Budgeting for Your Remodeling Project

What do you get when you cross a viable budget with a competent design-build contractor?? Wow! You get a beautiful renovation! Many people do not know how to arrive at a viable budget for their remodeling project and truly it can be a little like the question of "Which came first, the chicken or the egg?". Maybe I can shed some light on how to determine a budget for your home construction project.First, do research. This can be in the form of searching the internet for ballparks for the type of project you are considering. There are a multitude of sites that give ballpark information per type of home remodeling project, whether it is a bathroom, addition, kitchen or attic conversion. These sites even estimate their averages based on regions! So, the internet is a good place to start. Secondly, talk to friends or neighbors. Perhaps they will share with you some of the broad financial information for the type of work they have had done to their homes. Thirdly,consult with a real estate agent. Many of these professionals know enough about home projects to not only shed some light on how much projects run, but also would know the added value that the home project would bring to your home. Finally, consult with a contractor. I have found that I can give ballpark cost information on any project, provided the homeowner is able to give me a sense of size and the level of the quality of materials they wish to use. I always stress that I can only give ballparks and would need more detail to provide exact quotes. Commonly, at this stage, a ballpark is sufficient to satisfy this first step in the budgetary process. So, now you have armed yourself with some budgetary guidelines. But what is next? I personally think it is wise to go a step further. Now is the time to turn inward to examine some critical personal information. First, this would consist of looking at your home in relation to other homes in your neighborhood. What is the pricing of recent home sales in your neighborhood? How do these homes compare to yours? This analysis gives perspective on whether you can count on a return on your investment in a home improvement project. Secondly, I think it is wise to think about how long you plan on staying in your home. Determining this component allows you to see the wisdom of pursuing a large project. Finally, ask yourself "What meets your family's needs?" If regardless of all these analytical steps, you simply need additional space or better flow or function, then there is the intrinsic, emotional value that must weigh in. I hope this helps in your quest to determine if a home remodeling project is right for you!