How to Create a Renovation Budget
April 12, 2018 | Barb Huntley
Establish What Needs to Be Renovated – So you know you want to renovate your house but now it’s time to choose what exactly you want to be done. Do you want to renovate your bathrooms and bedrooms? Your kitchen? Your basement? Deciding on what you want done will help you determine how much money you need to set aside and what you can actually afford.

Estimate Renovation Costs
– Once you have decided what you want done start ballparking the costs to see if you can make your renovation dreams come true. If the prices are way over what you can afford, you should consider smaller renovations that would still satisfy you. Save bigger renovations for later on when you have more time to save for them.

Get Multiple Quotes – Before you go seeking quotes from contractors you need to establish exactly what you want to be quoted. We aren’t talking “Kitchen remodel” we mean “granite counter tops, a kitchen island, new laminate flooring” type details. That way, when you seek quotes from contractors they are all quoting the exact same items. This way it will be easiest to compare quotes. Remember, cheapest isn’t necessarily best. Think about time and quality as well.

Stick To #1: In the midst of a renovation, you may think it’s a good time to make a few other small changes. It’s not. If you already set a strict budget adding extra small projects will defeat the purpose of creating that budget. Stick to our first step, establishing what needs to be renovated. If you didn’t add something initially it probably wasn’t that important.
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