How to Budget for a Renovation

When it comes to starting a home renovation project, the first thing you need to establish is your budget. Even though choosing countertops, faucets, and paint colors may be more exciting, planning your budget and documenting it with both your spouse and contractors is vital to ensuring an enjoyable, stress-free renovation process.

While all budgets vary depending on the household and project, three things to always make sure you do when setting yours include:

Determine Project Needs
When establishing a budget for your renovation, first make a list of everything that needs to be accomplished – like updating piping or replacing rotting floors -, as well as a list of all of your desired wants for the project – like a heated towel rack or smart faucets. The budget you create should include funds for all of your needs, in addition to a few wants that will make the space reflect your personality. By making this list and creating a priority checklist, you will be able to see exactly how much money your renovation budget requires.

Meet with the Experts
Once you have factored together which needs and wants fit within your initial spending limit, meet with the contractors you will be partnering with for the renovation. Many experts, like those at Mission Kitchen and Bath, can help you find solutions that fit within or under your limit, or even advise you on appliances and other factors that you may not have thought about in your first brainstorm.

Plan for Surprises Along the Way
When planning your spending on a project, keep some padding in your overall budget for surprises that come up during the renovation. Whether trim is unexpectantly rotting or there is a wiring issue that needs fixed, having that extra cash already available in your budget will come in handy in case of an emergency. Plus, if there are no surprises, you will be left with an extra bit of money to spend later.

While budgeting for your home renovation, it can be easy to get overwhelmed. However, when you take the process one step at a time by listing the project hierarchy, meeting with experts, and determining an emergency fund, you will be able to see – and appreciate – where every penny is being allocated.

For more information or to get started with your renovation, contact Mission Kitchen and Bath today.