Home improvement projects can reward you with a better living experience and a higher price when it’s time to sell, but sometimes, understanding how much to budget can be difficult. Here’s a quick list of some tips to help you budget for your remodeling project so you can enjoy a more beautiful, more comfortable home:
- • First, define the scope of your project. It’s easy to go overboard, and costs can creep up before you know it. Prioritize your project in order of need and be realistic about the extent of upgrades: Sure, that top-of-the-line range with built-in grill, pot-filling faucet and six burners might be nice to have, but it’s probably not necessary, and a much less costly version would probably provide you with all you really need.
- • Look for areas that will provide the most “bang” for your buck. Countertops are a great example. Countertops comprise a big part of your kitchen, and upgrading them to a finish you really love will provide you with a lot more satisfaction that many other upgrades.
- • Look for alternatives to save costs. If you have good-quality wood cabinets, consider having them refinished instead of replaced. Likewise, consider a countertop option that fits right on top of your existing countertop to get the appeal of a high-end finish without the exorbitant costs of demolition and new installation.
- • Set up a separate savings account and contribute regularly. Lots of banks offer an option for automatic transfer from one account to another. Set up a remodeling account and arrange for regular transfers of a set amount to have a cash reserve ready when you need it.
- • Determine the value for your needs. Are you planning on selling soon? Upgrading kitchens and baths will give you the greatest return on your investment, and specific upgrades like counters and fixtures are good targets. If you plan on staying put, choose upgrades that will give you the most enjoyment in regular use.
Setting priorities is an important part of budgeting for any home improvement project. Start today by making a list of the improvements you’d like to make, and then decide on a plan that can help you meet those goals.
