Tips for Creating a Remodeling Budget

Every remodeling project needs a budget, or at the very least, a perspective cost sheet. You should know the cost estimate of supplies, contractors, and backup plans if something goes wrong. Creating the budget starts with the initial list of remodeling needs. For example, if you are planning a lawn and garden remodeling project to add a fence, you will need to know the amount of fencing you need, hardware, and the cost for gates and posts. This would all be listed on the budget. You would also need installation costs or a rough estimate. If you are starting a remodeling project or if you have one in mind, here are some tips to creating the budget portion of the project.

Shop Prices


The first thing you want to do is shop for the best prices on your supplies and project costs. Remember, you are not buying at this stage. You are simply looking for a price range of the lowest possible price and the highest possible price for the items. You are also jotting down where you saw the prices and possibly bookmarking them in your browser to return to later. This step is crucial in planning properly for your project.

Research Options


When you write down the list of your supplies and needs for the remodel, you will want to take the next step and research your options. Let’s say, for example, that you want to remodel your bedroom. You want a new headboard and furniture set as well as a paint job and some new fixtures. When you sit down to research your options you may find that a DIY remodel approach to a ceiling fan or to light fixtures is a much cheaper option than an original thought to buy new or buy from classifieds. Even if you don’t take the option initially, keep it in mind if something goes wrong during the remodel.

Know Your Limits


Some contractors may advertise a certain price for their services, only to change that price when they see the actual project site. This often occurs when the project that is described is different from the actual project needs. For example, you may know that you want to remodel your bathroom but you are unaware at the time that a wall will need to be knocked out or cut into. This can change the scope and budget of the project by increasing the contractors fees. Know the limits you have on how much you will spend or how much you are willing to spend to get the job done, even when the job changes slightly.

Your basic budget should include all the supplies you need, the prices you are willing to pay, the alternatives you are willing to use, and alternative contractor options if necessary. Make sure that your budget includes a small amount of give in case the project parameters change. You need to be flexible, but make sure you are staying within a budget that is comfortable for you. This may mean putting of the project slightly, but in the end you will get what you want.

Amy Wright
Amy Wright is the Lead Editor of Remodeling Central. When she isn't playing with her dogs she is trying to remodel a classic Chicago style brownstone with her husband.