Budgeting Tips for Your Remodeling Project

November 23, 2016

Budgeting for a home improvement project is – understandably – an anxiety provoking process. When it comes to construction, there are often unforeseeable obstacles that can make your project more expensive than you expected. As a result, remodeling projects simply cost more than one would expect.

Let’s face it: not everyone has the mentality or capability for a “the sky’s the limit!” budget. However, having a clear idea of what your budget is can actually make your project better. By knowing exactly what you can spend, you are better able to plan for your project.

Here are a few tips to guide you through the process:

1. Plan Ahead

By establishing what your budget is early, you ensure that everyone on your team (you, your designer, your contractor, etc.) is on the same page. It’s all about what you are comfortable spending based on the work you’d like to have done. When you establish both goals and a budget for your project, you ensure a smooth remodeling process.

2. Create a Budget that is Realistic for Your Project

Work with your design team to get a sense of what is a realistic budget based on the wants and needs you have for your project. We recommend asking friends, family, and neighbors about any remodeling projects they recently completed to give you a “ballpark” idea of how much particular projects cost. There will be some variability based on where you live and how recently the project was done.

Tip: Subtract 20 percent from your total budget to account for unforeseeable circumstances that will inevitably come up during construction. This ensures that you stick with your original budget.

3. Know What’s in Your Contract

Your designer and contractor will work with you to understand exactly what is in your budget so you know what the numbers mean. It’s important that you feel comfortable and that you ask questions so you know what you’re paying for.

  1. Hard costs: Cost of the materials and fixtures needed for the construction of a project
  2. Soft costs: Fees for permits, designers, and consultants

Overall, the earlier you solidify your budget and project goals, the better. By having a clear idea of what you want (with some wiggle room, just to be safe) you’ll ensure a smooth, comfortable home remodeling process. 

If you live in the Northern Virginia area and you’re interested in a free estimate, or would like to know how Lensis Builders, Inc. can make your home even better, give us a call at 703-367-8999 or fill out a short contact form. If you’re looking for inspiration for your next project, visit our Pinterest page.

 

Schedule Your Project and Cost Consultation