Creating a Budget for Your Des Moines Home Remodeling Project

Remodeling your Des Moines home is a great way to improve its look and function or even increase its value. Of course, you'll also appreciate living in a modern and stylish home if you're not planning to sell any time soon. Homes typically undergo major remodeling every five to 20 years, depending on your personal preferences and the durability of the materials that you choose. If it's been a decade or more since your kitchen, bathroom,  or other room in your home had a major remodel, this guide to budgeting will help you set aside the right amount of money for the job.

Choose the Rooms

You don't need to completely overhaul your entire house at once (unless you want to do so or need to update a fixer upper that you just purchased). If you're on a strict budget, prioritize the parts of your home that have gone the longest without updates, appear very outdated, or function poorly. Kitchens and bathrooms tend to top the list since moisture and heavy use is hard on the finishes. Remodeling just one or two rooms at a time helps keep your project budget-friendly and easy to estimate.

Pick the Changes

Focus on features that are hard to replace such as flooring, cabinets, and countertops. These improvements make a big impact on the space and tend to require the help of professionals like our team. If you're working with a limited budget for your project, save the easy to change fixtures for later. Appliances and light fixtures are easy to swap out on your own or with a handyman's help while swapping linoleum to ceramic tile is a major change that takes a construction crew to complete.

Ballpark the Major Costs

Check out one of the many cost estimation websites available to ballpark the main costs of your remodeling project. Compare costs for materials for countertops and floors before settling on specific designs and colors. You may be able to expand your remodeling work simply by choosing lower-cost materials that offer the same amount of durability and beauty. You can request quote with our team and compare them to your ballpark costs to see how much labor will add to the total.

Add a Contingency Budget

Remodeling and home repair projects tend to run over the original estimate as unforeseen problems or code violations are discovered during the work. It can be hard to determine what's behind the walls of your home until we start demolition. Adding a contingency budget between 10% and 20% to the quoted estimate will help you afford any additional repairs needed as part of the remodeling. Rerouting wiring or improving plumbing during the renovation adds to the overall value of the home and ensures you'll pass the permit inspection at the end of the process. This extra will also cover the costs of changing materials or suppliers if there's an issue with the original selection.

Choose a Financing Option

Most homeowners finance their remodeling projects and pay off them off over time as they enjoy their newly updated homes. Check with your mortgage lender or your primary bank to see what's available, then shop around for home equity loans and cash-out refinance options as well. Home equity lines of credit (HELOC) are also available for covering your costs. You can learn more about other options to finance your remodel in our blog here. 

With these tips, you should have some idea of what your remodel will cost. You may need to spend a few weeks balancing the costs with your desired features, but eventually, you'll find the right combination for your Des Moines home. Feel free to contact our team for any questions that you may have about creating a budget for your own project.