Unless you live in a brand new custom-built house, chances are you have a list of improvements you’d like to make to your home. It’s fun to fantasize about the changes you’d like to make, but it’s also important to have a handle on what those improvements will end up costing you.
Following a strict budget plan will help keep project costs in line. Make sure you define the project in terms of both functional and aesthetic viewpoints. If you want to update a master bathroom, decide if the improvements will be cosmetic (new paint or tile, or new fixtures) or whether you need some functional changes, such as adding an additional vanity, or adding a soaking tub when you currently just have a shower.
Decide how much money you’re willing and able to put into the project. Make sure to consider the costs of labor, tools and equipment, materials, permits, and cleanup, and add an additional 10 to 25% cushion to the total, depending on the size and complexity of the project. Many home improvement projects end up taking more time than originally estimated, which will increase the total cost. Unforeseen expenses, such as discovering termites or a mold problem that has to be taken care of first, will also add to the bottom line.
Also keep in mind that what you spend on a home improvement project may not be what you’ll get back when you sell the home. The return on investment can be 90% for a kitchen update or bathroom remodel, but may only be 70% to update an office or landscaping. Do your homework so you know how much you truly want to spend by weighing the long-term value of each project and its importance to your lifestyle. For more information about budgeting for home improvement projects, please contact:
Mr. Handyman of Wheaton-Hinsdale
245 W. Roosevelt Road #69