Blog / Setting a budget for your remodel…and being transparent about it with your contractor
Setting a budget for your remodel…and being transparent about it with your contractor
1. Why setting a budget is important
One of the early steps for your remodel project is to set a realistic budget or budget range of what you are comfortable with spending. This allows your contractor to tailor the options for your remodel around your budget, select materials and keep the scope of the project within a range that’s doable.
2. Why sharing this budget is important
Without having a budget to work around, we can’t make recommendations for the best materials or scope of the project. A budget helps:
Avoiding Misunderstandings: Being upfront about your budget helps prevent any misunderstandings between you and your contractor. Without clear communication, your contractor might assume you have more or less to spend than you actually do, which can lead to unrealistic expectations or cost-cutting in critical areas.
Prioritization: When your contractor understands your financial constraints, they can help you prioritize aspects of the remodel. We may suggest alternatives for materials or methods to achieve your goals while staying within budget.
Avoiding Hidden Costs: Remodeling projects can uncover unexpected issues (e.g., outdated wiring, plumbing problems). A transparent budget allows your contractor to plan for contingencies, helping you avoid unpleasant surprises later on.
Trust and Collaboration: Transparency fosters a trusting relationship between you and your contractor. Contractors are more likely to work efficiently and creatively within a set budget when they know exactly what they are working with.
Staying on Track: A defined budget helps keep the project on track financially and timeline-wise. Without clear parameters, costs can escalate, leading to delays and disruptions.
3. How to set a budget
Whether it’s your first remodel project or it’s been 10-20 years or longer since you’ve done a remodel, it’s important to have a realistic expectation of the financial commitment it takes to do a proper remodel.
Budgets vary greatly based on factors including:
- Square footage of your home
- Scope of the remodel
- If engineering or architecture needs to be involved
- Materials selected
- Foundation, plumbing, electrical, termite, water intrusion/mold issues
- Scope of demolition of existing materials
When you speak with the State Restoration design team, we’ll have a conversation about the areas you want to improve, we will be able to give a rough range of what other projects in similar scope have budgeted.
4. Considerations
Prioritize Spaces
What are the most important goals for your project? Some clients want their entire home remodeled and modernized in one shot. Other clients want to remodel one or two spaces such as their kitchen and primary bathroom. Understanding your needs and goals will help set a budget and priorities.
Materials
Materials have a huge range of costs. For example, engineered hardwoods can be twice the cost of a LVP flooring, depending which materials you select. Natural quartzite can be double or triple the cost versus a man made quartz stone. Unique stones can be even more expensive.
Some clients know the materials they want and others need help selecting the best materials for their lifestyle. This is why we are here to help you through the material selection process. This is a fun and exciting process and we are here to help guide you.
Goals for property
Understanding your goals for the home helps us guide you. Some clients want to remodel and then sell their home – neutral, modern materials are best for this without overbuilding the home for the community.
Other clients want to live in their home for several decades and are not as concerned with trends and immediate resale value.
Based on your goals, we help you make the best decisions.
5. Can I trust my contractor?
We sure hope you can trust your contractor and when you work with State Restoration we earn your trust. Like any professional relationship such as doctors or lawyers, it’s important for both parties to be honest and upfront about the issues at hand. As a contractor, this allows us to make the best recommendations for you and your goals and needs.
Any time you are getting quotes for projects, you are welcome to interview multiple people and make sure the person you go with has a reputation for success.
6. Design Fee
Building out a quote for a project correctly takes time – measuring the space, understanding your needs and goals and figuring out solutions for issues that may be present in the space.
We spend the necessary time to understand your home and goals and figure out the solutions.
For this reason, we charge a design fee to start this work that gets applied to your project if you decide to work with us.
7. We advocate for you and maximize your budget
As your contractor, we shop vendors and suppliers to get the best price, which can save you money on your project. We have our fingers on current prices and what things should cost – when we bring a third-party vendor like a plumber or electrician, we have a relationship with them and know you will get their best pricing. You, our client, are our priority and we save money where we can without cutting quality.
8. What to think about for budget
Step 1: Start thinking about the budget range you are comfortable with.
Step 2: Think about what you’d like to do for your remodel and the main priorities.
Step 3: Visit State Restoration’s showroom to see options firsthand and discuss your project with a member of our design team.
MYTHS
1. I’ll save money by not using a contractor
Good contractors and design/build firms save you money by bringing in qualified workers, properly planning your project, and making sure everything is done correctly the first time. We leverage our volume of projects and expertise to save you money on materials and labor.
2. I’ll share a lower budget than I can afford and get the project done cheaper
When you share a lower budget, we will recommend ways to save money such as using more affordable materials, skipping some areas of the home that are not a priority or excluding parts of the project that are not essential. Properly sharing your budget allows us to figure out the best steps forward together.
Schedule Your Design Consultation with State Restoration
Your one-stop shop to get your project done seamlessly from start to finish
We help you budget your project, allocate the budget, design the space, procure materials, and get the project through to completion on time and within budget. Reach out to schedule your design consultation with the State design team.