Determining Your Budget For a Remodel

If you’re considering a big (or small) home renovation, budget is generally a leading concern. Here we’ll go over how you can set priorities, create a realistic budget and get the top-quality remodel you really want. Let’s get right to it:

Set your remodeling goals: Think about what you want to accomplish with your home remodel which will help you with all the remaining steps in the project. Without clear goals, you may get off-track or on a tangent, which can be extra time-consuming and expensive for your remodel. Consider: Why are you doing this remodel? Are you interested in switching to a more open floor plan? Are you wanting to change your open plan to create more private or purpose-specific rooms? Do you need a more user-friendly kitchen layout, a larger kitchen, or an outdoor kitchen? Would you like a spa-style bathroom? Do you need more room for entertaining family and friends?

Pinpoint key details: Consider the type of finishes and building materials you want in your new home addition or custom remodeling project. For instance, flooring—are you a carpet, tile, or hardwood floor family? Do you dream of stainless steel appliances? Would you like your appliances hidden within custom cabinets? With this information, your contractor can then help you narrow down your options (based on cost of those materials, and other considerations important to you such as longevity expected from your chosen finishes and the amount of maintenance required.) This results in an accurate budget that you can depend upon when you work with an experienced contractor/homebuilder.

Will home resale value guide your spending? Or is this remodel helping your current house become your forever home, which means you’ll focus on what makes you and your family happy, rather than thinking about what future owners might find attractive (boosting the resale value). If you’ll be selling in a few years, you’ll likely be more concerned with your remodel’s ROI when deciding on the specifics of your home remodel. A local remodeling expert or design/build firm can tell you which types of home upgrades or re-designs will help sell your home in your neighborhood. Realtors are also good sources for this type of advice. Online ROI calculators are great, but may not be keyed to our area and your specific neighborhood, which are crucial considerations.

Request a detailed quote: A estimate is often too general and variable to really help the serious homeowner who’s ready to remodel. At Miller’s we can break down your project and provide a reliable timeline and cost based upon your project goals, the scope of work, finish preferences and ore. and details like

Add a buffer to your budget: We may suggest a 10% buffer to allow for possible overruns. There may be surprises discovered behind your walls that require adjustments to the remodeling plan. Our team is experienced at handling any blips in the project, but setting aside a buffer to your budget is a great idea. If you don’t use the funds, you’ll have extra to use for new furniture.

Arrange your financing: Many WV homeowners finance their remodeling via the HELOC, or home-equity line of credit. Using your house as collateral, your bank or mortgage lender will give you a credit limit and you can draw upon it as necessary throughout your remodeling project milestones. With a home equity loan, you’ll get the lump sum at the outset of the loan. HELOCs often come with variable interest rates, while loans are often fixed-rate.

We’d love to hear about your remodeling project and we’re ready to help you plan for it. With our years of designing and building custom homes across WV, as well as completing historical restorations, home additions, and thousands of home renovation projects, Miller’s Residential Creations can take your remodel smoothly from idea to reality. Contact us today.