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How to Set Realistic Remodeling Budget for Your Home

Posted by Meriam Reed on Sep 8, 2016 7:00:00 AM

What-You-Need-to-Know-to-Set-a-Realistic-Remodeling-Budget-for-Your-Bonita-Springs-Home.jpgOver the years, we’ve interacted with a lot of homeowners who want to remodel their homes. We’ve been doing it in Florida since 1992. During that time, we’ve done a lot of remodeling projects of a varying degree of complexity. But regardless of the project, virtually everyone wants to know (ahead of time) what their project is going to cost.

That’s actually a good thing. You want to have a good handle on what you’ll be spending on your remodeling project, whether it’s a kitchen remodel, a bathroom remodel, or a whole home remodel. Most of the time, our clients have a pretty good idea on what they want to spend on a project. Sometimes clients think it’s going to cost more than it actually does. And occasionally we run into clients who have no idea what their project will cost.

So, what do you really need to know  in order to set a realistic remodeling budget for your Bonita Springs home? The answer depends a bit on the scope of the project you have in mind. For instance, if you click here you can see general pricing for a variety of levels of kitchen remodeling.  If what you have in mind is resurfacing or pulling and replacing your kitchen cabinets, you’ll probably be looking in the area of $25,000 to $35,000. A contemporary kitchen remodel project will be in the range of $45,000 to $55,000. And an upscale single-family total kitchen remodel could be in the range of $75,000 to $100,000.

Obviously, those prices can vary depending on exactly what you want to do, and what has to be done to your existing kitchen to prepare it. Your final budget will also depend on the specific materials you choose, but at least you will have a starting point. Then you can sit down with a member of the design team to get a more accurate picture of your final costs. Once you’ve established the general parameters of your job, your designer can discuss different options with you and help you work through what specific options will cost you. That way you’ll know before any work is done exactly what your project will cost.

If you’re planning to take out a loan to do the remodeling, it may be helpful to get together with your lender first to see what kind of load you qualify for. That’s simply another way to define your expectations and to set a budget that’s realistic for you. If you qualify for a $50,000 loan it probably doesn’t make sense to set your sights on a remodeling project that’s in the $75,000 range. On the other hand, if you qualify for a higher amount, it opens up additional options for you.

The key is having a realistic budget. That means understanding what you can really afford to spend and also understanding exactly what you can expect to accomplish with that budget. Both over-spending and under-spending can leave you frustrated. Our goal is to help you achieve the maximum improvement your budget permits.


Topics: Bonita Springs, Design Build, remodeling budget, Home Renovation