January 24th, 2023

5 Musts to Smart Budgeting Your Remodel

As we head into another year, one thing is for certain: it has been a very interesting couple of years. If you have been sitting on the sidelines deciding what to do as far as renting or buying, and you’re ready to pull the trigger and make 2023 the year you hire a custom home builder, congratulations! One of the biggest stressors of building a home is often found in the budget. It is amazing how quickly things can go overboard and put you in a bind if you aren’t very specific from the beginning. These are five musts to start budgeting your remodel to keep things on track and within your price range!

Set it and Forget it

The problem that most homeowners get into when doing a remodel job is thinking in terms of “how much can that be?” Extras are just that – extras – but if you haven’t prioritized or drawn a line in the sand that can’t be moved, you are going to be underwater pretty quickly. Before you even begin to draw or talk to an architect about what you would like to see done, set a budget and stick to it. That line needs to be drawn in permanent marker and not go anywhere.

Set Priorities Where Needs are Needs, Not Wants

Often, one of the hardest things to recognize is that there are musts and needs and then there are wants. We all WANT to have a mansion that is brimming with luxury and entertainment, but our definitions are all different and so are our needs versus our wants. Before you decide that you HAVE to have something, make a list of priorities. Priorities are those things that you have to have, not that you want to. Why does it matter? (Ask anyone who got in trouble going over budget!)

Hire an Experienced Builder

The architect is the professional who can help with things like roof pitch and floor layouts, but in practical terms, they often have no clue about how much things cost. The best way to help stay on budget is to hire a professional custom builder who knows how to work within constraints without sacrificing quality. Find someone who is willing to do as much hand-holding or as little as you need. But definitely find someone who has the industry knowledge to help you stay on track and on a budget!

Credit is NOT Your Friend

Credit has never been anyone’s friend, but it is helpful when you are trying to remodel your home. When setting your budget in stone, make sure that you are factoring in those “little” purchases that you put on credit. It is amazing how quickly credit card purchases can get out of control if you aren’t keeping tabs. There is going to be a budget for building and major things; just make sure that you are counting everything as a part of spending, whether you are using plastic to pay off later or a big loan for your mortgage and renovations.

Going Cheap Gets You Cheap

No one wants to spend more money than they have to, but when you go cheap, you get cheap. Of course, when building a new home there will be things that you can skimp a little on, but be discriminating. Appliances cost a lot of money; you don’t have to have the fanciest models, but do consider how quickly you will have to replace or repair cheap things. You would be shocked how those “deals” aren’t really deals when you have to replace them a year into a new home build!

If you are making 2023 the year you finally remodel your home to make it exactly as you want, then congratulations! Make sure, however, that you set your budget in stone right from the start, or you will quickly find yourself upside down – or out of luck. At O’Connor Homes, we have the industry expertise and experience to help you through the entire building process from start to finish. Contact us today to get started on a wonderful new beginning for the upcoming year!