How to Budget For Renovation Projects

Renovations can seem daunting and overwhelming at times. Do you feel that it’s hard to know where to start? A renovation not only temporarily disrupts your life, but it is also a financial commitment that you need to prepare for, and the budget can quickly escalate if you don’t put the proper plans in place and prioritize your wish list.

1. Know What to Expect

Let’s get all the surprises out of the way first. Here is what to expect for construction costs when using a well-established contractor. Also, keep in mind that these numbers don’t include all the materials you need to make the space come together and function.

  • Bathroom – $20K +
  • Kitchen – $25K to $50K +
  • Main Floor Renovation- $80K+
  • Whole-home – $150+

Consider all that is involved in any of these scenarios – electrical, plumbing, tile work, installations, etc. You are paying professionals to take care of your home and ensure it functions the way it needs to. It pays to have good work and will ensure no regrets later.

2. Build A Realistic Budget

This is going to put things in perspective so grab yourself a coffee and have a seat.  Whether you use excel or a hand-written spreadsheet, you need to itemize all that will be involved in your renovation.  Aside from the construction costs, you need to finish the space as well – how much tile and what is your budget, a new vanity, counters, and the list goes on.  Think of everything that you will incur a cost on to get the job done and write it down.  Don’t forget about the sofa or chairs you also want to sit on when this is all over.

3. Define Your Scope

Now that you have your entire list and allowances set, you can better prioritize.  Maybe you will find out that the heated flooring you wanted is just out of range.  So you either save more or knock it off your list to prioritize something else.  It’s that simple.  Defining your overall scope for the job will allow you and your chosen team to get to work.

4. Design Planning

Now that you know what you are really going to do and what it’s going to cost, you can start sourcing the right materials for the space. Using inspiration tools such as Pinterest or Houzz is also a great way to start building an overall vision.  If you are doing this yourself, without the help of a designer, define the overall look and feel you are after or you will quickly be overwhelmed while shopping.  Detail out those specifics so when you are out, you focus on only what you are after. 

5. Don’t Forget About the Finishing Touches

A renovation will not be an enjoyable space to live in without all of the finishings.  Can you imagine the beautiful pictures on Instagram or Pinterest if there were no sofas in the room or art on the walls?  These are just a few of the things that will make your space really feel like home, so it’s highly recommended you leave room in your budget to finish things properly.  

Renovations can be life-changing and bring you the lifestyle you are looking for in your home.  Budgeting and planning are a big part of the renovation success.  Have a look at some of the renovations we have completed for others and give us a call if you would like to get started.