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How to Manage Your Budget During a Remodel

Bowen Remodeling Budget Remodel

There are some steps that need to be taken before undergoing a major home remodel to ensure you can carefully manage your budget.

A remodel is a big investment, and budgeting for it can be difficult, especially if it’s your first time having one done. No matter what the remodeling project is, be sure to take some important steps to determine your budget and get your remodel to remain within that budget without having to make too many concessions on the design.

Determine What Your Priorities Are

When preparing for a remodel, make a realistic list of wants and needs. Carefully consider as many aspects of the remodel as possible, and determine which updates are the most important. Give them a ranking, if possible. This can help you cut down if the cost is too high, allowing you to find a happy middle ground where you get the aspects you want most incorporated into the remodel.

Consider How You’ll Finance Your Project

If you can pay in cash, that makes things a lot easier—however, this isn’t feasible for the majority of people. You will need to decide on what kind of loan to take on, and you’ll need to understand the interest and fees associated with that loan type. These costs also need to be factored into your budget. If you choose a home equity line of credit, for example, your minimum payments will only cover the interest and fees associated with the loan. If you pay it this way, you will be caught in a cycle of debt. Determine how much your monthly payments would be if you pay 1/60 (5 years) or 1/120 (10 years) of your actual loan each time. If you can’t afford either of these, it’s a good idea to cut your remodel costs back.

Get Quotes From Multiple Contractors

Don’t settle for the first quote you get. Talk to multiple contractors—ask questions about their service, their process, their warranty, and anything else you can think of. It’s also a good idea to check their reviews and ask if you can talk to anyone else who has used their services previously. While it’s important to consider affordability, don’t settle for the cheapest contractor if you’re not totally confident they’ll do good work. It’s a good idea to get a feel for how each company operates and find a balance between your budget needs and the service you are provided as a client of the company.

Budget for Unforeseen Problems

Once you have your quotes, it’s important to add an additional 20% to the forecasted costs. This may seem like overkill, and it can be stressful if it means you have to cut back more, but it is absolutely imperative. Every remodel will inevitably run into unforeseen problems and extra costs, and you’ll be glad you budgeted for these when they happen.

Call Bowen Remodeling & Design

Are you ready to remodel your bathroom? The team at Bowen Remodeling & Design can help! We make your dream bathroom a reality with our simple, four-step bathroom remodeling process. 

Bowen Remodeling & Design specializes in kitchen and bathroom remodeling in Annapolis, Severna Park, Edgewater, Crownsville, Arnold, Millersville, Laurel, Odenton, Bowie, Clarksville, Columbia, Ellicott City, and surrounding areas!

As a family-owned and operated business, Bowen Remodeling commits to providing extraordinary home improvement services with an emphasis on customer satisfaction. For a free estimate, give us a call at 410-451-5928 and visit our showroom in Crofton, Maryland! For more information, follow Bowen Remodeling on Facebook and Twitter!

This entry was posted on Friday, December 9th, 2022 at . Both comments and pings are currently closed.