3 necessary budget questions to consider before embarking on a home remodeling project

Unless money is no object, having a budget is a critical component to every remodeling project. The time to talk about a project’s budget begins with the first design meeting and should continue in some form throughout the design and construction process. It is fair to say that almost every client comes in with a wish list that exceeds their projected budget range. Obviously, something has to give in order to end up with a successful project and a happy homeowner. Because of human nature and most homeowners’ unfamiliarity with construction costs, most people inevitably underestimate what their project will cost. They are also sometimes almost secretive about how much they want to spend, as if the architect or contractor will make it their business to suck out every cent they can. The first is how much is your house currently worth? What could you sell it for if you put it on the market as is today? (This is not how much do you hope you could get or how much have you already sunk into it; it may require a conversation with a Realtor to get a realistic assessment of what the going market rate really is.)


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