A Guide to Creating Your Renovation Budget

budgets

If you are interested in renovating your home in the near future, you probably already know there are many things to figure out before construction can actually begin. One of the least exciting, yet most critical, issues you’ll have to think about is your budget. Putting together a remodeling budget is one of the most challenging parts of the renovation process in a lot of cases, so if you’re struggling, rest assured that you aren’t alone! As you continue reading this guide, you will find some useful suggestions that will help you create the ideal budget for your family.

Put your budget together first.

Before you do anything else related to your upcoming renovation, you should make sure your budgetary plan is in order. This way, you will know exactly how much you can afford to spend on your project from the get-go. This makes it significantly easier to refrain from purchasing items and finishes you know you can’t afford. Additionally, the earlier in the process you establish your budget, the easier it will be for your contractor and his or her subcontractors to know what they can actually do in your home without sending you way over-budget.

Make sure your budget is reasonable.

If you subscribe to numerous interior design magazines or watch a lot of home renovation shows on television, you might have an unrealistic idea of what you can actually afford to do to your house during the course of your remodel. This doesn’t, however, mean that you won’t have a beautiful space! You and your team of professionals might simply have to get creative in certain areas, and you have to be willing to be realistic about what your family can afford.

If, for example, you have your heart set on marble counter tops throughout your kitchen, but you don’t have the budget for that project, you might need to concede to just doing the island in marble. If you’re working with an interior designer, he or she is sure to have great suggestions for alternative finishes and furnishings. It is, after all, his or her job to keep you on-budget while still giving you your dream space!

Know what you are being charged for.

Before your contractor, interior designer, and any other professionals you’ve hired get started on your project; it’s important to sit down with all of them to hash out exactly what you are paying for. This way, you can make sure to include their fees, material prices, new furnishings’ cost, and other related expenses in your budget. Once you’ve added all these prices together, you will have an idea of the “all in”amount of your renovation.

At Hatch Homes, we believe in working closely with our clients to make sure any and all budgetary restrictions are met. We will listen carefully to you when you speak to us about finances and will do everything in our power to stay within the perimeters you’ve set for your project. Our attention to our customers’ financial well-being is one of the reasons we have satisfied families throughout the Carolinas and Virginia for years. We look forward to adding you to this list of happy patrons.

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