Learning how to budget for home projects takes the overwhelm out of a room makeover. It also helps you prioritize what’s most important. Let me show you!
Have you ever faced a home makeover project and felt overwhelmed by where to start and what to do? I’ve already shared about making a mood board to visualize your space.
But that’s just the first step in the makeover process.
You also have to figure out how much a room makeover costs and how long it will take. Otherwise the little things will creep up and you’ll be way over what you thought it would cost in no time!
How to Budget for Home Projects and Makeovers
One of the least fun parts of renovating a home is sticking to a budget. But it doesn’t have to be painful! It just takes a few intentional steps and some patience for you to get the project finished without the added stress of finances.
1. Set a Flexible Budget
I always find it helpful to start with an overall number in my head. How much money am I willing to spend on upgrading this room? And if I start with a reasonable, but flexible number, I’m able to temper my expectations.
To keep myself in check, I simply create a spreadsheet to keep up with my progress and keep myself on a financial schedule.
Get a digital copy of my home budget spreadsheet to help you set your own home project budget!
2. Write Out a Wish List
Start big with all of the wishes you could possibly imagine for your room. Be sure to include all labor items and materials.
Everything might not make it on the final list, but putting everything down will help you prioritize.
3. Research Item Costs
Do your research on the cost of each item on your wish list. Use the budgeting spreadsheet to keep track of the cost of each item, plus a link or note on where to find it.
And don’t hesitate to make note of similar items in different price ranges. If you want a new chandelier, it’s nice to find a couple of options in several price ranges.
4. Plan Any DIY Projects
DIY as much labor as your skill level allows! The more DIY skills you’re willing to do or learn will help keep your costs lower.
When will you take the time to do the projects? Make a note of time you have in your calendar to complete these projects. A room makeover doesn’t just need money, but time as well!
5. Prioritize Wish List Items
Now that you have your whole budgeting spread sheet filled out, you should have a realistic total for everything you want in the space.
Now, it’s time to realistically prioritize the items. If the budget is too much for you, eliminate items or find a cheaper option until the budget is right.
6. Build in Margin
As always, there will be surprises or you’ve overlooked something in your plan. Add 20% to the budget for unexpected costs.
7. Save up the Money for Your Budgeted Plan
It’s time to set aside the money for your room makeover! If you don’t have the money already, figure out how much you need to set aside each month to start your project.
It’s always a good idea to wait until you have all of the money in the bank before you start. But sometimes I will do projects in stages as I save up the money.
7. Order Items
Once the money is in place, go ahead and order items from your wish list! I prioritize the items by the order in which they need to be installed. Or I will order items that will take longer to arrive, first.
8. Schedule Installation or DIY projects
Schedule people to install your new home items, or time to DIY them yourself!
I hope this list of steps to complete a budget for room makeovers is helpful for you! I know it’s not always easy to sit down and make a plan.
It’s hard to wait to save all of the money before you start a project. But I promise that learning how to budget for home projects will be worth it in the long run!
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