Essential Tips for Home Renovation Budgeting
Find out the strategies for renovating your new home without overspending. Learn essential tips on prioritizing upgrades, maximizing convenience, and managing costs to create a functional and stylish space tailored to your needs.
You’ve bought an older home that needs some work. How do you decide what needs redoing and how much money to spend?
The first rule of thumb is: don’t improve more than the best homes in your immediate neighborhood. A starter home, or a lot-value home, can be renovated to be attractive and functional, but keep in mind that if your future homebuyer wants a finer home, they’ll look at more expensive neighborhoods where all the homes are equally upscale.
If your house needs everything, tackle the changes that will make the most difference in your convenience, comfort, and utility, like the kitchen. Will you need new cabinets, countertops and appliances, or a whole new floorplan? Is there room to borrow space from another room? If so, a kitchen designer can help you plan, manage costs and get more storage and workspace. Realtor.com advises that you also have a plan B and C, in case what you want is too expensive or becomes unavailable. You can price high-end appliances, then choose less expensive back-ups. Ask your designer to provide a schematic with different price points.
Budgetdumpster.com recommends that you spend no more than 10% to 15% of your home’s value on any single room. If your home is valued at $400,000, your kitchen remodel should be no more than $40,000 to $60,000. If you also need to remodel baths, cut the total remodeling budget down to 10% per room, and set aside another 10% for unexpected expenses.
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