How to Create a Home Renovation Budget

Taking on a Home Renovation Project can be a nerve-racking experience. The excitement of a new dream space can be overwhelmed by the long list of to-dos, long renovation time, and the ongoing cost sheet is enough to make you back out of the project all together. How can you budget out a home renovation while maintaining real expectations and without breaking the bank? Here are just a few tips that will start you on the right path and can improve your home renovation experience:

Make a List of Your Priorities

Know what is important in your renovation and what can be negotiated on. This is an exercise that you and everyone involved in the renovations needs to be a part of, whether that is a significant other or roommate. Knowing what a high priority in your renovation is will help you determine where to spend your money and what you can reassess when the home renovation budget gets tight. If custom cabinets with unique storage abilities is at the top of your list, but under cabinet lighting is more of a perk then you know when the numbers get high the under-cabinet lighting is going to have to wait.

Talk to a Specialist and then another

When you are ready to speak to a design specialist, our talented designers at Arizona’s Interior Innovations is ready to meet you and talk about making your dream a reality. You are welcome to visit our showrooms and see what we have available or we can come to you. After the meeting our team will put together a bid and send it to you for review. Once you have received it, talk to another design team. Once you have a general idea of what materials and labor are going to cost and you have the experience of speaking with a design team talk with another one to see where the prices differ, who has better timelines, and where the quality is.

Keep in mind low prices can lead to low quality, so don’t base your decision strictly on price. Know what is important to you! If you want better quality, a shorter reno time, or a larger reno team pick the company that fits the experience you want to have in your renovation.

Add a Risk Window

We all know that during the middle of an HGTV renovation something is going to happen: Mold, Load Bearing Walls, Copper Pipes, the list could go on and on. These are not put in the shows to add drama and intrigue, but because they happen. It is best to be prepared to have an issue, the best way to prepare for this? Create a “risk” window in your budget. It is recommended at that you budget an extra 10-15% to cover any unexpected costs. Fingers are crossed it’s a small cost and not a large “back to the drawing board” issue, but the more prepared you are the less stress you will have when your General Contractor calls you out of nowhere.

Things Add Up…Quickly!

Kitchen Hardware is the sneak attack of Kitchen Renovations! Looking at a handle that has a sticker price of $4.00 seems like nothing compared to the cost of countertops and cabinets, but that $4.00 quickly turns into $140 without much effort. Be careful and be aware of the quantity of small items that are purchased for your new Kitchen or Bath. Also don’t let these “small things” ruin your budget by not even considering them. Take a full inventory of your space and understand the costs of even the smallest of details.

Don’t Be Afraid to do Your Own Shopping

It is easy to turn your project over to your design team and general contractor and let them handle the issues, however if you are budget conscious it is best to stay involved. After you receive your bid don’t be afraid to shop around. There are items on the project list that don’t need to be purchased through your design team vendors: light fixtures, appliances, and even some hardware can be purchased outside and brought into the design. Do not be afraid to take control and look for deals! This can help keep you on budget in the long run. Secondhand appliance stores or for sale sites like OfferUp contain some real treasures that can set your renovation apart and keep you on budget. It’s a win-win!

Arizona’s Interior Innovations offers quality products without the large price tag. We are happy to work with you to design a new Kitchen or Bath that is within your Home Renovation Budget and we are transparent in our pricing and services. Please give us a call today and schedule your free consultation!