4 Crucial Tips To Stick to Your Custom Home Remodel Budget
Performing a custom home remodel is a fantastic way to achieve the home of your dreams without moving. There are countless benefits to this approach, including precisely configuring your home to your preferences and boosting your home’s resale value.
However, one major challenge in custom home remodeling is staying on budget. Without a solid plan, you can easily get carried away and spend more than you planned. Here are some crucial tips to help you stick to your custom home remodel budget.
Set a Realistic Budget
To stick to your budget, you must create a realistic one! Below are three important factors to consider when determining a realistic budget for you.
Define Your Goals
Begin by defining the goal of your remodeling project. Do you want a fully equipped kitchen, a luxurious bathroom, or a new entertainment room? Knowing your goal can help you allocate the right amount of money.
Research Your Options
Once you know what you want, it’s time to start researching your options. Get an idea of what materials and labor costs are involved in your project so you can understand how much you’ll need to budget.
Next, look for contractors with experience with your specific type of remodel project and get quotes from multiple providers. This will help you get an accurate sense of what your project should cost.
Build in Some Wiggle Room
Even with the most careful planning, unforeseen expenses may come up during your custom home remodel project. Whether for an unexpected issue with the structure of your home or additional costs for materials, make sure you build in wiggle room to account for these potential expenses. Adding 10–20 percent to your budget as a buffer can help you stay on track even if unexpected costs arise.
Consider Financing Options
If you can’t pay for your custom home remodel project out of pocket, consider financing options. Home equity loans or lines of credit are one option for financing your remodel project and can offer competitive interest rates. Personal loans, credit cards with low interest rates, or other financing options may also be available to help you cover your remodel costs. Just make sure to carefully consider the terms and interest rates associated with any financing options to ensure you can comfortably afford the additional payments.
Prioritize Your Needs Versus Wants
Sticking to a budget requires making sacrifices, but that entails knowing what you are and aren’t willing to compromise on in your remodel.
Determine Your Needs
Determining your needs is the first step in prioritizing your needs versus wants. Consider the layout and functionality of your current space. What works, and what doesn’t? Do you need more storage? More seating? A bigger kitchen? Once you know your needs, you can create a list and a budget for addressing them. Remember that these things will impact your day-to-day life, so prioritize accordingly.
Evaluate Your Wants
Now that you have your list of needs, it’s time to move on to wants. Wants are the design elements you would love to have in your home but aren’t necessary. For example, you may want a large walk-in closet or a high-end appliance package, but you could easily live comfortably without these upgrades. Take a moment to evaluate your wants and determine how they fit into your budget and timeline. Be prepared to not have the bandwidth to afford your wants; you might have to save these upgrades for a later date to stay within budget.
Plan and Prioritize
Now that you have your list of needs and wants, it’s time to start planning your custom home remodel. Start by prioritizing your needs first and work your way down the list. This ensures you address the most important things first and avoid overspending. Once your needs are met, you can move on to your wants, but remember to monitor your budget.
Get Creative
Sometimes, you can achieve both your needs and wants without breaking the bank. Get creative with your design choices and see if you can find ways to incorporate your wants into your budget. For example, if you want a high-end appliance package but can’t afford it, consider purchasing gently used appliances or finding a refurbished option.
Be Open to Alternatives
You need a clear idea of what you want for your remodel, but you should avoid setting your heart on a specific design or material. This mentality can make it challenging to stay within your budget because your contractors must source materials that match your specifications. If the material you want is extra expensive, then you might end up exceeding your budget.
On the other hand, being open to alternatives gives your contractors the freedom to provide you with different materials that are within budget but still match your desired design. Being open to alternatives is the most crucial tip to follow if you want to stick to your custom home remodel budget. By exploring alternative options, you are more likely to find the perfect design that meets both your needs and budget.
Furthermore, custom remodeling offers a vast array of materials, designs, and finishes you can choose from. When exploring designs, you might encounter options that are both more affordable and accessible. These alternative designs often provide the same value and beauty as more expensive materials. By being open to these designs, you can save a lot of money, stay within your budget, and still achieve a home design you love.
Reuse What You Can
Reusing and repurposing existing items can be a smart way to save money during a custom home remodel. Instead of buying new furniture or decorations, consider refurbishing what you already have. A fresh coat of paint or new upholstery can breathe new life into old items, giving them a modern, fresh look while saving you money. Similarly, instead of replacing cabinets, consider refinishing them to match your new decor.
In addition to furniture and fixtures, you can also reuse building materials during your remodel. For example, if you’re tearing down a wall, you might be able to reuse the bricks or wood in other parts of your project. Or if you’re replacing your windows, consider selling the old ones instead of throwing them away. This reduces waste and provides you with extra funds you can use elsewhere in your remodel project.
No matter what your design dreams are, let Distinctive Design Remodeling make your home remodel dreams come true. Our expert remodeling contractors in Lexington, Kentucky, are well-versed in bringing visions to life and will work with your budget to actualize your design.
