Budgeting Tips for a Renovation
Though it’s tempting to dive into your renovation and start placing orders for your cabinets, countertop, and new floor, we recommend hitting the pause button and spending some time on your budget first.
If you don’t set a budget and do some pricing research before you begin making purchases, your expenses can get out of hand quickly. Realizing too late that you over-Indulging on expensive upgrades or underestimated your costs can make your stress skyrocket.
Read on for some of our best budgeting tips so you can create the kitchen and bathroom of your dreams without the stress.
1. Set a Budget and Method of Payment
An essential step in sticking to your budget is actually setting a budget in the first place. Instead of pulling a figure out of thin air, think about the scope and what you can realistically afford.
Going over budget can make you associate your newly renovated home with feelings of regret and guilt. This can especially be true if you’re remodeling your home to help it sell quickly. However, if you aren’t planning to move, then you may be comfortable spending a bit more to create a space you’ll love for years to come.
Additionally, having your funding method planned before you hire a contractor can save you time that you might otherwise spend worrying about your finances. If you plan to use a loan to pay for your renovation, apply for it ahead of time. Having a pre-approved loan allows you to plan the project without worrying about whether you’ll regret making purchases later.
2. Set Aside Some of Your Budget for Unexpected Expenses
Your contractors should all give you a detailed quote for the work that they’ll do for you, but it’s also wise to set aside some money for unexpected expenses. Even the best-laid plans can run into surprises, so we recommend setting aside 10% of your budget for “extras” so you won’t be left scrambling for a way to pay.
If you don’t end up spending your reserved money, you can either save it or put it toward a special upgrade at the end of your project.
3. Find Design Inspiration
If you’re an active user of websites like Pinterest, start collecting inspiration for your renovation project early. Once you clearly define what you want to have done in your home, research the cost to see if you can afford to bring it to life. It would be disheartening to start planning for a renovation to later discover that it’s way out of range for your budget.
4. Prioritize Your Needs vs. Wants
When you start a renovation project, it may be tempting to try to get everything on your wishlist when, in reality, you may not be able to afford everything that you want. If there are certain renovation pieces that are non-negotiable for you, like a great dishwasher or custom storage for the pantry, then make sure to prioritize those items first. Then, use your leftover budget to buy the items that don’t matter quite as much to you.
5. Get Quotes from Contractors
After settling on exactly what you want to do in your renovation, it’s time to seek out contractors and get quotes. You can get countertop, cabinet, and general contractor recommendations from neighbors, friends, and family members to quickly narrow down any prospects. Angie's List and apps like NextDoor can also be useful.
Before settling on partners to help you complete the work, make sure you:
Ask to see photos of previous and relevant work
Check references
Look up reviews online
We also recommend that you take advantage of free consults and estimates from suppliers. Alpha Surfaces offers both and can help you choose the right materials for your remodeling project.
6. Budget for Meals and Lodging if Necessary
Staying in your home during a renovation is one of the easiest ways to save money. However, dealing with excess noise, debris, and the other hassles of living in a home while remodeling can be stressful.
You may find that you need a more peaceful place to sleep while your renovations are underway, but this is one area of the renovation budget that many homeowners forget to plan for.
Staying at a rental home or with friends or family can both be budget-friendly options that provide a kitchen so that you do not have to eat out for meals.
7. DIY to Save Some Dough
If you’re handy and enjoy the process of DIY renovations, you may be able to save some money by doing parts of the remodel yourself. However, trying to DIY complex parts of your renovation may cost you more than hiring a professional. Carefully consider which work you want to do yourself and which you want to hire out.
Some things to consider doing on your own are the demolition, painting walls, and possibly installing new flooring if you have a handy family member to help. Doing so will allow you to put more money toward parts of your project that need an expert contractor.
8. Save Pieces That Are in Good Shape
Repurposing or having pieces of your kitchen resurfaced can be a great way to save yourself some money. For example, if you’re renovating your kitchen but your cabinets are still in good shape, consider resurfacing them. You can have a pro change the stain or paint them for a refreshed look at a fraction of the cost.
Remember, you don’t have to get rid of pieces you love or things that are still in great shape just because you’re remodeling.
Let’s Talk Design!
Having a peaceful, fun renovation is easy if you spend a little extra time upfront working on your budget. When you’re ready to start looking at countertop options, schedule a design meeting with one of our countertop pros.