Here's what you need to know to budget for a remodel.
After several historic home renovation projects, Christine shares her advice for budgeting.
Shop around. Christine says, “The biggest savings is sourcing your own materials.” A one-stop shop may be efficient, but the price tag tends to be steep and the results cookie cutter. “If you’re smart and lucky, you’ll go to local rebuild stores,” Christine says. One such store is where they scored light fixtures that were salvaged from old barns and factories.
Go through several drafts. Check with your contractor on the details of what your decisions will mean in terms of cost. Reshuffle to save where you can and make the higher-dollar, high-priority decisions possible, and bring it back to your contractor to get a new estimate. You may need to repeat the process several times. That’s OK— this is a foundational process worth getting right.
Budget for extra. “I’ve never had a project come in under budget,” Christine says. You may not want to acknowledge it as you plot out your budget, but keep in mind that you will likely encounter some unforeseen costs as the process continues.
Keep in mind you’ll need to furnish the house. What naturally absorbs most your attention as you plan a renovation are the big structural changes and costs, but Christine has seen friends renovate, then realize they need additional things to make the house livable—furniture, kitchen and dining wares, etc.—and then end up purchasing the cheapest things they can find all at once because they’ve already spent so much on the renovation. To avoid this, remember to account for those items in your budget.
Remember not everything has to be perfect at once. The Bridgers prefer to prioritize structural things and important areas foremost, knowing the rest will be easy to tackle later on. “Choose a focal point for the house to avoid having to spread your budget too thin,” Christine advises. This can help save on costs and ensure you’re thoroughly happy with the high-priority areas.