Home remodeling is an exciting way to customize and freshen up your living space. And while many renovation projects can be quite expensive, it is entirely possible to remodel any room of your home on a tight budget. If you want to add value and interest to your living space, a makeover may be the solution you've been looking for. Here's everything you need to know about how much to budget for a home remodeling project, and how to save money on all types of home renovations. These tips can help make your dreams a reality.
Creating a Budget for a Home Remodel
Before you begin any renovation project, you'll want to know how much money to set aside for a home remodel, and how you will finance the project. Then, you can be strategic about saving and planning. Follow these steps for how to create a budget for a home remodel.
- Research costs for your project: The first step toward any home remodeling budget is to understand how much it will likely cost. Identify your priorities and research average costs. The total price tag for a remodeling project will vary greatly depending on the materials used and other factors. However, in general, you can plan on about $100 to $200 per square foot for many types of renovations. A single room renovation should also not exceed 10 to 15% of the home's total value.
- Determine financing: Decide whether you will be paying for everything in cash, or will be using a personal loan or another financing method. Whatever way you choose to pay for the work, ensure the project's estimated cost doesn't exceed your available amount. It's also highly recommended that you set aside 10 to 20% of your budget for unexpected expenses that may pop up. That way, if something doesn't go according to plan or ends up costing more than anticipated, you have the funds to cover it.
- Prioritize needs: Make a list of everything you want in the remodel, and divide it into wants and needs. Identify your top-priority items and determine what your budget will allow.
- Write out a detailed remodeling plan: Use a spreadsheet or written document to organize all your project's various aspects. Include the estimated costs and be as specific as possible, listing prices for each appliance and fixture. Consider extra expenses during construction, such as whether you'll need to stay in a hotel, order takeout food due to a lack of a kitchen or pay for pet boarding.
- Get bids from several contractors: Once you've pinpointed what you want for your remodel, you can request proposals from contractors. Ask for references and interview each contractor. Be honest and upfront about your budget, so the contractor understands your needs and will discuss all additional costs with you. Choose a contractor whose estimate fits your budget and whose work has earned a stellar reputation in your community.
General Tips for Remodeling a Home on a Small Budget
To keep your remodeling costs lower, consider these tips.
- DIY your demo work: Most demolition doesn't require specific expertise, so you can remove cabinets and fixtures or pull up tile and flooring yourself to save on labor costs.
- Do the painting yourself: Painting is another task you can finish yourself, instead of paying someone else to do it.
- Shop for finishes and fixtures: Order all finishing details yourself, and you won't have to pay your contractor time for shopping and supply pickups.
- Consider used materials: You may be able to save lots on your budget with used and refurbished materials. Shop for gently used appliances, salvaged materials and other fixtures.
Remodeling a Bathroom on a Small Budget
To keep costs lower on a bathroom remodel, consider smaller, cosmetic upgrades instead of total overhauls. Moving walls and major plumbing around leads to more costly renovations. For other tips on how to remodel a bathroom on a budget, try repainting cabinets or floors instead of replacing them. Touch up or refinish the tub rather than buying a new one, or consider lower-cost materials. These could include swapping wooden plank flooring for high-quality laminate, or using quartz counters instead of granite. Look at buying prefabricated tubs and showers instead of paying a craftsperson to do custom tile work.
Remodeling a Kitchen on a Small Budget
If you're wondering how to remodel a kitchen on a tight budget, a few tips can help you out. If you're comfortable with your kitchen's general layout, you can keep costs down with cosmetic upgrades and new appliances. That way, you can avoid more expensive renovations that involve moving walls and appliance hookups. All-new cabinets can be a considerable expense in a kitchen remodel, so if yours are in good shape, consider refinishing or painting them, or swapping the doors or handles for an updated style. Other cost-saving measures include painting existing tile or flooring instead of replacing, and using DIY lighting kits.
Remodeling a Basement on a Small Budget
An extensive basement remodel can quickly deplete your savings, so if you want to know how to remodel a basement on a budget, these tips can help. Focusing on basement floors, walls and ceilings will give you the most bang for your buck, no matter how you decide to finish or use the room. Doing so gives you the versatility to use the basement any way you'd like, with an attractive, polished look. Another option is to work on only part of the basement, leaving the rest incomplete. With this approach, you can focus on adding a room or two without the expense of renovating an entire basement all at once. For any areas you are not fully finishing, you can use paint to give the space a cleaner look and make it feel more cohesive.
Home Remodeling in Northern Virginia
Are you ready to take on your dream remodeling projects and stretch your dollars further? At Hometech Services, we can make your home renovation goals a reality without overspending. We have the experience and expertise you need to complete any remodeling project, no matter the budget. If you're in northern Virginia, contact us today to schedule your free in-home consultation and get started on your home makeover.