How to Make a Home Renovation Budget


Home renovation projects can be a lot of fun. This is a solid way to take a property and really give it an important facelift. Whether you have lived in your home for two decades or have bought fixer upper property, home renovation is a great way to make a space unique and new. However, it is important that you take the time to plan this project. Updating or changing a space will not be cheap or easy. Instead, you have to decide what you want to have done, how much you are willing to spend, and how much construction or renovation you are able to deal with at one time. Take your time to plan this project so that you can choose plans that fit your interests but also fit your bank account. The following are some tips for how to make a home renovation budget.

The first thing you should do is walk around your home and piece together a dream list for this space. This is something you should do without thinking about money or budgets. If you had unlimited funds, what would you fix about this space? Would you add a room? Would you knock down a wall? Would you re-do the kitchen? Make a list of everything both big and small that you would like to change about your home. Once you have this list, it is time to prioritize. What needs to be done as soon as possible or is most important to you? Safety issues should go high on the list. Once you number this list, you can think about the time that it takes to complete such projects.

Next, you want to think about which projects you will need a contractor for and which ones you can do yourself. This matters when it comes time to do a home renovation project. The more money you can save, the more you can do to your home. For the projects that professionals are needed for, it is time to shop around and see what quotes you can come up with. Only work with experts who actually know what they are doing. Once you have these quotes in place, you will have a solid idea of what different projects will cost you both in terms of supplies and in terms of manpower.

Lastly, it is time to think about how much money you will have for this project. You may have been saving for this project, or you may want to take out loan. Home renovation is a great investment because it will often increase the worth of a property. Thus, if you ever sold this space or wanted to use the house as collateral on another investment, you would be in a great financial position. However, when it comes time to how much you can afford to spend, you want to be reasonable. Why not work on a project in increments? You could add a room one year and then work on a kitchen the next. Be honest with yourself about your savings, income, other expenses, and whether or not you want to take a loan out for this project and can afford such a loan.

Take in account all of the above and make sure to be honest with yourself about this project. Home renovation projects fail when people overestimate how much income they have or when they underestimate how much time a proposed project will take. Know what you are getting into and be sure that you can afford this project before you move forward. This ensures that you can actually follow through and have this renovation be a success.

This post was written by

jason – who has written posts on Budget Clowns.
Father of three and married to a lovely women. Always looking for ways to save money, and invest it properly for my children's future.

Email  • Google + • Twitter

Comments are closed.