Creating a Confident Renovation Budget
Updating an already attractive property can become challenging, especially when you’re not sure where to begin. Sometimes, it takes some detailed planning to incorporate a more updated look without overspending.
Just because style and class are at the top of the list doesn’t mean you can’t keep the project’s financials within a specific window. In the section ahead, we’ll show you how to achieve the authentic Floridian upgrade on any property of your choosing while staying within a budget.
Compare Your Surroundings
One of the best places to begin is to work closely with your real estate agent to gauge the value of your property to others in the neighborhood. Important things to consider during this stage include:
- The equity you have to invest
- Bold and inspiring features comparable homes have
- Additional design features to include that are comparable to properties in the area
Long-term Living Or Investment?
Do you anticipate this as long-term residential option or a short-term investment property? If it’s not a quick flip, you might consider allotting slightly more budget for your “forever home” desired features. Otherwise, use your budget for areas that will net a maximum return.
Consider Your Lifestyle
If this is potentially a forever home, focus on how you see yourself living and spending your time. Are things like entertainment and guest space important? Maybe office space is a priority. Craft the renovation in a way that will inspire you and provide the most efficiency for your desired lifestyle.
Think about the centerpieces of your home. Which rooms and areas do you see yourself using the most? Use a sizable portion of the budget on the artistic and spirited pieces you see yourself making the most memories around.
Budget for Challenges
Remember, things happen beyond anyone’s control. Budget an additional 10 to 15 percent for any challenges or renovation obstacles you and your team of professionals may face. The project may go on without any hiccups – but it’s better to be prepared.
Work With the Best
The most important part of your project – and this can’t be stressed enough – is to work with professionals at the top of their industry. Get the most well-reviewed licensed and bonded contractors, highly rated REALTORS®, and an interior designer who will provide you with expert advice and personalized attention. This ensures your project stays on track and has all your envisioned elements!