For most homeowners, your renovation budget will serve as the scaffolding around which you build your design plans. A considered budget, no matter how big or small, will direct your decisions, from materials to the scope of your remodel. In other words, finalizing a budget is a big deal. It should be done only after much thought for your financial limitations and desired outcome. Before you settle on a number, check out our best budget tips:
Determine Your Budget Early
The earlier you can come to a conclusion on your renovation budget, the easier the entire design-build process will be for you. A solid budget should help you make hard decisions and move forward quickly. Excess back and forth on your budget will slow down the project dramatically and only to serve to complicate each step.
Subtract Up to 20 Percent
Once you’ve established the maximum cost you can comfortably afford, go ahead and subtract 20 percent. Why? This 20 percent becomes your contingency plan. Should unexpected issues arise, you won’t have to panic about blowing your budget. The Valley Home Builders team does everything in our power to avoid any kind of unplanned additional costs, but not every outcome can be prevented. Wiggle room within the budget means a whole lot less stress for our clients.
Stick With Decisions
You have your number and you have a predetermined contingency fund. Now, all you need to do is stick with a plan. Waffling on decisions, including the small ones, could end up costing you down the line. You don’t want to blow your budget on indecisiveness. Working with a team you trust will help ensure that you always have all relevant information before addressing any questions or choices about scope, design, or materials.
Consider Both Long-Term Costs and Short-Term Gains
Frustrating but true: Sometimes paying less up-front can cost more down the road. While most budgets take into account a homeowner’s current finances, it’s also important to keep in mind accrued costs later on. Choosing less durable materials or an inefficient layout may prove problematic if you intend to stay in your home for long. If you have to upgrade later, you’ll not only double your efforts but have to pay twice for materials and labor.
Keep Your Plumbing as Is
If you’re overhauling your bathroom or kitchen, design your plans around pre-existing plumbed lines to reduce costs. Saving on additional plumbing work will allow you to get more from your renovation budget. Apply those benefits on more visually impactful changes like a wide-basin sink or a selection of high-end faucets.
When in Doubt, Go Small
Sometimes expansions are not only desired but necessary for the functionality of a space. In those cases, bigger is absolutely better—and the cost will be worth the gain. But when in doubt, erring on the side of small can be financially beneficial. Less square footage requires less work and fewer materials, and thus, will demand less from your budget.
Ask for Help Cutting Costs
If you’re ready to talk with a contractor but not yet firm on your budget, that’s okay! Valley Home Builders’ project managers can help you determine a number that weighs your financial concerns and your hopes for your home equally. We’ll be direct about places where you can easily cut costs and the areas where we think spending more might be best. Together, we’ll work to define your needs and determine the appropriate budget to meet them. Contact us today to talk specifics.