Are you planning for a home improvement but you aren’t just sure if you budget is enough for all the construction and other changes? It is indeed inevitable to conduct such project since we always want to ensure that our home is pleasing and functional. However you need to start it by setting a budget that you can stick along the way.
The process for creating a home remodeling budget starts long before the line item list of labor and materials costs. It begins with a clear set of priorities [source: saveonmyremodel.com]. Why exactly are you remodeling? Good reasons include a growing family, the need for a home office or a desire to increase the home’s resale value. If you’re simply bored with the status quo, you might only need to redecorate — new paint, wallpaper, lighting fixtures and furniture — rather than to fully remodel.
If your top priority is to increase the value of your home, talk to a local realtor about home improvements that translate into the greatest return on your home investment. Remodeling magazine says the following renovations (with their average costs in parentheses) recoup the largest percentages at resale:
- Wood deck addition ($10,601): 81.8 percent
- Vinyl siding replacement ($10,256): 80.7 percent
- Minor kitchen remodel ($21,246): 79.5 percent
- Two-story addition ($146,538): 70.7 percent