For some, having a budget is like the worst nightmare. Am I right? And then for others, it is like the best thing in the world! haha.
Either way you look at it, having a budget for your home remodel job is pretty important because this isn’t the type of project you want to only finish halfway because money runs out. When building your budget for a home remodel project you need to have a decent plan backed by research. If done correctly, a budget is going to help you not overspend throughout your remodeling process.
An average question we get is “how much money do I need to put aside for this home remodel project?”
When looking at some information from HomeAdvisor, if the home is less than 1,000 square feet then we can expect the job to be around $18,000. If the home is closer to 4,000 square feet then the average is going to be around $36,000. These numbers however are for renovations which are typically more work than a remodel job, but it’s not uncommon to see remodel jobs of this size. A good rule to keep in mind is to expect to pay $150 per square foot. This will give you a very rough average of what it might cost but each job is going to be different.
One common piece of advice we give our customers to is to figure out what room in the house is the top priority for remodel and then what inside of that room is the top priority. We can make list of all the projects in order of priority and then figure out a rough cost for each project and that way you can only have us tackle the projects that fit your priority list but are also not going be too much money for you to spend. If you are going to remodel your whole house then think about the cost of your entire property. How much is your piece of real estate worth? You are not going to want to spend more than 10-15 percent on a single room in your house. You want to make sure that the remodel proportionally adds to the value of your property and this is how you do that.
Some homeowners decide to finance their remodel project by taking out a loan. If this is going to be your situation then just factor that loan amount you can get approved for into the budget and this will help determine what project you should decide to tackle. It is always good to leave room for error so that if something does happen you have a little extra available to make up for it.
Once you know what project you want to take on first then you can sit down and add up all the materials it is going to take to finish the job. For each material you are going to write down the price so we can add them all together at the end to get a total price of materials. Next you should add in any permits that will be required. Then you want to add in any labor costs you will have to pay if someone is going to help you with the project. Once you have that add it all up and there you have a budget!