7 Ways to Get the Most from Your Remodeling Budget
Updated April, 2022
When hiring a contractor to remodel your home, it is important to have a realistic budget in mind and to use it wisely. You should always receive a written estimate from any contractor, but also make sure the estimate includes all the work that you want to be done.
Check out these seven tips on how to stretch your remodeling budget.
1. Establish priorities
Know what is important to you. Our goal is to get you everything you want, but you may have to make some cuts to hit your budget. What is going to be essential to your happiness and what can you live without? Our designers are also probably going to be able to help you come up with some alternatives to save money.
2. Get a rough idea of what it’s going to cost
Unlike new construction, we can’t give you a specific “cost per square foot”. Remodeling project often involves the demolition of existing features, moving walls, relocating electrical, air conditioning, and plumbing, and trying to match existing finishes. Some online resources can be helpful when setting an initial rough budget but each project and different contractor can vary widely. If you are considering using ELM Construction, you can use our Budgeting Guide to get started.
Another, more general source, is the annual Cost vs. Value report produced by Remodeling magazine. It offers estimates for the average project in 22 categories in more than 100 markets. Recognize, however, that those are averages and every project is different.
3. Ask your remodeler for ways to reduce cost
Remodelers have a lot of experience working with budgets and can offer tips on how to save money without compromising on quality or functionality.
Some options may include focusing on the most efficient way to use the existing space instead of adding on to a room. You might also be able to choose lower-cost finishes, especially in less conspicuous areas of the remodeling project.
4. Combine projects
If you have more than one remodeling project in mind, you might want to consider combining them for efficiency. It can be more cost-effective for the remodeling company to do additional work while the crew and sub-contractors are already on-site.
Specifically smaller projects, like adding a tile backsplash in your bathroom while you are remodeling your kitchen, can be convenient add-on projects.
5. Choose the right remodeler
A professional, experienced remodeler is going to be able to identify potential challenges ahead of time and help you accurately plan for your project. Our consultative approach will help you accurately plan for your project. We can help you figure out if the budget you’ve set is realistic or if the project needs to be adjusted.
Make sure when you are looking at proposals/estimates from multiple remodelers that you are comparing apples to apples. Some contractors might leave costs out of the initial bid in order to try to win your business. If you see something in one estimate, but not another, ask why!
6. Think design/build
The best way to avoid problems is to work with a design/build remodeler like ELM Construction. With the design/build model, the designer and remodeler are on the same team, working together throughout the process. That means more efficient and practical designs that can be built to fit your budget.
7. Set aside money for surprises
No plan will capture everything. As just one example, a kitchen remodel may discover mold hidden in the wall behind the sink. Older homes often will have other surprises hidden in the walls, such as poor insulation or bad wiring. A general rule of thumb is to set aside an additional 5 to 10 percent of the project cost for these unexpected expenses.
Ready to plan your project? ELM Construction is here to make sure you get the best remodel to meet your needs, at a fair price. Contact us today to discuss your next remodel!