If we all had it our way, we’d be renovating our homes with only the finest finishes and most expensive materials and appliances. There’s just one problem: The budget. What you want for your renovation and what you can afford can sometimes fall very far apart on the spectrum. It’s easy to get all dreamy-eyed looking at all the gorgeous showrooms, magazine spreads and home reno shows, but your budget has to come first.
Going over budget will undoubtedly leave you with a beautiful home, but if it means going into debt or spending all your life savings, it’s not worth it. There are ways to get the look you want while staying on budget and we’re showing you how today!
1. Write Up a Budget
First things first, you have to create a budget for your renovation. Without a budget, it will make the whole renovation process extremely stressful and unpleasant. Figure out how much money you can afford to spend on your remodel project and break it down into sections (exterior, kitchen, master bathroom, living room, etc.). This will give you an idea of much you can afford to spend for each part of the project and allow you to determine the finishes and materials you can use.
2. Create Your Vision
Your vision for your renovation is a pivotal part of the process. Collect photos from magazines, websites and Pinterest that inspire you. Work with your designer to incorporate not only your design style but your family’s day-to-day function into your new space. Your initial design will likely be revised a number of times before you get a design that works perfectly for you- and fits your budget!
3. Budget Check
Once your designer drafts the initial drawings with dimensions, you can send them out to contractors for pricing. These initial price comparisons offer you a ballpark range of what your renovation may cost. The final number will depend on the finishes and materials you select.
Refining Your Renovation to Fit Your Budget
Now comes the time where you’ll find out how close your vision and budget are. Many homeowners are surprised to find how much more expensive the process is than they thought. If you’re over budget, you have to decide what features are worth it to you, and which ones are worth the price.
Your designer and contractor can work with you to determine where you can scale back, as well as lower-cost solutions. Decide what your priorities are to make the decision process easier. What are the areas you’re willing to go down in price to have the more important things?
Maybe new gorgeous windows are a non-negotiable but you’re willing to be more cost-effective with your siding. Or you’re willing to save on your backsplash but want only the highest quality for your countertops. These are personal decisions you need to sit with, but you’ll find out what’s most important to you and end up with the renovation of your dreams all on budget.
Renovating your home is an amazing yet stressful process. It will go much more smoothly if you stay on budget, so use these tips to refine your renovation to fit what you can afford! Looking for a reliable contractor? At Gentek we only partner with the best of the best. Take a look at our Contractor Locator to find a premium renovator for your home project!