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 second step is to determine how much you have to spend. This will depend on whether you are paying cash or applying for a loan. If you are planning on asking for a loan, you will probably want to opt for a home equity line of credit or HELOC, which is the most common loan for homeowners looking to remodel. To help you shop for a HELOC, here is a helpful and free workshop you can download from House Logic.
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.
Marble and Granite can make this part of the budgeting process easier with our online inventory listings, which include all of our marble, granite, Caesarstone, Neolith and other available surfaces as well as full pricing information.
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.