How-to Guide to Budget For Your 2024 Remodel
So, you've decided to take the plunge and 2024 is the year you take on remodeling a space in your home in. We say, get excited! Redesigning a space to be more functional and reflect your personality is not only a wise investment, but a great way to flex those creative muscles. Even when working with a designer! That being said, the financial aspect can be daunting. Let’s face it, we are all on a budget and don't want to overspend!
In this informative, mini-guide, we'll navigate the treacherous waters of budgeting with a grin on our faces and a calculator in hand. Remodeling is an emotional investment that we can only plan so much for, as unknown surprises and unexpected desires are sure to come down the line.
Before we get started with our itemized lists of tips and tricks, we find that it’s helpful to answer the question, why? Why are you embarking on a remodel? Is it to improve the functionality of a room? Is it to update the look or improve the overall aesthetic? Or do you just want to feel better in your space? Make a list and prioritize each of those topics to identify what your focus of the remodel is so you can be clear before the waters get muddy with decisions and clouded with tempting costly desires. Identify the must-haves from the nice-to-haves!
STEP 1
Begin by giving your wallet a motivational speech. The process, materials, labor, and displacement can be costly. Embrace change and be assured that the end result will be totally worth the temporary discomfort. This is an investment into your goal to improve your nest and your day-to-day experiences in it. Not only prepare to spend but also take consideration as to when this will all go down. Plan ahead by anticipating when the best time will be to commit to the investment.
Pro Tip: If you plan ahead and choose to work with a contractor that has aligned availability, oftentimes the estimates are not as escalated. Organization means avoiding rush fees!
STEP 2
Who you team up with can make or break your budgeting game. Whether you recruit the help of a contractor, design maestro, or architect, make sure they’re bringing some serious experience and communication skills to the table. You want someone who is as enthusiastic about your project as you are and recognizes the investment and sacrifices you’re making. This is a big deal for you, so it should be a big deal for them.
Pro Tip: Ask around and do your research! Get referrals from neighbors or friends. They are the best source for building a great remodel team.
STEP 3
Let’s talk about how to obtain numbers. You need to know what you're getting into. Have your different subs or the contractor bid out the jobs of the varying labor responsibilities required to complete the job. The cost is in the labor folks, people's time and craftsmanship are what set the project apart from mediocre, to marvelous. Once the bids start rolling in you can begin to school yourself on how much this project will cost, and what's fair, realistic pricing. You might land on a price-per-square-foot model. For example, if your bathroom is 10x10 and you have zero plumbing relocation or architectural adjustments (such as moving a wall), you can realistically assign a $300/square foot as an aesthetic-only base price for improvements. This is assuming you are hiring out 100% of the job and selecting mid-range quality products. Collect and share your budgets with the team, and you should require the contractor to do the same. Here are some suggestions for templates to get started.
Pro Tip: Based on your initial research and consultations, establish a realistic budget range and make sure to account for potential unexpected expenses by adding a contingency buffer (typically 10-20% of the estimated construction costs).
STEP 4
Choose wisely! The quality of fixtures and materials you select is just as important as the quality of your team. They should stand the test of time, or the investment begins to lose purpose. Choosing between an $800 faucet and its swanky $2,500 cousin can make or break your budget. Do your research on quality. Don’t just consider the aesthetics of your choices. What you’re putting into the wall is just, if not more, important. The shower valves that talk to the shower head need to be high quality so the plumbing product will perform for years to come. Lighting fixtures, plumbing fixtures, hardware, and cabinets are costly, but replacing these down the line because of poor quality will cost you more big picture.
Pro Tip: We love build.com to compare brands, read reviews, and price compare.
STEP 5
Where you spend your money matters. You should plan on maximizing your space and investing in custom cabinetry in your kitchen or bathroom. This is a large ticket item not only because of the materials required but also because of all the people it takes to get the cabinet complete and over the finish line. From planning to material to manufacturing, finish, transportation, and installation! This may sound daunting, but cabinetry is the key to maximizing the storage and functionality of the space. It also elevates the aesthetic of the space and opens up a ton of creative possibilities. You want your cabinets to be durable to accommodate their intended high-use, making this an area you don’t want to skimp.
At the end of the day, properly planning a remodel requires due diligence and building relationships. Just as every home is different, so is every remodel. We never recommend googling “How much does it cost to remodel a bathroom” to get your construction cost estimates. It will just leave you with an arbitrary range of $5,000 - $60,000, which is unhelpful! When setting a budget you MUST include necessary variables. This includes your zip code (how much it costs to do business in the area where you live), square footage of the space, floorplan (if you change it the cost increases), materials you are using and selecting, engineering or architectural updates, the extent of plumbing or electrical updates, and more. As intimidating as that sounds, picking up the phone and meeting experts in the field will always beat out Google.
Do your homework, ask questions, and bug your contractors for the nitty-gritty details. Be the detective of your renovation! Uncover those costs, research brands, contractors, and sub-contractors. We promise that, if done with care and planning, remodels can be so much fun. It gives you a chance to hone in on your style game, be creative, and best of all, create a space that makes you FEEL GOOD.
Have more remodel questions? Message us @tealandscott on Instagram!
HELPFUL LINKS
If you're living under a rock and haven’t set up a Pinterest account yet, no judgment! It is a GREAT tool for researching products and getting to know your aesthetic. It’s also a great tool to share ideas with your designer or contractor, so they’re not in a mind-reading predicament when kicking off your project. We love it! Need to research ideas? Check out our profile!
This is such a cool iPhone room measurement tool to outline your space. Select “room mode”. Have fun with it!
Get inspired! Our YouTube channel is a great resource if you’re looking to gain knowledge of the tricks of the trade. From paint selection to countertop selection to finding your personal design style, we’re sure you will learn a thing or two!
Affiliate Disclosure: Teal and Wendy hand-pick every product they recommend. Some product links are affiliate and may provide a small kickback to T&S at no extra cost to you. As an Amazon Associate they earn from qualifying purchases.
