Luxury Home Construction Executive Dean Buescher Lists 3 Smart Ways to Budget for a Home Renovation
Home renovation can increase your home’s value, enlarge the living space, add comfort, reduce future maintenance, and reflect your personal preferences. However, in order to tick all these beneficial boxes, you need to ensure that your financial forecast is reliable instead of volatile.
According to acclaimed luxury home construction executive Dean Buescher, who is currently the Divisional President at Vintage Estate Homes in New Braunfels, Texas; here are three smart ways to budget for your home renovation. Regardless of whether your project covers a relatively minor refresh or a major re-invention:
1. Get a ballpark idea of the costs ahead.
It’s important to have a general sense of how much your renovation is likely to cost, so that you can determine if you have the money to achieve all goals at this time. According to Homeadvisor.com, the average cost for a renovation is between $100 and $200 per square foot. Kitchen renovations often cost between $12,000 and $33,000, bathroom renovations often cost between $6,000 and $14,000, and basement renovations often cost between $10,000 and $27,000. Of course, these are just guidelines — every home renovation project is different. Each project presents opportunities to save money and time, as well as known and unknown challenges such as mold, wiring issues, and so on, this is the cause of fluctuating prices. Getting a ballpark sense of the costs involved will help you see if you have the cash or financing available to do everything you want. Dean Buescher says that it is also great practice to be prepared for unexpected costs such as the removal of mold, it is important to financially prepared for the unexpected.
2. Create a detailed plan.
Before contacting contractors and getting estimates, you should put together a detailed plan that includes things like your preferred fixtures and finishes, the appliances you want, and any expenses that your family will incur during the renovation — such as staying on a hotel for a few days (or perhaps longer), and eating out or ordering in if you can’t access your kitchen during the project.
Dean Buescher explains that you don’t have to be a project manager or have advanced tools to put together a detailed plan. He suggests that you simply use a spreadsheet that includes what you want, along with realistic estimates that you can find online. This will help you have focused and efficient conversations with prospective contractors and ensure that you don’t overlook something important.
3. Get estimates from multiple contractors.
Many homeowners only get estimates from a single prospective contractor, while others go to the other extreme and solicit dozens of estimates. You want to avoid both mistakes by getting three or four estimates from local contractors who have good reviews. Once you’ve identified some prospective contractors, interview each one to get a clear sense of whether they are qualified, professional and responsive. Make sure that each contractor understands your goals and priorities, and how they will handle unforeseen events and change orders. You also want to know how they will help you save money and time. Dean Buescher states that it’s also very important to check references, which includes speaking directly to former customers to learn about their results, as well as what the process was like for them and their family.
Dean Buescher’s Bottom Line
A home renovation can be an extremely rewarding — and indeed, profitable — undertaking. Following Dean Buescher’s wise advice will help you create and manage your budget, so that when everything is done and you open the door to your improved home for the first time, you’ll be so thrilled that the only regret you’ll have is that you didn’t renovate sooner!