Of course, you want everything to be perfect now.
Who doesn't? But how much "should" you spend? The answer varies by circumstance.
It also depends on how much you want to invest into the new home. If you're planning
on staying a while, by all means - spend! If, on the other hand, you are planning
on using your current home as a starter house and anticipate moving within five
years to a larger place, take time to reconsider the budget.
A trimmed budget that's targeted to high value resale changes would be the best
The best thing to do when budgeting
is to keep the cost of your remodeling project in perspective. Look at your monthly
and your monthly assets
again with the new bills in place. Then consider how much you can reasonably afford
to take on for remodeling. You may want to wait a few months until you really
have a handle on your new finances.
you determine how much you can afford to spend on a remodeling job, decrease that
amount by 10-20%. This money should be put in a reserve account to cover any change
orders or incidental charges accrued along the way, which will prevent a frantic
scramble for additional funds at the end of a project.
Once you have the
lower budget figure. Stick to it. Keep change orders to a minimum and recognize that phrases
like, ". . . while you are _____, could you just ______," can quickly
destroy a budget. Any work not specified in the original contract
will have a new and additional cost attached to it. Contractors find that "whileyas"
as they are called in the industry, can represent up to 10% of their annual volume.
Stick to your plan like glue. And be patient. You may need to stagger the work
over time and deal with the waiting period to get your perfect home.
that your choice in products will determine the cost of the project. There are
many different levels of product quality and many different price ranges. Talk
to your Contractor about various options to meet your overall goal.
cost will vary depending on your location, the size of the room and what features
or options you choose. But your best bet for establishing and meeting a realistic budget is to hire a professional remodeling Contractor. It all comes back to money. You
want to remodel your home, but not spend your children's college fund to do it.
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