Remodels are one of the best ways to invest in your home, but they can come at a high price. For this reason alone, so many people decide to shy away from remodels—but you might be surprised to learn exactly how much you can afford. A little investment can go a long way and leave you with some fairly incredible results. To make it more approachable, we made this quick and easy guide to help you decide the budget for your remodel.
Decide What You Want to be Done
The biggest consideration when you first start looking at a remodel is to decide what you would like to have done. Are you looking for a simple bathroom remodel? A full remodel of your home with an additional room being added? Do you want to finish your basement? Decide on the scope of your remodel and work from there. This will help you to decide on a reasonable budget. For a simple remodel, you might be able to spend more on fancy upgrades or high-end material!
Decide What You Can Afford Overall
After you have decided what you would like to see done, it is time to be realistic about your budget. What amount of money can you feasibly put aside? For some people, this will determine what kind of a remodel they can afford. Be realistic about what a comfortable price point is for you. When you know how much you can spend as a whole, you can work with your remodeling company to make a realistic plan for your remodel.
Consider Financing Options
So many people think that every single remodel has to come out of pocket, but that just isn’t true. In many cases, remodels can be financed. This means that you can spend a reasonable amount each month and get your dream home at the same time. Not every remodel costs thousands of dollars out of pocket. It might be more affordable than you think, so look for a remodeling company that lets you know what your options are.
Is it an Investment?
One of the best ways to realistically determine your budget is to consider the investment. Are you planning on selling your home soon? If so, the cost of the remodel might very well come back to you with the sale of the home. The reality is that remodels can come with some real income down the line if you know how to leverage them. Are you just spending more now to make more later? This might influence your overall budget.
There are few greater feelings as a homeowner than walking into your home after a remodel. You can easily turn your home into your dream home with a little help from a local home improvement team. Before you convince yourself that you can’t afford it, try to consider it from all sides. Your perfect home might just be in the budget after all!