Everyone has grand dreams of remodeling their homes and if you have finally decided to take that step and get it started, well… you might need to take a step back for a minute. Acknowledging that it is time to remodel is fabulous, but before you can even begin the planning and design stage, you will need a budget. There is no point in designing any space in your home without knowing how much you are willing to spend.
Here are 5 steps for creating the perfect home remodeling budget:
Follow the rules
Not sure what the rules are? Well, the rule is basically 5% to 15% of the value of your home. No renovation project should ever cost less than 5% of your home’s value and it shouldn’t be more than 15% either. Now, remember, this is per project. So, you cannot even think that you can do both a kitchen and bathroom remodel for only 15% of the value of your home.
Determine how extensive your project is
You will need to know whether or not your remodeling project is going to entail gutting an entire room or if you are just going to do a minor facelift. The budget would be completely different dependent on how large your project will be.
Determine the increase of cost of living expenses
It is going to cost you more money during certain remodeling projects, especially if you are working on a kitchen. You may end up eating out more or find that expenses increase in other ways, and we recommend adding those into your budget.
Look closely at the variables
There are multiple variables that you will need to consider when you are doing a remodeling project. Home value is a large one, but others include your needs, wants, the size of the project, the layout of the space, and your goals for the future.
Talk to a professional
A professional will be able to tell you if your budget is reasonable and then they will work with you to create a space that fits that budget. They may also offer suggestions to make your project even better than you imagined.
Home Remodeling in Atlanta
As soon as you follow these steps and have a budget in place, you can begin the design stage. This is one of the most exciting stages of a remodel, because not only are you creating a beautiful new space, you are also choosing the materials that will be used. Give us a call at 404-378-6962 to schedule an appointment for a consultation.