Many homeowners embark on home improvement projects they have never done before. So, they struggle when determining a high level budget. Many reasons for the struggle is because this budget is completely unknown. Here are some steps to consider in helping you develop a budget. In order to see if a project is even financially feasible for you, these steps will come in handy.
Budgeting Steps
- Search the internet for the type of project you are considering, i.e. a bathroom remodel.
- Determine the items, all of them, that you need to consider for a bathroom remodel.
- By reviewing these sites, develop your own list of items you need to buy for this remodel. In this example, the items may be:
- A bath tub
- A toilet
- A cabinet
- A counter top
- A sink
- A faucet
- A shower faucet
- Floor tile
- Wall tile
- Accessories
- Now that you have your list, do some product research for each item on your list. You will start to see a huge range of prices depending on what specific style you want. Write down the high and low prices you are finding for each item to use as a comparison.
- Tally up your high and low prices for each item, and now you have a better picture of what the overall budget could be for your project. With this effort, you will have a high and a low budget for your project.
You may still not know what you want, and therefore you really don’t have a design for your bathroom remodel. But you have at least used the product research process to develop a high and low budget for this project. Budgeting is not easy but establishing an estimated budget will help give you details of the project. Now you can compare those budgets with your overall financial situation. These budgets will help you determine whether to move forward with the project or not based on your financial situation.
For more additional help on understanding a home improvement project and the budgeting process, leverage the home improvement features in HomeZada.
