However, money doesn’t grow on trees. Unless you’re a billionaire, you need to spend some time thinking about a home renovation budget.
How to Set Your Home Renovation Budget: 4 Things to Think About
Here are the top considerations to make in anticipation of starting your project and spending wisely.
1. What Room Are You Renovating?
The type of room you’re renovating should influence how much you spend. For instance, to get the most bang for your buck, you should typically spend more money where you entertain the most people or spend the most time – you choose.
For example, maybe you hang out in your living room every single night after dinner. If this is also a place where you entertain a lot, any money you spend here would be well worth it.
On the other hand, maybe you have a second bedroom that never gets used beyond the occasional overnight guest twice a year. Hence, it doesn’t make much sense to spend tons of money updating this space.
Depending on the room you’re doing and how often it’s used, set the budget accordingly.
2. Where Should You Save?
Some pieces of your renovation can be budget buys that don’t break the bank. You can save money on these purchases without quality being affected.
For instance, you can get a cheaper rug made from natural materials that will look just as good as an expensive one in your room – and you won’t worry about every speck of dirt that gets on it.
Other areas where you can save: cheaper paint and accessories, as well as items that aren’t that important to you.
3. Where Do You Want to Splurge?
The big ticket items in your budget should be ones where you really want to invest your dollars. For instance, if you’re updating your bedroom, springing for a top-of-the-line mattress can be a great investment that will benefit you for years.
The same goes for major surfaces, like your floors, or major furniture pieces, like your sofa or dining table. These are pieces that get everyday use, will be with you for years, and need to hold up well.
4. What’s Non-Negotiable?
Sometimes you have a renovation wish list that’s a mile long. Not everything is doable, but some stuff may be non-negotiable. For example, you might need a bathtub in your bathroom renovation for bathing young kids.
If you have the budget, set aside enough money to make sure your non-negotiable items can happen. Then figure out where you can save money on other materials that aren’t as important to you. Go with cheaper tile, skip the custom light fixture, and paint the walls yourself versus hiring help, for instance.
Setting your home renovation budget can be a stressful and time-consuming process, but it will help keep you on track. Set a budget first and save money later. You’ll be glad you did.