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Creating Your Home Renovation Budget: How Planning Can Save Time & Money!
Creating Your Home Renovation Budget: How Planning Can Save Time & Money!

Creating Your Home Renovation Budget: How Planning Can Save Time & Money!

We know planning a home renovation can be overwhelming. But it doesn’t have to be. Keep reading for tips to turn your humble home into your castle.

How much does a home renovation cost?

Like snowflakes, all homes are different, so it follows that all renovations are different. 

First, you need to assess what the needs are for your home. 

Choosing a renovation company that is thorough and intentional (especially in the very beginning budgeting stages) is essential as an experienced professional can be your greatest asset throughout the renovation process.

Where do I start when planning my home renovation budget?

Budgeting and sticking to a budget are two different challenges, but with help from the Home Envy Team, we know you can confidently tackle both! 

Take a deep breath, and let’s go through the steps together.

When beginning to develop a budget, think of the 3 P’s we listed below and explain further afterwards. 

  1. Plan
  2. Percentages & Budgets
  3. Prioritize 

Plan for a home renovation budget.

1. Plan 

Careful planning is one of the most important things that you can do when getting your budget in place. 

Being honest with your goals and financial capabilities will ensure that you develop a realistic budget.

There are many resources available to help you estimate tradespeople and handymen’s labour costs, such as HomeAdvisor, or you can use a simple list like this one.

The more detailed your planning is, the better; don’t forget little things like choosing the fixtures or planning for living expenses during renovations (takeout can add up quickly).

Home renovation budgets.

2. Percentages & Budgets

If anyone has shared their renovation horror stories with you, you’ll know that things sometimes don’t go as planned. 

Being prepared for the unexpected can help ensure that you will have the funds allocated and ready. 

We want to make those horror stories into success stories!

The general rule of thumb is to put aside 15-20 percent of your budget for unexpected extra expenses. 

While we are talking about percentages, do you wonder where to even begin planning how much the renovation may cost? 

You can generally expect to spend approximately 10-15 percent of your entire home’s value per room. 

Home renovation priorities - A woman hanging a picture frame in living room.

3. Prioritize

The easiest way to stay on budget is to prioritize your renovation needs. 

While doing everything at once will give you the entire home facelift that you may desire, it’s not always realistic for all budgets. 

When creating your detailed budget document, it can be helpful to categorize projects into wants and needs. 

With professional and trustworthy general contractors and designers, choosing to makeover the areas that will have the most impact will help create a fresh space without going over budget. 

What are my best next steps?

With your completed budget in hand, now is the time to reach out to a well-respected renovation contractor. 

With their expertise, your wants and dreams, and that well-thought-out budget, the renovation process will be smooth sailing!

If you have more questions about the beginning stages of a home renovation process or want to know more about our in-depth project planning process, get in touch with us at homeenvy.ca.

Contact Home Envy, South Surrey contractors.