Why Make a Remodeling Budget?

“A budget tells us what we can’t afford, but it doesn’t keep us from buying it.” (William Feather)

When you bought your last car, you went through the process of defining what you wanted, and exploring what was available in your price range. Then you went to showrooms, to get more information, and test drive each vehicle to find the one that suited you best – emotionally, physically and financially. Preparing for a building or remodeling project is very similar, but most people don’t understand the concept.

What did you pay for your newest vehicle? If you’re remodeling your master bathroom or your kitchen, you can expect to invest at least twice the amount that you paid for your last new car. The good news is that your home will appreciate while that new car is depreciating at a rapid rate. Even in today’s economy, your home is still your best investment.

So how do you go about creating a remodeling budget? The first step is to make a comprehensive list of everything you want included and prioritize your list. This is important because it will help you talk with design professionals and contractors, to help them understand your goals. The first chapter of my e book explains how to determine what you want to do, set priorities about the scope of your project, and specific products you may want to include.

The next step is to establish a reasonable, realistic investment range. Yes, investment — not price. You’re investing in your home, and your future. A good remodeling (or building) project will give you years of personal enjoyment, and a high rate of return on your investment if and when you decide to sell your home. Statistics verify that you will get a 45% – 85% return, depending on the size and scope of your project, and your physical location.

After you determine your target budget, test reality by talking to design professionals and contractors, to get their opinion about your project based on their professional experience. This process determines how much of your wish list you’re going to achieve, i.e., the more you pay, the more you’ll get.

When you go to a car dealer, their goal is to sell you a vehicle that day. Design professionals and contractors want to sell you their services, but you should not feel pressured by them. Allow yourself enough time to make an informed decision: Interview them, review their proposal, check their references, and ask questions. This is also covered in detail in the e book (down to the specific questions to ask).

There are some things that you can do during the design process to help you achieve the best results:

Verify dimensions for aisles and passageways, to confirm enough space has been allowed for comfort and safety. Carefully select products that fit your needs, and your budget. Shop online at manufacturers’ sites to see the features you want. Visit showrooms to physically see and feel the products – you can’t determine this while shopping on line.
Obtain comparative prices. Enter information into a spreadsheet (manufacturer, model number, price, and showroom/salesperson).

Pride of ownership lasts a very short time after you’ve purchased a new car. The satisfaction you feel in your new or remodeled home will be there every day, and will last for years.

Do you know someone who is planning to build a new home or remodel their existing home in 2010? “How To Control Your Remodeling Project” is the perfect gift! The price is only $29.50. My personal guarantee comes with every book: If guidelines and hints are followed, readers can save at least 100 times the price of the book!