budgeting your remodel project
do something today that your future self will thank you for later
"A budget isn’t a bunch of numbers. It is a life plan to help you achieve a goal and allow you to enjoy the results when all is said and done. Do not underestimate the power of planning."
Budgeting your project is always a tough thing to do. A detail budget plan is often the part that is overlooked – either because people do not want to know how over budget they may be or because there is such a rush to get the job done. The reality though is that creating a budget can combat those very issues on your project.
Creating a budget for your project will help you to identify any potential issues before they actually occur; and this should hopefully give you enough time to come up with a creative way to fix these issues . It does not need to be a massive spreadsheet of numbers but it does need to be all inclusive (i.e. needs to include everything, including a buffer for unknown issues.)
SO lets look at how we go about creating a tile installation or home remodel budget.
STEP 1. DECIDE WHAT YOU WANT TO BE DONE
You will need to make a very high level list of what you want done, this can be as simple as,
Example – Bathroom 1:
- Build shower with shower niche
- Smooth walls and paint white
- Lay bathroom tile
- Install vanity and plumbing
- Install lighting and power
Be realistic with your list but do not leave anything out, even if you think you will not have a budget for it – keep it on the list. This way the contractors that will help you in defining your budget will be able to see what you want to have done and may be able to include it for a relatively small addition or may give you a fresh idea on a different way to do it and hence make your budget stretch even further.
STEP 2. HAVE A BUDGET IN MIND
This is a tough part but you need to be realistic and need you to have a budget amount to start from. Your initial budget should consist of 2 numbers –
- How much you have at the start of your project?
- How much you are hoping to add to your budget (and when) during the course of the project
STEP 3. GET QUOTES
Now that you have your project list, it is time to get some quotes. Make sure that you contact all the contractors you think you need and even ones that are recommended by those contractors when they do their site visit. For the big items (like tiling, carpentry etc.) I would recommend getting at least 2 quotes for a good comparison.
Make sure that as your quotes come in, that you update your project list, by
- Including any items that you may have overlooked
- Including the cost to do each item or each group of items (sometimes multiple items on your list will be done as a single item)
STEP 4. SELECT & PRIORITIZE
Once you have your project list and costs, you will need to simply break up the list into 2 groups,
Group 1: To be done now
Group 2: To e done later
In other words, the items that you will include in the upcoming home remodel/build project AND items that you will include in the next project when you have additional budget available.
Next, we move onto selecting the right contractors to help you with your project.