Aside from traditional ways to budget for a renovation project, there are other ways to stay on track and afford your dream remodel. Whether you plan on tackling a large project or some small updates, the tips below will help you along the way and ensure success!
Identify: Which room should you renovate?
A renovation can be chaotic. It’s important to identify the scope of work before you break out tools and start the demolition process. You need a strategy. First, figure out which room you plan to renovate. When determining this, it’s important to pick a room to remodel or renovation project that generates a high ROI—like the kitchen—which will save you money down the line.
Your kitchen is a popular room remodel because:
- It’s typically the highest financial return on your investment.
- Your family spends a lot of time together in this room.
- A kitchen is also a fundamental room in your home, so it makes sense to renovate this space to fit your needs.
With any renovation, you’ll want to create a room that’s both highly functional and beautiful. Figure out how to make the room feel like a reflection of you— that way, you’ll create an inviting space where you and your loved ones enjoy spending time and sharing special moments.
Think Critically: What design elements should you consider?
Planning a thoughtful renovation can help you allocate your money and also help things run smoothly. Whether it’s a complete remodel or simple updates, you need to think critically about the design elements you should consider.
If you are renovating your kitchen, you might consider a full remodel to get the highest ROI. However, since the cost to remodel a kitchen varies, you might choose to update some things and then DIY the rest.
Some popular elements to incorporate in your kitchen renovation are cabinet upgrades, a pot filler, a kitchen island, a large sink, and updated hardware. To stay on budget and be able to afford the project you have in motion, you might want to decide what elements you can splurge on vs. what you can save.
- A kitchen island
- A large sink
- Extra storage
While these things might be a bit costly, you will be happy you spent the money; elements like these are highly functional and give that wow factor!
- Save money by DIYing your kitchen hardware instead of buying new, updated pieces
- Opt for open shelving instead of upper cabinets
- Ask about surplus materials like countertops or cabinets
Another way to save money on kitchen elements is to ask about surplus materials when you are shopping for items. For example, countertop companies often sell floor models for a discounted price once they take them out of the showroom, so use this to your advantage when shopping.
Budget: Are you managing your money in a responsible way?
Okay, so you have a set plan and know what you want, but can you afford it? The next step in budgeting for your renovation is actually creating a budget. If you plan ahead and properly research renovation costs, you’re more likely to stay on track and save money. If you plan on renovating your kitchen, it’s important to figure out average kitchen renovation prices in your location. You can shop around, but getting an idea of an average cost is helpful to keep your plan in motion.
The research phase of setting your budget is important because it will help you determine your goals. Some goals to keep in mind as you plan a renovation might be to save more than you spend leading up to a project. The unexpected costs can add up as you start a renovation, so having some money set aside for emergencies or costs outside the scope of your project is very helpful and will eliminate added stress.
If you plan to renovate your kitchen in the fall, make sure you stick to your goals and timeline to make sure you finish in time for the holidays!
Overall, there are many ways to save for your renovation and ways to create a budget so you can create a space you love. Keep in mind, identify, think critically, and stay on budget.