Budgeting for the home remodeling project of your dreams can be … intimidating. Whether you’re updating a kitchen that’s stuck in the 1990s, adding an extra bathroom, or even just making a few updates to the master bedroom, it can be hard to know exactly where to start with your budget.
Some people go straight to HGTV and use their favorite home remodeling TV show as an example for what their budget should look like. This is a mistake. Those shows have a lot going on behind the scenes that is not paid for by the homeowner (advertisements, volunteer workers, etc.). So, don’t get swept up into thinking that you’ll be able to add a 500 square foot luxury bathroom onto your home for the bargain price of a nice, round $10,000.
Turn to an Expert
You should, of course, have an idea of how much you’d like to spend on your remodeling project. Keep in mind, though, that your contractor is an expert in the field. They know exactly what kinds of suggestions could make a meaningful impact on your budget, without sacrificing quality. If you’ve got a good working relationship with your contractor, they should be on the lookout for your best interests.
Can you imagine going to a car dealership and trying to buy a new car without telling the salesperson about your budget? That poor salesperson would just be taking shots in the dark trying to identify the kind of car that would be a good fit for you and your family. They might go for the more expensive models, assuming that your pocketbook is bottomless - HA! Consider the innumerable different prices, makes, models, mileage, and design options available just at one single car dealership and it becomes obvious that your budget is incredibly valuable information for them.
Home remodeling projects are similar because there are so many different materials and techniques. A budget provides a starting point from which your contractor can build. Otherwise, they’d be making shots in the dark, just like that car dealer. In fact, it would probably even be more difficult because home remodeling doesn’t come in pre-specified packages with a big, neon MSRP sticker on the window!
Consider your Options
In our last blog, we discussed why honesty is a huge ingredient for a successful working relationship. Letting your contractor in on your budget is like giving that salesperson a heads up that you’re either looking for a Toyota or a Mercedes. Both are quality options that have their own benefits. If you’ve got a growing family and need to consider spaciousness, functionality, and the fact that college is only a few years away for those rugrats, a Toyota might be more logical. On the other hand, if your kids are graduating college and out on their own, it might be time to spoil yourself with that Mercedes.
As cheesy as it might sound, each home remodeling project truly is unique. Your contractor has seen hundreds, maybe even thousands, of remodeling projects, all with different inspirations, ideas, and budgets. In order to make your vision a reality, they have to know where to start. This will help him set your expectations for what you can afford based on your budget. Again, there are no MSRP prices on remodeling. It is not surprising when homeowners describe a Mercedes remodel on a Toyota budget. This helps you build a great relationship but, more importantly, it helps them create a space that truly works for you and your family.
Helton Remodeling Services, LLC specializes in custom, budget driven kitchen, bath, and whole house remodels in the Austin Metro Area. Give us a call today to start planning your future project. (512) 387-5335