What and How to Budget for a Remodel

What and How to Budget for a Remodel

What and How to Budget for a Remodel

Remodeled kitchen in a Minneapolis area home

As you think about redoing your kitchen or bathroom, the inevitable question that comes up is how much will it cost.  Before you dig into what you want on the walls or countertop, it makes sense to put together a budget for what you’re planning to do.

 

According to House Logic, you need to plan at least $100 to $200 per square foot for any major upgrades. But that is only a first step as you start to get a handle on things.  It will also be valuable to talk with more than one contractor.  Most will be able to give you a quote on what you want done, so you’ll be able to compare costs.  When you talk with them, be sure that you get a full range of what they can do.  That means asking to see some of the work that they’ve done as well as checking references and online reviews.

 

One of the other things that unfortunately happens is the dreaded cost overrun.  There are several types of overrun and you want to avoid them if possible.  Some people will advise to add 15% to 20% contingency to the cost of your remodel.  Another way to look at it is to carefully plan to avoid problems in the first place.

 

Once you have a basic rundown of the cost, you need to establish how you’re paying for the remodel.  If it’s cash, then you’re ready to go.  If you planned on getting a loan or home equity line of credit, you need to check to see if you will be able to fund it based on the money available.  Once you know, you can see if your plan will work.  If it doesn’t, you still have the option for saving money in different ways, among those being refacing cabinets rather than total replacement in the kitchen.

 

A final piece of advice is to stay on budget.  One of the easiest ways is to stick with what you had originally planned.  While you might think again about your choice of cabinets, countertop or whatever, replacing your first choice costs money, so you’ll want to make sure that you are completely happy before you get started.

 

If you’re thinking of a remodel, get in touch with us here at Inspiration Design Center.  One of our designers will work through what you want to accomplish and help you plan and design what you need.  Set up an appointment today and let’s get started.