Budgeting for your Renovation

By: Allison Q Guido, CS

One of the first question many people ask themselves, others and contractors when they start to think about taking on a renovation is, “What’s it going to cost?” and for many other people they start calling Remodeler’s and get hit with stick shock when they get those first few proposals. So today I thought I share a few tips for starting a budget range.

Here at Almar we like to talk budget and expectations upfront. Why? Because that helps us 1. Make sure you have a realistic sense of what we are talking about before we get too far into the process. And 2. So we can make recommendations to help keep you as close to that goal as is reasonably possible.

Unlike New Home Building in Remodeling it is almost impossible to give accurate budget ranges based on square footage, because we have to contend with some many unknowns. Especially in New England we have a lot of older homes that have had many renovations its tricky to know what we are going to find when we open walls, what is rotting, what needs to be upgrade so it is in line with current codes etc..you almost never have the same house or project twice.

To get a broad sense of the range you are looking in for a certain project I recommend visiting two different sites. The first is Remodeling Magazine’s Cost vs. Value Report. This annual report is broken down by region so it helps homeowners get an average sense of what to expect in their area (without knowing the specifics of the project).

Another site you can look at is CostHelper.com. This too with give you some budget ranges to consider BUT it is not area specific (and doesn’t consider your specific space) so you have to take the data with a grain of salt.

Once you have an idea about the budget range you will be looking at for a Professional Contractor to do your project it would be a good idea for you to write down your “Wish List” for the project. This list would include:

  1. Everything you hope to achieve within this budget range
  2. Specific products you are interested in (if any yet)
  3. A priority list of where you are willing to make changes in the project.

By having some concise information your contractor can help you make appropriate suggestions on how to best spend your budget and get the most value for your project. It is important to feel comfortable with the Remodeling Companies you talk to so that you can share with them what the budget is, your reasons for wanting to do this project, what your expectations and goals are. This will also help them make the best recommendations possible and allow you both to determine if you’ll be the best fit to partner up.

For more information on creating a remodeling budget, renovation packages, or to ask specific renovation questions please contact me at Allison@AlmarBuilding.com or on our website at: www.almarbuilding.com

 

Good TIP: You should always add a 15% to 20% contingency into your budget for unforeseen problems and change that will most likely occur.

Good TIP: Want more information on how to pay for your renovation?Visit our Financing Resources   https://fhawebexpress.sidebox.com/Application/5f626f36-3278-41b8-be4e-8426e476ac2b/Almar-Building-and-Remodeling