How to Make Sure You Budget Accurately for a Home or Room Remodel

Let’s say that you have the home you want, but that you’ve recently decided to make a few changes. One of the first steps in making changes to your home is developing a budget so that things don’t get out of hand (which can happen quickly!). A budget is absolutely  necessary for a remodeling project so that you know exactly where your money is going and the reasons it is being used.

Here are a few ways you can spend your money wisely and stay on budget for your renovation project.

Decide Where the Money Will Have the Most Impact

If you want an open concept, make sure to budget money for construction. If remodeling your kitchen means more to you, then you may want to budget your money toward cabinetry and countertops. Remember to not spend money on design concepts that do not speak to your top goal.

When you make your budget, consider the specific fixtures and materials that you want to use in your project. This means choosing whether you want tile or carpet, or an apron sink instead of a standard sink (among other things). All of these features add up, so knowing the finishings of a project helps give you a realistic and reliable budget number. A professional contractor can help you with this. When you provide your contractor with a list of exactly what you expect in your new space, your budget becomes more accurate.

Remember not to overspend on a project in your home. If you overspend, you may not be able to recoup the money if/when you go to resell your home. For instance, if you spend $75,000 on a kitchen remodel in a $225,000 home, you will not see a return on your investment. With a little bit of planning, you can spend less on a project and still have the home of your dreams.

Be Ready For Surprises

When you remodel a home, unexpected things can happen when you open up walls and fixtures. For this reason, you should have an extra ten-to-fifteen percent extra in reserve just in case your electrical wiring, plumbing, etc. is not up to code. If you do not need it, it can always go toward helping you decorate when the project is finished!

Cutting Costs

While you don’t want to take the cheap route and end up hurting the end product, there are a few ways to cut costs and still have a quality room.

  • You can use laminate countertops instead of slab countertops.
  • You can use vinyl flooring instead of tile.
  • You can use carpet instead of hardwood flooring.
  • Instead of replacing working appliances, you can use the ones that you already have.
  • Reface or refinish existing cabinets instead of replacing cabinetry.
  • Reduce labor costs by doing initial demolition yourself.
  • Hire contractors during their off-season for cut rates.
  • Do not add on things as your remodeling goes on. These costs can add up.

When you want quality, professional renovation work done in the Nashville, Tennessee area, contact the professionals at Vesta Homes, LLC. We work with a hand selected team of vendors, subcontractors, architects, and designers who come together to provide an elite product for all our customers. At Vesta Homes, we provide homeowners with quality craftsmanship and value, while also developing a relationship of trust in the product and the company.

If you are thinking about remodeling your home in Nashville, Tennessee or the surrounding area, give us a call today. We’ve done professional remodeling for decades and look forward to helping you shape the home of your dreams.

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