When you begin a project with your contractor, you’re taking the first step of a journey. Along the way, there will be important decisions – both large and small – that will impact the total cost.
If you embark on the project with no budget, you’ll be starting the trip without a map. Determining a path means estimating the required funds. Costs impact design and execution, and your expectations for price must be clear from the beginning.
Let’s talk about why you should prioritize setting a budget and clearly communicate it to your contractor upfront. Though it may seem like a tedious task, it’s absolutely necessary. You’ll see the benefits as we go.
Good Contractors Will Ask for Your Budget
When asking questions to understand your project, a contractor should ask you for your budget. This sets expectations and parameters from the very beginning.
Alignment with your contractor on how much the project will cost and how it will look are both imperative to your satisfaction with the finished design.
If you’re not sure how to calculate your budget, there are guidelines to create a rough estimate based on your financial situation and the value of your home. This is a good place to start.
For example, when budgeting for a kitchen renovation, set aside about 16% of your home’s value. For a living area, 10% is a good benchmark. Bathrooms should be between 5-7%. Why should you base your budget on your home’s value? Over improving your home is a very real danger; you may not see the benefit when it comes to resale if you invest more in remodeling than your home is worth.
Keep in mind, contractors charge a wide range of fees for services, but honing in on a contractor who provides mid-range renovation or above is a good place to start. You’re trusting your contractor with your home, and it’s important to find one who invests in quality materials and planning. At Modern Touch Construction, we exclusively provide mid-range renovation services and above.
Budget Informs Design
If you’re planning to remodel the kitchen, your budget will dictate how extensive the remodel will be. If you only have the funds for flooring and countertops, that means you’ll have to skip new appliances. A tighter budget may mean updating the cabinets with paint rather than replacing them.
A great contractor will help you understand your budget’s capacity, and will make sure you’re starting the design process with appropriate expectations.
Creativity thrives within restrictions. Once a contractor knows the scope of your budget, the fun of developing a plan can begin. Good contractors are able to maximize your available funds to match your dream as closely as possible. They will also help you realign your dream to match your budget when necessary.
Knowing your budget also helps you determine the look, style, and vibe you are choosing for your room or home. Certain materials and pieces will be more expensive, and might be cost-prohibitive. You may love the look of quartz countertops, but is the price feasible? Should you be investigating custom cabinets or choosing from pre-made designs? Make sure your vision is anchored in reality in order to avoid frustration.
Budget Informs Priorities
It’s pretty rare for a client to have unlimited funds. Knowing how much money you have to work with helps a contractor know where to place the focus.
When you’re beginning a remodel, it’s important to determine which pieces are most important to you. Are you counting on new flooring to replace some cracked tile? Do you absolutely need new cabinets to replace the old ones?
Knowing your budget helps you prioritize the components that are most critical to your new room. It keeps the most essential elements top of mind, and directs the focus to them.
It’s important to remember that you don’t need an unlimited amount of funds to create a great remodel! Understanding the limitations of your budget helps you get closer to your goals.
A Realistic Budget Reduces Stress
Every project begins with the best of intentions, but there are always unforeseen roadblocks that crop up. A remodel may uncover faulty wiring or leakage that needs to be repaired.
Even if you’ve never remodeled your home, you’ve likely seen the reality of unexpected costs from a distance. You’ve probably heard stories from friends and family about the delays and complications that can occur.
It’s just part of the process, but that means that you’ll have the most success and avoid an emergency if you plan appropriately.
Budgeting allows you to set aside additional funds for issues that are unknown at the start of construction. Once you know you have that cushion available, you won’t panic when hiccups inevitably occur.
A Clear Budget Helps You Select the Right Contractor
Contractors work best with clear expectations. If we’re providing a plan for making your vision a reality, we need to understand the full scope of that vision.
The right contractor will help you understand the limits and benefits of the budget you have, and give you a compelling picture of the finished project within that budget.
When you first meet with your contractor, provide your budget and priorities along with your vision. If they can understand and work with your parameters, that’s a great sign.
Communicating Your Budget to Us
We understand and appreciate each client’s unique needs and budget. We enjoy walking through the details of our projects, and our dedicated team brings over 25 years of experience remodeling homes. We only provide quality mid-range renovation and above, and our work is excellent. Let’s talk about your vision for your home.
Contact us today to begin the process.
