keys to a budget-friendly renovation

Home renovation projects are notorious for going over budget. If you’re considering remodeling a portion of your home, use these tips to create a renovation plan that will make you and your bank account happy.

  1. Set your priorities. Whether you’re unhappy with the dated tile in your bathroom or you’re looking to add value to your home with a refreshed kitchen, write down your specific desires and prioritize what must be accomplished to achieve them. For example, you may determine that new kitchen cabinets are a must, but you can continue to make use of your current stove and dishwasher. As you begin the process, remain focused on these essentials and avoid becoming distracted by other projects that will not further your main goal for the renovation.
  2. Dream big, then scale back. If you’re working with a designer or architect, share your loftiest dreams for the renovation design first. While every high-end detail might not fit in the budget, your ideas can help set the stage for the overall design. After initial concept drawings are made, work together to scale back the project in a way that fulfills your priorities and meets your budget.
  3. Get multiple bids. It’s wise to get at least three bids from contractors before moving forward. Take time to comb through each bid to make sure you’re conducting an “apples-to-apples” review of all estimated expenses, including materials, labor, permits, and misc. costs.
  4. Choose materials carefully. The biggest swing in renovation costs typically comes from the specific types of materials you select. Research your options before committing to ensure you’re choosing high-quality materials that meet your budget as well as your aesthetic preferences.
  5. Revisit your priorities. Throughout the process, revisit your stated priorities and make sure your plan continues to address your vision for the renovation project as a whole.

Don’t Stop Here

More To Explore

Why It’s Still a Sellers’ Market

As there’s more and more talk about the real estate market cooling off from the peak frenzy it saw during the pandemic, you may be questioning what that means for your plans to sell your house. If you’re thinking of making a move, you should know the market is still anything but normal. Even though the supply of homes

Read More »

Housing Experts Say This Isn’t a Bubble

With so much talk about an economic slowdown, some people are asking if the housing market is heading for a crash like the one in 2008. To really understand what’s happening with real estate today, it’s important to lean on the experts for reliable information. Here’s why economists and industry experts say the housing market is not a bubble ready to pop.

Read More »

If You’re Selling Your House This Summer, Hiring a Pro Is Critical

It can be tempting, especially with how hot the housing market has been over the past two years, to consider selling your home on your own. But today’s market is at a turning point, making it more essential than ever to work with a real estate professional. Not only will a trusted real estate advisor keep you updated

Read More »

Where Are Mortgage Rates Headed?

There’s never been a truer statement regarding forecasting mortgage rates than the one offered last year by Mark Fleming, Chief Economist at First American: “You know, the fallacy of economic forecasting is: Don’t ever try and forecast interest rates and or, more specifically, if you’re a real estate economist mortgage rates, because you will always invariably be wrong.”

Read More »

What You Need To Budget for When Buying a Home

When it comes to buying a home, it can feel a bit intimidating to know how much you need to save and where to find that information. But you should know, you’re not expected to have all the answers yourself. There are many trusted professionals who can help you understand your finances and what you’ll need

Read More »

Don’t Get Caught Off Guard by Closing Costs

As a homebuyer, it’s important to plan and budget for the expenses you’ll encounter when you purchase a home. While most people understand the need to save for a down payment, a recent survey found 41% of homebuyers were surprised by their closing costs. Here’s some information to help you get started so you’re not caught off guard

Read More »

LOGIN

Not a member? Sign up!

LETS START YOUR HOME BUYING JOURNEY!