How Do I Budget For A Home Renovation?

Is your home in need of a renovation, but you’re unsure where to start or how to budget? Renovations can be overwhelming, especially if you haven’t done one before. If this sounds like you, we’ve got some great tips to help you figure out how to create a realistic budget, so that you can begin your home renovation project without breaking the bank.

Start with Your Wish List

The first step to budgeting for a home renovation is to create a wish list of everything you want to accomplish in your home. Break this wish list down into NEEDS and then create another list with all your WANTS.

Your “needs” list should include more serious renovation projects like a new roof, insulation, and windows — as a few examples. These are important elements of your home that can affect your home’s structure and your safety.

Your list of “wants” can be more aesthetic and less structurally important. This list could potentially include projects and upgrades that do not affect your home’s stability or your safety like appliances, flooring, and decor.

Do Your Research & Get Specific

Once you’ve completed your wish list, it’s time to do some research and get specific about styles and materials. If you have some ideas in mind, you can begin to collect photos on Pinterest to show your contractor.

We also encourage you to come up with a list of questions that you can ask your contractor.

For example:

  1. What roofing material do you recommend for longevity?
  2. What are the most energy-efficient windows?

The more specific you can get, the more your contractor will be able to help you achieve your goals and provide you with the most accurate quote.

Choose A Contractor & Get A Quote

Choosing a contractor is a really important part of any home renovation project. You’ll want to ensure that your contractor has lots of experience and is well-reviewed online. Working with a reliable and trustworthy contractor will help you keep your project on budget and on schedule.

Once you’ve reached out to your contractor, they should come and do a walk-through of your home to make an assessment and provide you with a detailed quote. From there, you can begin to plan which items on your wish list are achievable within your budget.

Better Safe Than Sorry

At George Kent Home Improvements, we value honesty and transparency. This is why we always advise our clients to budget a little more for unexpected costs that could arise. If you’ve ever watched The Property Brothers on HGTV or a similar type of show, then you know that once a project begins and a contractor starts to examine what’s under the surface of your home, unexpected costs can arise.

It is our goal to provide all our customers with the most accurate information up front — but construction can be unpredictable and it’s better to be safe than sorry when budgeting your home renovation.

Consider Financing

When it comes to paying for your home renovation, it’s important to create a realistic and attainable budget. Add the recommended 20% for unexpected costs and you should still feel comfortable at the top level of your budget.

In certain circumstances, you may qualify for financing. We work with two companies that can help you pay for your dream home renovation project without stress.

If you’re interested in working with George Kent Home Improvements, you can contact us here for a free quote and we will be happy to help you plan your home renovation project.

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