BUDGET

HOW MUCH SHOULD YOU SET ASIDE FOR YOUR RENOVATIONS

It is a common recommendation that the overall renovation costs of you home should equal 5% to 15% of the overall estimated current value of your home.

FACTORS INVOLVED IN THE BUDGET

Size of the Space
Labor
Materials

WAYS TO SAVE

CREATING YOUR BUDGET

Introduction : Sticking to your budget is critical. Be prepared that you are going to see really amazing appliances and tile that will sweep you off your feet, and crush your budget. Stay strong and focused on your budget.

WHAT YOU WILL NEED TO CONSIDER:

How long do you intend on living in your home?
How much money can you invest in your home and get most of it back when you sell it? Look at the homes comps around you and see what they are selling for? If you intend on not living in your home for a long period of time, it would be smart to make investments that you know you will get most of it back. Talk to a local realtors about this (expand on this)
What percentage of the value of your home do you think you want to invest in your renovation (5%, 10%, 15%). If you live in a $300,000 do you feel comfortable spending $30,000 on your kitchen renovation. It is a common recommendation that the overall renovation costs of you home should equal 5% to 15% of the overall estimated current value of your home.

Don’t forget to include in the budget

Taxes
Freight & delivery charges
Materials
Labor
Trash removal
Design fees
20% of overall budget for surprise expenses

WAYS TO KEEP ON BUDGET

Don’t get distracted by shiny things. Stay focused on your goals and what you have planned in your budget.
Unless it is totally necessary work within the existing footprint of your kitchen. If you moving walls and utilities you will increase the cost substantially. If moving walls or the utilities around will really increase your enjoyment and the function of the space, talk it through with your contractor to understand the costs that you are looking at.
Don’t start your work until you know exactly what you want. If you have to move things like lighting. It will require getting electrician back, opening up walls, retiring, patching walls, plaster and paint. (That is 3 separate subcontractors that would be required to come back to move a light fixture)
Create a ordering schedule of everything that your project will need. Find out when you will need the following items and make sure to have them onsite as needed to keep things moving. See section on “ORDERING SCHEDULE”
Get everything in writing. Any changes mid project, will increase in costs. Your contractor or subcontractors might not explain that to you while you are talking it through. So always ask what the increased cost would be. Ask for updated project costs as the project progresses.
Work with good people. A bad contractor could crush your budget in wasted costs, etc. (EXPAND)
Create a timeline and stick to it
Avoid custom products.
Put your money towards the permanent items that matter like the cabinets, counters & appliances. These items are hard to replace. Their quality sets the tone for the space. See our section on Prioritizing
Staying in the same footprint of the existing space will save a substanical amount on labor costs of having to move the utilities.

Budget is fluid

talk about balancing splurge and deals

When building your project Scope, here are places that you can look to get ballpark ideas on Cost

Kitchen & Bath

Window Treatments

Rugs

Furniture

Freight

Sales Tax

Labor Costs

Cost Estimator

Budget Builder

BUDGET

Template
Don’t forget to account for sales tax and freight
Storage and receiving .
*****We believe that our clients should at least have a number in their heads which is their end all be all number that they should never share with their contractors. But know what it is. Also take about __% and put that aside for unforeseen issues that come up.