Easy Steps to Budgeting for your Home Remodel

Posted on: September 8, 2016

Home Remodel? – Have “the talk”

Like any other major decision, you and your partner need to have “the talk” about your remodeling project budget. It is absolutely vital that each of you should reach an agreement on expectations to avoid any uncomfortable discussions during the actual project.

The most important agreement is about budget. For example, according to houzz.com, a kitchen remodel in the Tampa Bay area ranges from a low of $5K to well over $200K on the upper end. The average cost is $33K. Agreement on a budget up front will eliminate a lot of uneasy “what if” conversations later on. Just as you would with the purchase of a new vehicle, you want to set a number you can live with so you don’t look at Maseratis on a Mercury budget.

Don’t Second Guess your Contractor

Playing budget games with your design team is usually counterproductive. Once you have established a comfortable budget, you should share that in detail with your design team. That will free them up to suggest the most appropriate materials to translate your vision into reality.

 Is Your Budget Realistic?

An old industry adage goes like this, “Price, speed, quality – pick any two.” This is particularly true in a remodel job. Sometimes, watching the plethora of home remodeling shows on cable TV, you get the idea that a complete remodel can be accomplished in a matter of a few days, and at a relatively low cost. Just remember that not everything you see on TV is accurate.

Many factors are going to impact your remodel budget. A good place to start is by making an appointment with the home remodel specialists at Midway Services to discuss your project and costs. Get a second opinion if you like. Any professional remodeling company will be happy to discuss all your options, understanding that you will be living with the results for years to come.

Your All-In Budget

Make sure you are aware of every cost associated with your remodel project. Will you need to rent a hotel room for a time? Will you need to eat out more often as your kitchen is unavailable? Does the project quote include appliances and all installation? Are the costs for building permits included in the estimate?

 Establish a Contingency Fund

If possible, take 10% – 20% of the total project quote and put it aside for contingencies. You may want to upgrade some hardware or select a different countertop material. Having a contingency fund provides a level of flexibility that will pay dividends as the project unwinds.
Contact Midway Services today when it comes to bathroom remodeling or kitchen remodeling needs!