Budgeting for a Renovation
Navigating Your Renovation Budget: Tips for Homeowners in South Shore and Cape Cod
When considering a renovation, one of the first questions homeowners often ask is, “What should I be budgeting for a renovation?” It’s common to feel sticker shock when receiving initial proposals. Today, I want to share some tips to help you start planning your budget range wisely.
Setting Expectations Early
At Almar, we prioritize discussing budget and expectations upfront. Why? It ensures:
- You have a realistic understanding of costs early in the process.
- We can provide recommendations to keep your project within a reasonable budget range.
Challenges in Renovation Budgeting
Unlike new home construction, estimating renovation costs is complex. Older homes in New England present unique challenges—like uncovering hidden issues behind walls or ensuring compliance with current building codes. Each project is truly unique.
Useful Budgeting Resources
To get a general idea of costs:
- Remodeling Magazine’s Cost vs. Value Report: This annual report offers regional averages, helping you gauge typical costs without specifics.
- CostHelper.com: Provides broader budget ranges, though not tailored to your specific location or project details.
- Almar’s Project Development Team: Our budget charts are updated regularly to help guide you through the process from our first meeting
Creating Your Project Wishlist
Once you have a budget range in mind:
- Compile a detailed “Wish List” including your project goals, preferred products (if any), and areas where you’re flexible on changes.
Working with Almar’s Project Development Team
It’s crucial to communicate openly with the team:
- Share your budget, project goals, and expectations.
- This helps the design & development team provide tailored recommendations and ensures a good partnership fit.
Including Contingency in Your Budget
Always add a 15% to 20% contingency for unforeseen issues or changes. This buffer ensures you’re prepared for unexpected expenses without disrupting your project.
Get Started Today
For more information on creating a remodeling budget, exploring renovation options, or discussing specific projects, contact me.
updated 7.11.2024
