Budgeting for Renovations and Improving Your Home’s Value
Thinking about remodeling your kitchen or bathroom can be daunting. But following through with the process doesn’t have to leave your bank accounts in the red. With the right planning, a competent team of experts, and the right choices in materials for your situation, you can look forward to sitting back and enjoying the design ideas you have dreamed of achieving for years to come. It’s important to remember to start with a realistic budget and consider the resale value of your home should you decide to sell it.
How to budget for a remodel
Admittedly, a bathroom upgrade or remodel is usually less expensive than remodeling a kitchen. Still, you should have a solid budget in place for either project, and you must work to stick to it as closely as possible. You don’t want to simply settle on the thought of a workable budget in your head. Write it down and refer to it often! A few things to remember about a viable budget are:
- Consider putting the largest part of your budget toward large purchases that you don’t intend to keep repeating. For instance, appliances and cabinetry in the kitchen can be costly, and plumbing expenses can be sizeable in the bathroom. Invest in things you won’t have to replace often.
- Decide on a reasonable percentage of your budget for any unexpected expenses. The chances of going over budget are much more likely than staying under budget if you don’t allow for the possibility of the former.
- Don’t overdo it in either room. If the remodel will make them look overpriced, the chances of selling your home should you want or need to later are decreased if potential buyers think they are worth more than the whole house. Imagine another house on the same block that is more attractive to buyers because the previous owner is not trying to recoup his remodeling losses.
Improving your home’s value
A remodeled kitchen is a great selling point because according to a Realtor.com survey, 80% of homebuyers placed the kitchen in their list of top three most important spaces. People are more likely to pay more for new appliances and granite countertops. That said, it is virtually impossible to recoup the total cost of a kitchen remodel. The return on your investment is influenced by the location of the home and the specifics of the market in which you are trying to sell. In any case, your remodel is only as good as your commitment to your goals. If you are planning to sell within a year of the project, it’s wise to limit your spending. However, the right upgrades to your kitchen can increase the value of your home and attract more potential buyers.
If you are planning a kitchen or bathroom remodel soon, you should operate with the end in mind. If you start with a sensible budget and stick to it, then you are off to a great start. You can up the value of your home with a reasonable kitchen upgrade. Even if you are not planning to sell, you can enjoy the results of your remodel for years to come. Consulting an expert team of remodeling professionals will help ensure that the design ideas you have in mind are executed with precision and expertise. Contact Gold Hammer Construction and let us help you personalize your remodel to your satisfaction.