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Renovation Budget Pink Piggie bank

 

After gathering great design ideas from Pinterest and other online sources, you’re probably excited about renovating your condo or co-op. That excitement can lead you to jumping into renovation too soon. Before hiring any architects or contractors, you must set a clear renovation budget.

This doesn’t mean to just pick a number. You’ll still run into problems if the only aspect of a renovation budget you think about is the total cost, because you will have no idea how much it will cost to turn the vision in your mind into reality. Oftentimes your vision won’t be as detailed as needed for architects and contractors to give you a price estimate that is close to the actual cost after the project.

Write Down the Specifics of What You Want

The first step in creating a home renovation budget is to write down what you want. Be specific about the materials you desire and how you want the room to look. Print out pictures that illustrate the design you’re going for; it will give the architects and designers a better idea of your style. Specificity provides you with a more accurate renovation estimate.

Include Contingency in Your Renovation Budget

After you have chosen an architect and contractor you want to work with, add 15-20% contingency to your project cost. This establishes a safety net for potential problems during renovation. The 15-20% contingency must be included in the budget, so that you are sure you are able to cover the costs. If the contingency is not within your means, then a few areas of the project should be modified. Consult with your architect and contractors for ideas on reducing project costs. They can come up with creative ideas that you wouldn’t have thought of otherwise.

Think about What You’re Capable of Paying

The budget you establish shouldn’t put you in debt or cause you to stay up at night stressing about the cost. Ask yourself if you’re capable of paying that number and if you feel comfortable spending that much on renovation. Slim down your budget until it’s at a point you can afford and are happy with. Try not to feel disappointed if you have to change a few details of your original vision. You can still create a home renovation project that you love within a healthy budget.

A renovation budget should always be established BEFORE starting the project. Some people have made the mistake of hiring workers and initiating the construction process without a clear budget or realization of how much it would actually cost. Obviously, this causes a lot of stress for everyone involved, not just the homeowner. Follow the three steps listed above to create a renovation budget for a project that you’ll be happy with once it’s complete.

Contact us for an estimate of what it will cost to renovate your condo. If you have trouble knowing the specifics of what you want, we can give you ideas until you figure out the perfect design for your home.

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