How To Plan Your Home Renovation Budget

Planning a budget for your home renovation is a crucial step to ensure the success of your project while also avoiding stressing about finances after you’ve already started renovating.

But if you’ve never worked with a home renovation builder or haven’t had a renovation project completed before, it can be overwhelming to try to create a budget.

That’s why we’re here to help! Get our top tips for any homeowner to use when they’re starting to plan their next renovation project.

And remember, working with a custom home builder like Timber Rock Construction takes the stress out of the renovation process.

Our team is here to guide you step-by-step through your project, from our initial consultation and design to the final completion and warranty.

Ready to get started? Click below to schedule your consultation with our team today!

6 Tips For Creating Your Home Renovation Budget

Define Your Goals

Clearly outline the goals of your renovation and make sure to list all the specific changes you want to make and which ones are top priority. 

For example, a bathroom renovation could include things like a separate steam shower and soaking tub, relocating the toilet into a separate area, or replacing tile.

Research & Estimate Costs

Take some time to research the costs that are associated with purchasing materials, paying professionals, obtaining building permits (if required), and more.

Contractors and suppliers are used to being asked for quotes, so don’t be afraid to gather as much information as possible to create a realistic budget.

In addition to your projected expenses, it’s a good idea to include a cushion of 10-20% in case additional expenses come up during the renovation process.

Organize Your Information

Using a spreadsheet like Excel or Google Sheets is a great way to organize your budget and make sure you’ve included all the information you need.

You can also categorize each projected expense marking which ones are “must haves” and which aren’t as much of a priority.

Be sure you update the spreadsheet regularly to track your actual expenses against your estimated budget so you won’t be surprised by any additional costs.

Explore Financing Options

If you aren’t sure you want to pay for your renovation outright, there are a variety of financing options available for homeowners to use.

Many people use a combination of savings, a home equity loan, a personal loan, or a credit card with a low-interest rate to pay for home renovation projects.

Consider DIY vs. Professional Services

When planning a renovation project, it’s important to be realistic about what should be handled by professionals.

There are wonderfully talented DIY-focused homeowners who can handle their own renovation projects, but that’s not the case for most people.

If you’re thinking of tackling a small renovation project like replacing flooring in an entryway or upgrading your bathroom’s hardware, you might be able to handle it yourself.

For full-scale renovation projects, it’s almost always a better idea to work with a professional from the beginning.

Hiring a professional can also be more cost-effective in the long run, as they have the specialized equipment necessary to complete your projects.

They can also often get better prices on materials by buying at wholesale prices from their suppliers.

Be Flexible

Regularly monitor your spending as your renovation project progresses and adjust plans accordingly.

Flexibility is an essential part of any project and understanding that there could be unexpected expenses or delays is crucial for keeping your renovation stress-free!

Complete Your Home Renovation With Confidence

Our Timber Rock Construction team believes in working with our clients every step of the way, delivering high-quality custom-built projects on time and on budget.

You never have to worry about making the wrong decision when it comes to completing your home renovation.

We value our clients’ trust and love being able to help them renovate their homes so they fit not only their needs but also their dreams of the future for their families.