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How to Budget for a Home Renovation Project: 4 Hacks!
Too much excitement for the first remodeling project! Isn’t it? In fact, you may have already planned the flooring, bathroom fixtures, kitchen countertops, and so on. Hey, hold on! What if you can add a kitchen island too and design the cabinets something new here! Your expenses will spike up to $40,000 from $4000 unless you don’t know how to budget for a home renovation project!
In today’s blog, we will help you make a plan that can keep your expenses in check! Yet, you can get the best home makeover within your budget. Let’s get started!
Simple ways to budget for a home renovation project
Smart decisions not only add value to your home but keep control over your expenses. Our following hacks will guide you to make a plan to do so! Such as:
Fix your goal first!
Once you know what kind of makeover you desire for your dream home, things get easier! For example:
- Do you need an open floor plan for your living space?
- Kitchen island or only backsplashes: What would you like to have?
- Do you require enough outdoor space for guest entertainment?
Prioritize your specifics!
Now, make a list of the changes you prefer to be on the top list of your home renovation project. Also, mention the specifications you want! It can help you decide where to compromise your budget and where to splurge on!
Considering the resale value!
Do you have a plan to stay a long time in this home? If so, it’s wise to splurge while choosing trendy home remodeling ideas on Yelp. But when you want to sell it in a few years, look at the amount of return on investment (ROI).
For instance, It would be foolish to spend $50,000 on remodeling your kitchen under a home renovation project that can give you $200,000 in resale. So, take time and think before investing!
Keep an extra budget for the surprise!
Actually, you can say shock! You cannot predict sudden risks that may spike your budget by $1000 more! That’s why it’s smart to set up and add 15% additional expenses to your budget. On the other hand, getting quotes from our contractors may help you have an average estimation for your home renovation project.
Was it helpful? If you need more help, we, MDM Custom Remodeling Inc, suggest a free consultation. Our advice may guide you in making a better decision for your renovation project.
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