How to plan a home renovation budget

One of the hardest things to do is to stick with a budget. However, before you even get to that predicament, you must make your budget. Whenever you need to make a budget the pressure is on. Only one wrong calculation is needed to make the whole project go south. There are many types of budgets that you need to make. However, one of the hardest budgets to complete is your home renovation budget. Still, you are not alone in this. We decided to share our tips on how to make it through your home renovation and not go broke by the time everything is done.

What is the rate for home remodeling?  

Here are some numbers that you can use to guide you. So, for properties under 1000 square feet, remodeling can cost up to $18000. On the other hand, for a home between 3000 and 4000 square feet, remodeling can cost up to $36000. Therefore, you are looking at a large investment either way. If these calculations are too wide-ranged for you, you can count on needing approximately $200 per square foot. One thing you must do is play it smart when remodeling.

How do you determine that your home remodeling budget is just right?

Above all, you must make sure you do not overdo it. What you want is to spend 10% to 15% of your property’s worth on a single room. If the project turns out to be more then that, you should certainly rethink and reevaluate the plan. You might need to put away some items in storage during your renovation. If you need useful tips you can consult Master Moving Guide.  

Beautiful brown kitchen with a working station in the middle of it - the kind there's a good chance you'll be able to have if you determine your home remodeling budget properly.
Hopefully, by the time you are done with your renovations, your kitchen will look like this.

How will you pay for your remodeling?

The question at hand is where will the money for financing your remodeling come from? This is the moment when you decide how will you pay for everything that is needed during your remodeling. Maybe you will pay with cash from your savings account or maybe you will use your credit card to cover all expenses. This is one of the most important decisions you need to make when putting together a home remodeling budget.

Follow these steps

By all means, follow these steps to make a solid home renovation budget:

  1. Prioritize your remodeling needs – do things in the correct order. So, plan wisely
  2. Make a thorough plan with price estimates – communicate clearly with the contractor and ask for specific pricing
  3. Ask for estimates from different contractors – do not choose the cheapest option, because you might regret it down the line, since cheap service is usually poor service
A pen and a notebook, very useful tools to have when you're determining your home renovation budget.
Take a notebook, make a thorough plan, and prioritize your remodeling needs.

You might need moving assistance

Also, ask a professional moving company to tell you how much moving your stuff can cost. It is very likely that during some renovations, you might need to move some of your things. Do not forget to add this to your budget as well.

Tips and tricks to lower your budget

Here are some things that you can do on your own and therefore lower your budget:

  • Do the demolition work on your own
  • Order needed materials and supplies on your own
  • Do your own panting
  • Buy used items (brushes, buckets, etc.)

In the end, we all know that home remodeling isn’t cheap. Therefore, making a home remodeling budget can be nerve-racking.  However, with a little effort, you can lower your home renovation budget. Nevertheless, if you cannot gather enough to do what was planned, adjust the project and renovate less. Keep in mind that unforeseen things can happen, and additional costs are not unusual. Plan smart and spend even smarter.