Budgeting for Your Dream Renovation: A Practical Guide
Renovating your home is exciting—until the dreaded budget conversations start. Let’s be honest, planning your renovation budget can feel a bit like solving a puzzle where some of the pieces keep moving. But don’t worry! With a little preparation and a few insider tips, you’ll have a clearer picture of what to expect and how to plan for it. Let’s walk through the process together.
Step 1: Determine Your Must-Haves and Nice-to-Haves
Before diving into the numbers, take a moment to list your priorities. What are the non-negotiables for your renovation? Maybe it’s a custom walk-in shower in the bathroom or an oversized island in the kitchen. Then, create a separate “wish list” for features you’d love but could live without if necessary.
Pro Tip: This list will help you focus your budget on what truly matters and make decisions easier if costs start to add up.
Step 2: Know the Industry Standards for Costs
It’s hard to budget without knowing what things cost! Here’s a rough breakdown of typical investment ranges for bathroom and kitchen renovations:
Bathroom Renovation:
Low End: $10,000 - $25,000 (cosmetic updates like paint, fixtures, and hardware)
Mid Range: $30,000 - $50,000 (new tile, vanity, and upgraded finishes)
High End: $60,000+ (custom features, luxury materials, reconfiguring the layout)
Kitchen Renovation:
Low End: $15,000 - $25,000 (new countertops, paint, and hardware)
Mid Range: $30,000 - $60,000 (new cabinets, appliances, and upgraded finishes)
High End: $75,000+ (custom cabinetry, professional-grade appliances, layout changes)
These figures can vary depending on your location, the size of your space, and the materials you choose. But knowing these ranges gives you a good starting point.
Quick Note: Be sure to factor in taxes, permits, and delivery fees when calculating your budget.
Step 3: Build in a Contingency Fund
Unexpected costs are almost guaranteed during a renovation. Maybe the plumbing behind your walls isn’t up to code, or you uncover water damage. These things happen, and they can throw a wrench in your budget if you’re not prepared.
Best Practice: Set aside 10-20% of your total budget for surprises. If you don’t end up needing it, that’s a win!
Step 4: Plan for Labor vs. Materials
A good rule of thumb is to allocate 40-50% of your budget to materials and 50-60% to labor. For example, if you’re planning a $60,000 kitchen renovation, expect around $25,000 to $30,000 to go toward labor costs and the rest toward cabinets, countertops, appliances, and finishes.
Fun Fact: Custom materials or intricate designs may increase labor costs since they take more time and skill to install. Keep this in mind when making your selections.
Step 5: Understand Where to Save and Where to Splurge
You don’t have to blow your entire budget on high-end finishes to achieve a beautiful result. Here’s where to consider saving vs. splurging:
Splurge: Custom cabinetry, high-traffic flooring, and professional installation.
Save: Prefabricated vanities, simple backsplash tiles, and lighting fixtures (you can always upgrade these later).
Pro Tip: Sometimes, a high-quality mid-range option provides the same visual impact as a luxury item at a fraction of the cost.
Step 6: Track Your Expenses
Keep a running spreadsheet or use a budgeting app to track every expense, from the initial design consultation to the final coat of paint. Staying organized will help you avoid surprises and keep your spending on track.
Friendly Reminder: Don’t forget the little things, like outlet covers, cabinet hardware, and decorative touches—they add up!
Step 7: Work with Professionals Who Respect Your Budget
A good designer or contractor will help you prioritize your goals and stick to your budget without sacrificing quality. Be upfront about your financial limits from the start and ask for transparency in pricing.
At Cori Ashlyn Design, we’re pros at helping clients create realistic budgets that align with their vision. Plus, we work with trusted contractors who deliver top-notch results without unnecessary markups or surprises. Let us guide you through the process so you can focus on the exciting parts of your renovation—like picking out that dream tile or countertop!
Final Thoughts: Dream Big, Plan Smart
Budgeting for your dream renovation doesn’t have to be stressful. By knowing what to expect, planning for the unexpected, and working with professionals who have your back, you can make the process smooth and enjoyable.
Ready to take the next step? Schedule a Discovery Call with Cori Ashlyn Design, and let’s create a plan that fits your budget and brings your vision to life. We’ll help you navigate every detail—from start to finish!
