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Naples, Florida Remodeling Blog

How to Budget for a Naples Home Remodel

Posted by Chris Reed on Feb 19, 2018 8:30:00 AM

How to Budget for a Naples Home RemodelA major reason for that is often that there simply wasn't a realistic budget for the project, to begin with. As a homeowner, you can take control of that situation by setting realistic budget up front—and making sure your remodeling professional knows exactly what it is. Here are a few simple tips that show how to budget for a Naples home remodel that will accomplish what you want—without breaking the bank.

Start with Financing

If you’re planning a significant (i.e. major) remodel, you may also be thinking about taking out a loan to pay for it. It’s not a bad idea to talk to your lender ahead of time to see what kind of loan you qualify for. That can actually help in setting the limits of your budget which can keep you from over-committing to a project that you can’t afford. It can also speed up the whole remodeling process because your contractor won’t be waiting for your loan to be approved before beginning.

Of course, it’s good to start with a rough idea of what a particular project typically costs. Even though your specific project will be somewhat different, it’s helpful to have at least a starting point when it comes to planning. Here are a few articles that look at typical costs for common remodeling projects in Naples.

Clearly Define the Scope of Your Project

This may be the most important element in your budgeting process. Until you know exactly what you want to do (and what kind of results you want) it’s really hard to determine an exact budget. Many a homeowner has gotten him- or herself into financial straits by constantly adding features to the project or changing elements after the initial project was bid.

One advantage of working with a design/build remodeler is that the individuals that help you plan and design the project are part of the same team that will actually do the physical remodeling. They know the most efficient way to get something done—and they know what it will cost. Plus, professional designers can walk you through both the physical layout and also provide guidance when choosing finishes.

Build in Contingency Funds

We’re not talking about “fudging” on your budget. Over the years, however, we’ve observed that it’s not unusual for Naples-area homeowners to want to make some upgrades or enhancements to a project. Maybe you’ll decide that you really want to upgrade your kitchen appliances as long as you’re remodeling. It doesn’t change the design or the layout, but maybe you’ve decided that it really makes sense to do that now. If you build a contingency into your budget, you can do that without agonizing over it. Another situation to prepare for is if your remodeler runs into structural problems that couldn’t be detected before renovation started. Having a little bit of “wiggle room” in your budget makes it easier to accommodate that kind of a situation. If you don’t need it—great! But it’s there in case you do. Here’s a post that talks about how much you should set aside for this purpose.

Plan ahead and start with a budget you can afford that will still get you the results you want. Work with a remodeling professional who understands what you want and what your budget is, and can design your project within those parameters. And plan for possible contingencies in case you run into unforeseen issues or want to make a slight upgrade.

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Topics: budgeting for naples home remodel, remodeling budget for Naples home, Naples Home Remodel