How to Budget for Your Kitchen or Bathroom Remodeling Project
Remodeling and renovation projects are almost always a great investment. They can make your home more comfortable and attractive, and they can significantly increase the resale value of your home. Remodeling your Maine kitchen or bathroom can provide a great return on investment, and you don't necessarily need to break the bank in order to have a successful project.
At Faulkner Building Company, our professional Maine remodeling contractors can work with you to design and build the perfect kitchen and bathroom remodeling projects for your home. We can work with you to create the perfect kitchen or bathroom for your bathroom no matter what kind of budget you're working with you. Especially with smaller remodels, you don't need to spend too much into order to see a huge reward.
Here are a few tips to help you plan the budget for your kitchen or bathroom remodeling project:
Decide What You Can (and ) Spend
Upscale kitchen and bathroom remodeling projects can cost thousands of dollars, but the actual amount that individual homeowners pay can vary drastically. The amount that you're willing or able to spend will depend on your financial circumstances, your home's location, and your family's lifestyle. The first thing you should do is set a realistic limit for your budget.
One important factor to consider is how much longer you and your family plan to live in your home:
- If you're staying in your home for five more years or less, your chief concern should be the return-on-investment you'll get when you sell your home.
- If you plan on staying in your home for longer than five years, focus on creating a kitchen and bathroom that you and your family will be able to enjoy most.
Cut Costs at the Beginning of the Project
Your budget should cover the essentials that you need for this project. Decide what those are and what they'll cost, then if you have extra money, start to decide on additional features you may want to add. This might mean that you'll end up sacrificing a new vanity or kitchen island to make sure that you get quality flooring, but you'll know that the essentials are taken care of.
If you need to cut costs, start with any amenities that would be nice, but aren't necessary.
Incorporate Labor Costs
Labor usually accounts for around 30% of the overall budget. Don't forget to include this when you're determining your budget.
Leave Room for the Unexpected
Make sure that a portion of your budget is reserved for unexpected expenses. When you're remodeling a kitchen or a bathroom, plumbing issues can turn into budget-busting problems if you don't plan for them. Make sure you have wiggle room, or you could get into real trouble. We recommend reserving about 10% of your budget for unexpected costs.