The answer to that question is different for every home reno – follow these 6 steps from our Total Reno experts to establish a realistic cost for your project.
|1||Know your priorities Considering your goals for the renovation. Do you want to create an open concept layout? More storage? An area for more family time? Categorize your goals into ranked lists of wants vs. needs; keeping your highest ranked goals top of mind will help you stay focused when it comes to making critical decisions down the road.|
|2||Set a baseline budget Knowing how much you can realistically spend is a great place to start. Keep in mind that you may be able to offset some out-of-pocket expenses if you qualify for tax credits or a home equity loan.|
|3||Start in the kitchen You should expect your kitchen to be the space where the majority of your renovation dollars are going to be allocated. Your kitchen acts as the main hub of your home, and it is important to dedicate an appropriate portion of your budget to make it both beautiful and functional. Our design team will guide you through the selection process for items such as cabinetry, appliances, and countertops to ensure that your investment is enjoyed for years to come.|
|4||Track all expenses While material costs will make up the majority of your renovation budget, don’t forget about labor. You should expect around 30% of the total budget to be allocated for labor. Investing in quality labor will ensure that your materials will be handled correctly and installed with utmost care. Keep track of all of your expenses on a spreadsheet to prevent any surprises at the end.|
|5||Establish a contingency fund There is one certainty in a home renovation: expect the unexpected. New ideas and other surprises are a normal part of the renovation experience. Allocate about 20% of your overall budget to a contingency fund to manage these costs without sacrificing your overall budget and vision for the renovation.|
|6||Work with an expert The renovation process is full of excitement and big decisions. Legacy’s Total Reno team has over three decades of experience guiding homeowners like you from start to finish. Acting as your general contractor, Legacy’s Total Reno coordinator will connect you to the best designers, tradespeople and suppliers in the industry. We’ll be transparent with cost, maintain accurate timelines and guide the entire renovation project to ensure that you are completely in love with the final result.|