Establishing a Budget
A little overwhelmed with your upcoming project and don’t know where to start? Careful planning is key to completing the renovation of your dreams while not draining too much out of you, or your wallet. The first step in the planning process is establishing a budget.
What can establishing a budget (and sticking to it) do for you?
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Sets the expectation for the project right from the beginning.
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Shows you if your goal is attainable and realistic.
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Helps to control overextending yourself and your finances.
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Gives you a goal to work towards and save for.
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Establishes a price point for both the products and services you choose.
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Allows the project to move consistently along a scheduled timeline.
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Keeps you in control of the project.
Below are recommendations on what a typical budget may look like based on your price point.
Kitchens
The National Kitchen and Bath Association recommends investing between 10% and 25% of your home's value into a kitchen remodel.
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Good- 10-15% of your home's value
Better- 15-20% of your home's value
Best- 20-25% of your home's value
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Bathrooms
The National Kitchen and Bath Association recommends investing between 7% and 15% of your home's value into a bathroom remodel.
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Good- 7-10% of your home's value
Better- 10-12% of your home's value
Best- 12-15% of your home's value
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There is no right or wrong choice, it simply depends on what you have established for a budget.
It's about adding value to the places you feel should be more valuable. However, spending any less than "good" can hurt your home's value, with low-quality products and poor craftsmanship being quite clear at a walk through. Spending any more than "best" won’t necessarily add appraisal recognized “value” to your home for resale, but it may be what it takes to make your forever home.
Use our budget calculator below to help you get started
on figuring out your budget today!
PLEASE NOTE: This calculator is merely a guide and the numbers generated are neither implied nor an actual quote/estimate by MJ Martin Design Woodworking, LLC. Based on the industry climate at any point in time, costs in any given category may vary drastically. It is the duty of the customer to stay informed on these changes. MJ Martin Design Woodworking, LLC assumes no liability in this matter.
