Determining Your Budget During a Remodel

Thursday, October 14th, 2021 by Team Arrow

When it comes to home improvements, your budget can quickly get out of control if you fail to budget properly at the start of your remodeling venture.

Whether you’re planning a kitchen or bathroom remodel, or a complete overhaul of your property, it’s important to get to grips with your budget before diving in.

Not sure how to determine your budget? We’ve got some great tips for you to get started with.

Remodeled bathroom with marble walls, tiled floor and white vanity

1. Ballpark your costs

We all have huge remodeling dreams, especially when it’s so easy to gain inspiration online and via social media. But in order to avoid disappointment mid-remodel when funds start to dwindle, ballparking your costs beforehand can help you stay on budget.

If you’re using a remodeling contractor, discuss your project with them to get an idea of costs before getting started. In general, major upgrades such as a bathroom or kitchen remodel can run between $100 and $200 per square foot.

2. Figure out how much you have to spend

Remodeling a part of your property can add a huge amount of value, but it comes at a price! While ballparking your costs is important, you need to know how much money you have (and are prepared) to spend. Whether you’re dipping into savings or borrowing money, it’s important to understand how much you can spend if it adds up to a little more than you anticipated.

Looking to borrow money from the bank? Assess how much they are likely to lend (and how much you need to actually borrow) and don’t forget to add this cost to your monthly expenses to pay it back.

3. Determine what you’re after

Although it’s easy to get carried away with a whole multitude of kitchen or bathroom accessories, knowing exactly (or close to!) what you’re after will help to pin down your costs. 

Whether it’s the type of faucet or countertop material, getting quotes and working out what you can DIY is made far easier when you know what you’re looking to do, and how you want it to look.

4. Get several quotes from contractors

Now that you know exactly what you’re looking for for your remodel, getting quotes from contractors should be your next step! Whether you ask neighbors, friends and family or contact previous contractors you’ve worked with, get recommendations for contractors and submit a detailed project description to them for an accurate quote for the work.

Don’t forget to budget for contingency, too. Take your final quote and allow 15 to 20% for any unforeseen problems and changes that may occur.

5. Work out your priorities

If your remodeling dreams and budget aren’t quite working together, it may be time to scale down your dream a little. When working with a contractor, go back to them for suggestions in areas you can cut some costs, whether it means opting for a slightly cheaper countertop or reworking your layout plans. 

For example, the possibilities include:

  • Opting for lower-cost alternatives, such as laminate countertops versus granite
  • Keeping older items (such as appliances) and upgrade these later on
  • Downside the project, for example from 100 square feet to 80
  • Buy the materials and appliances yourself

6. Don’t forget all the little extras

It’s easy to focus on the big expenses, such as countertops or a new bath, but it’s often the small forgotten extras that can cause your budget to increase faster than you may think. 

Smaller costs such as light switches, skirting or spotlights can quickly mount up when unaccounted for in your original budget. Try to use a spreadsheet or checklist to keep track of everything you need to budget for.

7. Give yourself plenty of time

A home remodeling project is incredibly exciting, but needs to be planned properly in order to be a success! As soon as you decide to undertake a remodel, start planning right away. This will give you the maximum time to plan your finances and get everything moving in time to get your project underway.

8. DIY where you can

If you’re pretty savvy when it comes to DIY, don’t be afraid to get stuck in yourself where possible, as this will cut down labor costs. However, if you don’t feel comfortable completing any tasks yourself, always seek help from a contractor (or even friends and family).

Ready to get planning your remodel?

Here at Arrow Renovation, our team of remodeling experts is on hand every step of the way. We can help you to plan your remodeling project, uncover the relevant costs and implement your ideas from start to finish.

With over 15 years of renovation experience, we’re ready to answer any questions you may have before getting started on your home remodeling project.

Ready to get started? Whether you’ve got a few questions or you’re raring to go, we’re proud to offer remodeling services in Leawood, Prairie Village, Lansing, Olathe, Lee’s Summit, Shawnee, Overland Park, Raymore, Kansas City, Lenexa, and the nearby areas. Simply drop us a call at 1-913-703-3000 or contact us online to get started.

Related Categories: Bathrooms, Kitchens, Remodeling