertise, having a consultation with an interior designer before you start can help solidify your scope of work.
2. Bang for Your Buck
Kitchen and bathroom remodels can be costly, but they can also add the most value back to your home. Therefore, in the long run this may be your wisest financial investment. Don’t forget to keep to the budget you make, otherwise you risk not getting a worthwhile return on your spending. Bath remodels can be an easy $10k, and kitchen remodels tend to be at least double that. Luxury projects can be upwards of $50k or more. Not sure how much to budget for individual items, check out our home remodeling budgeting guide.
If those numbers make you panic, don’t worry! We have solutions! Moving plumbing and ductwork is usually expensive, so if you can go without it, do so. Consider whether you really need to move that sink or toilet, or if you can work within the parameters of the existing layout. Also, consider refinishing your old cabinetry instead of getting new ones. You can also work around the awkward layout of your kitchen by purchasing storage that increases functionality and choosing kitchen colors and accessories that brighten the space.
3. Floor Your Friends
If the ceiling is the fifth wall of a space, then your floor is the sixth. Changing up your flooring can make a tremendous visual impact and should not be underestimated.
For a quick fix, swap out your rug. A quality rug pad underneath can extend the life of your rug, add spring to your step, and protect your floors. Look for a heavier felted pad rather than a thin plastic one. Rugs should be rotated every couple of months to distribute fading and wear evenly and changing them out periodically is a subtle way to introduce seasonal colors. Synthetic fibers (although not always great in texture) are often more stain resistant and durable.
When you think vinyl, do you think of your grandma’s old linoleum kitchen floors? Think again! Modern vinyl flooring comes in an almost infinite range of colors and patterns and might be the right choice for mudrooms, laundry spaces, or areas where cleanliness is key. It even comes in tiles that have the look and texture of stone, or wood grain. When it comes to stone or wood, you can get the same look and texture with porcelain look-alikes, a long-lasting and attractive alternative. Do your research before you buy, and do not be afraid to consult a pro.
4. Devil’s in the Details
There are a lot of little things that make a room come together, but how often do we remember to budget for them? Baseboard, door knobs, hinges, switches, switch plates, vent covers, and light bulbs may be the last thing on your mind, but they are necessary for a space to seem finished. Better to account for that cost up front rather than leave it to the end and discover you’ve run out of time – or money.
5. D.I.Yes or D.I.No
Construction labor costs can be the most expensive part of a remodeling project. If you’re not the savviest DIYer, maybe you should leave it to the pros. When you know you can handle it, putting in the elbow grease to do the work yourself is a good way to save for those more complicated projects.
Our biggest advice? Expect the unexpected. Any time you start opening up walls, moving electric, or so forth, there can be complications that add time and expense to a project. It is smart to set aside 10-15% of your budget to compensate for any surprises, and in the event that you do experience an issue, you can rest easy knowing you have a contingency plan.
Need Additional Design Help With Your Home Remodeling Project?
Remodeling your home can be an overwhelming task, especially if you live in your home and are already busy with the normal stresses of work, life, and family.
Fear not! We are here to help! We offer interior design services for those who need a little design help to those that need a lot of design assistance with designing and furnishing their home. If you don’t live in the Chicago or Milwaukee area, we offer online interior design services allowing us to help you with your design problems anywhere in the world.
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