As remodelers, there is one question we invariably hear from clients before we begin renovation or remodeling work on their condo or home: “What is this going to cost me?” Frankly, we’d be worried if we didn’t hear that question. It’s important to fugure out the financial scope of your project before you commit. But how do you determine how much you should spend?
The first step is to determine exactly what it is you want from your condo remodeling. What are your goals? Do you want more useable space? Are you after a more open look? Are there specific rooms you want to improve? Or are you simply wanting to “freshen things up” and give your condo a “face-lift?” Here’s a post that can help you pinpoint which remodeling features matter most to you—and helps you set priorities. The scope of the job is a major factor in determining your budget.
The second step involves setting a realistic budget. Why do I emphasize realistic? It’s important to understand what something really costs—and to budget accordingly. Once you’ve identified what you want to do, you need to have a realistic budget for getting it done.
It’s a little bit like buying a car. If you budgeted for an entry level Kia, you wouldn’t walk into the BMW dealership and expect to drive out in the top of the line BMW. Conversely, if you paid for that BMW, you’d expect to get all the features you paid for—and you wouldn’t settle for driving home in the Kia. Ultimately, it’s not about cost, but about getting value for the money you spend.
What this comes down to is determining what you can really afford to spend. That’s something only you can decide. But it’s really important not to over-extend yourself. Once you’ve decided what it is you’d like to have done (and prioritized those items) and done som thinking about what you can afford (in broad terms), you can sit down with a designer and share both with him or her.
Your designer can give you a general range for what your project will cost and can then work up a specific plan—with a specific price—based on the combination of what you want and what your budget is.
One last comment on why budgets are so important—it’s something we call “scope creep”. It happens when a homeowner keeps coming up with “one more little thing” to add to the list. It’s not wrong to want your remodel to look great. But if you don’t have a well-established budget, those “little things” can add up really fast and you can find yourself paying a lot more than you should.
We’d love to help you create the best possible home you can get within your budget. So think through exactly what you want and let’s talk about how to make that happen within a reasonable budget!