Setting a Realistic Budget for Bonita Springs Remodeling
When beginning a Bonita Springs remodeling project, we all want to do it the “right way” – a way that doesn’t involve spending more than we want; a way that gives us a perfect plan moving forward; a way that is smooth and stress-free.
Unfortunately, one of the most common errors people make at the beginning is under-budgeting a remodeling project.
Homeowners aren’t home remodeling experts, and often don’t have a perfect idea of what it will really cost to put in a new bathroom or renovate a kitchen. This is okay because you don’t have to be a remodeling expert to put together a realistic budget.
Here are some tips to help you budget appropriately so you can plan ahead and take it all in stride.
Be Realistic About Costs
At the beginning of a project, homeowners are naturally excited about moving forward and transforming their home. This often causes homeowners to underestimate how much the project will cost in terms of labor, time and materials.
We tend to underestimate how much things cost. We get so focused on the project we want, that we forget a very important element – in this case, the money needed to create that dream kitchen or bathroom. This can lead to disappointment later when the cost of materials, for example, is higher than what we thought it would be, which results in the budget being stretched or broken.
When talking to your contractor, get real – ask for realistic, close-to-worst-case assessments that are on the higher end of what you’d might have to pay. It’s better to overestimate costs than to underestimate them.
Plan a Contingency Fund
When you budget, also plan for a contingency fund. This is a percentage of the budget that is there “just in case”. If you have a good Bonita Springs home remodeling contractor, you can get away with a lower contingency because your contractor will do a good job of preparing your project before construction begins. Following a plan and the budget during the course of production helps keep the costs in line. Still, it’s smart to put aside five percent of your budget on top of what you’ve already allotted, just in case you need it. Unforeseen and “while you’re here” items sometimes add to the budget after the project starts.
Don’t Budget Alone
There are certain parts of a budget that you’ll have to do on your own. For example, a contractor can’t tell you how much of a project you can afford; only you know that.
But, an experienced contractor can tell you whether or not your budget is realistic. They can then help you find options that fit your budget and help you design and implement a project that fits your timetable and is something you can afford based on the information you give them.
Above all, don’t go through the budgeting process by yourself. A professional remodeling contractor can help you figure out how much project you can afford, based on how much you want to spend.
Check out the 2015 Cost Vs Value Report for some information regarding remodeling costs across the country: