When you’re planning to remodel your Naples-area home, you want to make sure you have a realistic budget. But what does realistic look like for you?
There are two important things you need to keep in perspective when setting your remodeling budget:
- What can you truly afford, and
- What’s a fair price for what you want to accomplish?
Let’s take a quick look at each of those things.
What Can You Truly Afford?
You’re the only one who can honestly answer this question. Yes, your lending institution can tell you what you’ll qualify for in terms of a loan, but you have to decide if you can live with the payments you’re taking on. How will those payments affect your lifestyle? Will your payments keep you from doing other things you want to do? As you think about changes you’d like to make, it may be helpful to think in terms of things you really need to have, things you would really like to have, and things that would be great to have if money isn’t an object. Prioritizing your wants and needs can help when it’s time to set your budget.
It’s also important to allow yourself a little bit of “wiggle” room. Don’t set a budget so tight that you can’t accommodate a few changes. Here’s a helpful post about how to create a “contingency plan” for your budget—and why it matters.
What’s A Fair Price for the Project?
When you’re making an improvement to your home, your main goal isn’t to see how cheaply you can get the job done. What you really want to do is get the most value for the money you spend. Quality isn’t cheap, but a bargain price isn’t really a bargain if you’re not completely satisfied with the results. It’s a good idea to get a couple of different bids for any job you consider. Beware of lowball bids, however. Make sure you’re comparing apples to apples and that the quality of the craftsmanship and materials is truly comparable.
Work with your remodeler to come up with a plan that fits your budget. If your plans don’t fit your budget, your remodeler may be able to suggest alternative options, or materials that will accomplish what you want for a price that better matches the amount you’ve budgeted. Your job is to clearly communicate what you want to accomplish—how you want your house to look and feel. Your remodeler may have ways to accomplish those goals that are different than what you had in mind.
Being realistic about your budget means having a clear idea about what you can really afford, and also having realistic expectations about what you can get for the money you’re prepared to spend. If you keep those things in mind, you’ll find the remodeling process a lot less stressful.