What’s Your Historic Home Renovation Budget?

What’s your budget for this renovation project? Not surprisingly this question is the one most often left blank when I ask clients to fill out my initial consultation survey. (Interested in seeing the types of questions I ask in my initial survey? Click here to take my online survey.)

This may be because people honestly have no idea how much a project will cost, but I really think it's because clients don’t want to put a number down on paper and then feel they have to stick with it. Or, perhaps they feel that I will then feel the need to spend ALL of the budget. But in reality, part of the service and advice I give to my clients is helping them build a budget AND helping them get the most bang for their buck!

Even if my clients do have a general dollar limit in mind (perhaps they plan on taking out a home equity loan, or even doing a project in stages) they are often uncertain about what they can actually accomplish for that dollar amount.

I feel very strongly that a general budget is one of the first things to research when you have a project in mind. The worst thing you can do is start a project and then have to grind to a halt when you run out of money! Just like the building of a comprehensive design scheme before you start a project, looking at an overall budget, in the beginning, is paramount to helping you make smart design decisions.

Here are my suggestions for developing a budget for your next renovation

1.      I always suggest looking at the overall goal(s) that you want to accomplish with your changes. Often times the changes people think they need or want are eclipsed by the functionality of what can be accomplished for much less. For instance, some of my clients have thought that they needed to blow out the back wall to accommodate the kitchen renovation they wanted when a new cabinet layout allowed us to work within the existing footprint.

2.      Make a “wish list” of items you want to be included in your goal. For instance, if I am helping clients with a bathroom remodel, there is a wide range of plumbing options; do you want a frameless glass shower surround or will a framed shower door fit your needs? Or, do you have your heart set on a stand-alone soaking tub rather than an apron-front inset bathtub? The difference in the plumbing fixtures alone can be hundreds of dollars!

3.      Take the time to do your homework and get estimates on product and labor. This is probably the area where most people get stalled right in the beginning. Yes, this is not necessarily the “fun” part of any renovation project, but it’s the foundation of any budget. You don’t necessarily need to get multiple estimates at this stage, or even choose the exact product you want (ie., color and style) but just having the basic numbers will provide you with a starting point for decision-making.

4.      Keep in mind that a contractor’s time is valuable, so you may be asked to pay for an estimate. BUT don’t make the mistake of feeling you must commit to a specific contractor just to get an estimate. Just as they have the right to be paid for their time, you have the right to decide who you want to work with after you had a chance to fully develop your budget.

5.      Be open to suggestions and be willing to compromise. Even if you have a large budget there are always options to consider. One of the most important skills I can offer a client is the ability to guide them through a design budget – what is worth the money and should be splurged on and where they can save. This is the secret of any good renovation project – large or small – look at your options.

Sure, budgets are probably the least fun part of interior design. But it’s like any elephant in the room, once it’s talked about and reviewed you can move forward with your renovation project and finally achieve your goal of a more beautiful and functional home.