A home remodeling project involves several decisions, and some decisions are more fun to make than others. While deciding on finishes for a new spa master bath or new eat-in kitchen can be very exciting, deciding how much to spend can be very tricky. To ensure you get the results you want with the money you want to spend requires carefully planning a budget and sticking to it.
First, you need to figure out what the scope of your kitchen, bathroom or other remodeling project will be. Once you know whether you are looking to do a major or minor remodeling job, you can then start to estimate the total cost. You can do this by using the 2012 Cost vs. Value Report
and also by considering cost per square foot.
The next step is to compare the estimated total cost of your project and what you have to spend. If they are within a reasonable range of each other, you can then move forward with making more finite decisions on what features and materials you want. As House Logic
advises, it's better to get with your designer or architect (if you are using one) and "determine exactly what you want, right down to the kitchen countertop material and the type of faucet" before you start asking for bids from contractors. This way, you can more easily compare different contractors to ensure you hire the right one.
Finally, once you have hired your contractor, go ahead and tack a 15 to 20 percent contingency onto your budget as a cushion for any issues or changes during the remodeling process.