Creating a Renovation Budget

Renovating your home is never a bad idea; making improvements while also changing things up a bit is a positive thing to do for your home. Perhaps you aim to make changes just because you want change or you are making changes because some parts in the house need a little extra love, or both! One thing to keep in mind no matter the reason, is to have a budget. As you create that mental list of things you want to do for your home, create a real-life list so that you can budget yourself properly. You can divide up the things that need to be done versus the things you just want to change to prioritize where your money goes or you can knock out the renovations that will cost the most or the least first and go from there. The list will help steer you in a more organized and financially responsible direction. We are going to show you how by getting into specifics.

1. Set Your Goals

Like we stated before, think about wants vs. needs. For example, your bathroom needs new tiling and your bedroom needs to be repainted because there are chips all through the walls. Those may be considered needs. Repainting the house because the color is getting old or reinventing the bathroom because the current one is not aesthetically pleasing are considered wants. There is nothing wrong with wanting. This is your home after all, one you’ve either been living in for years or will be living in for years, so if you want it to look trendier or more visually pleasing to what YOU like, there is nothing wrong with that! The point here is that all the renovations mentioned above are going to be a bit costly, as big home improvements normally are. So, figure out what you want and what you need to begin with to give you a visual of what it is you intend to work on. Rather than have things mixed up, you will get to see what it is that needs the most attention vs. what can wait by writing everything down.

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2. Figure out costs

Once you have created that list of goals, you will want to figure out costs. You will want to do your research. Find at least 3 professionals for each type of improvement you want to work on and ask for cost estimates. This part will take the longest, but it is the most important. Essentially you are creating a list of goals and prioritizing what you want to work on, but the estimates will really tell you what your pockets will allow you to work on. Research professionals; take your time. Ask friends or family if they recommend anyone. Look at reviews online. 

3. Review and revise/Budget

Now is the time to look over your goals and estimates and revise, if necessary. Now that you know the cost of everything, you can either reset your goals, move some things around, or take out some things you realized do not need your attention now at all. This seems a bit repetitive, but when it comes to home renovation projects, they are investments; this is all coming out of your pocket, once again. We put review and revise/budget together because those will go hand in hand. As you are reviewing your list and costs, you are also thinking about your budget. If you don’t have one, now is the time to make one. If you have an idea, write it all down and  then use that to review your list because all in all, none of this can be done if you do not have the money for it.

Ultimately, 3 things need to be kept in mind when creating a renovation budget: what needs/wants to be done, how much these wants/needs will cost, and how much you have. All depend on one another. If you follow these steps, then you will be on the right track to get your home looking right without focusing on the wrong improvements or overspending.