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Sometimes, budgeting can feel like you’re sacrificing something you want. Sticking to a budget, in any circumstance, takes not only discipline but also careful planning. But if you plan correctly, budgeting might not feel so hard.
Any home renovator needs a budget if they want to set realistic goals and assess their finance options. Check out these tips to create a home renovation budget!
Decide on the Details
Before you start working through costs, prioritize what you want most out of a home renovation. Compiling a comprehensive list that can communicate to your contractor precisely what you want can help you create an accurate budget and leave you feeling satisfied.
Be sure to include materials, appliances, and fixtures.
If you’re having trouble deciding on the details, determine your specific goals. If you’d like a nicer kitchen, what does that mean? Would you like more space to accommodate guests? That could mean redoing the floor plan and reorganizing key features. Or maybe you only need some superficial changes, like new cabinets or appliances.
Deciding on what you want at the end of your remodel can help you create an accurate budget and get an accurate quote from potential contractors.
Unless you’re paying for your remodel out of pocket, you’ll need a home loan. A home equity loan offers a lump sum at a fixed interest rate, and payments are typically in monthly installments. But there are other loan options to consider; consult with a mortgage broker to find the best one for you.
The best loan option for your remodel also hinges on the potential resale value a renovation can offer. If you’re planning to sell your home soon, you might want to pare down the improvements and stick to renovations that will result in a solid return on investment.
But if you want to stay long-term and transform your current home into your dream house, feel free to splurge.
You have many things to consider when planning a major home remodel, and the budget is a big part of it. In the end, if you follow these tips to create a home renovation budget, you’ll end up with the home you’ve always wanted!