If you’re getting started on the path to a remodeling project in your home, you could be feeling excited, nervous, stressed, and probably a mix of all of these. These feeling are understandable. A change to your home, especially one that is a considerable investment, can lead to a lot of emotions. While talking about the cost may be awkward at first, you can allow yourself to be more excited than anxious if you follow a few simple steps so you know exactly what you and your finances are getting into. To calculate how much of a remodel you can afford, follow these four steps:

Estimate the Cost

First, you need to get a realistic handle on how much your remodeling dreams will really cost you. Do some research online and reach out to local contractors for estimates on a major upgrade, like a bathroom remodel. Then, allow yourself some wiggle room in your budget. If you are told the remodel may cost $100 per square foot, tell yourself it will cost $200 instead. You’ll be more relaxed during the process and enjoy your living space much more afterwards if you overestimate and come out on the other side with money left over. Imagine having a few hundred left over in your budget when your bathroom is complete so you can add the upgraded light fixtures you had your eye on, plus new egyptian cotton bath towels!

Establish a Spending Limit

Once you’ve zeroed in on the project you want to begin, the next step is figuring out whether you have the money needed. If you’re paying cash, your budget is easy to calculate. But if you’re planning on borrowing, you need to assess how much a bank will lend you and what that loan will add to your monthly expenses while you pay it off. You will have three types of loan options:

• Cash-out refinance

• Home equity loan

• Home equity line of credit (HELOC)

For the vast majority of homeowners, the best way to borrow for a remodeling project is a home equity line of credit. A HELOC is a loan that’s secured by your home equity, meaning it qualifies for a lower rate than other loan types, and you can deduct the interest on your taxes.

Set Priorities

There are many ways to prioritize, while staying true to your vision. You can keep appliances that are still in working condition, find low-cost alternatives to genuine materials, or simply make the room smaller if you’d aiming for a new addition to your house. Carefully scale down your dream, and chances are high that you’ll still end up satisfied in the end.

Find a Contractor You Feel Confident in

Now that you know what you want to do, how much you can afford to spend, and what alternatives you’re prepared to use if your budget gets tight, it’s time to find the company that will actually help you make your vision a reality. Get recommendations from your friends and loved ones, as well as do research online. Be as specific as possible with that you’re looking for so you know the quote is accurate. Don’t feel too intimidated to ask to see their recent work or contact their references. A quality company will happily provide you with these so you feel at ease with them. Make sure they are both licenced and insured.

When it comes to home improvements, knowing what you want is often the easy part. The tougher question is figuring out who can complete the project on time and on budget. When you contact Beattie Development for your quote, we’ll take you through our 6 Step Design & Build Process  so you can leave the conversation totally at ease with your remodeling project. We specialize in high quality products so we deliver the best complete remodeling services in the Southwest Florida area. We are committed to making your remodeling projects the highlights of your home! Contact us today and get started with your exciting project.