When you are ready to start planning a remodel your Lansing area home, what is the first thing you consider? You may be focused on color schemes and cabinet styles, but have you considered the cost of remodeling and how you will finance it? This can be a daunting task, but if you do your research and partner with an experienced kitchen and bath design firm you will get the maximum value out of your home remodel.
What are your remodeling goals?
First, consider what you want to accomplish with your remodel, and how your final budget will be influenced by your goals.
Increase value of your home: you may want to enhance the value of your home with a view to resell or to align it to other homes in your area. If so, it is important to consider how much value you will add to your home with this remodel. Remodeling.net advises you can get a return on investment of 54 to 78% on a kitchen remodel and about 54 to 64% on a bath remodel, though this is an average and can vary depending on homes in your area. Make sure you do not spend so much that you price yourself out of homes in your locality.
Enhance your lifestyle: If you don’t plan to move anytime soon, think about what items are most important to you and spend what you can reasonably afford in order to get the maximum value from your space.
Minor room upgrade: If you feel a partial remodel meets your requirements and is easier on your wallet, just make sure these limited improvements will be sufficient for your needs going forward. A minor upgrade may be more trouble than it’s worth and you may discover it is a better investment to do a larger project and get the space you really want.
How much will it cost?
There are many factors that will influence your final budget, such as the size of your space, your project scope, and materials. The National Kitchen & Bath Association (NKBA) provides rough guidelines that you should spend 15-20% of your home value on a kitchen remodel and 5-10% on a bathroom remodel. These figures vary depending on your own requirements and your available funds.
For any size project, it’s important to understand how to maintain control over your costs and to stay within budget. An experienced design firm will help you understand all your costs up front so there are no surprises during the remodeling process. Here are a few tips to help you keep your costs in check:
- Determine your budget up front and stick to it.
- For items that don’t fit within your budget, see if they can be done at a later date or if you can do them yourself, like painting walls.
- If your budget is more limited, focus first on the items you really need to upgrade.
- Make sure you clearly understand your priorities, so you know what you can drop from your project if you have to make choices to stay within budget.
- Look at products in person so you see differences in quality, which will help you understand where your money is going.
- If you feel your existing layout still works then don’t change it, as altering your layout can really drive up costs.
- To save costs, you might keep items that are in good shape like appliances.
How will you finance your project?
If you do not have cash to hand to pay for your remodel, then you will need to examine the best options for financing once you have an idea of the scop and cost of your project. First, look at the options available to you, which could include a home equity loan, refinancing, or personal loan. Determine which one offers you the best rate and fits your personal situation best. You must also make sure that your preferred source of funds will be available in a timely manner to suit your project timelines.
Get inspired for your kitchen design or bathroom remodel by checking out our project galleries. Then schedule an appointment with our design team to discuss your remodeling priorities and get started on your project today.