One thing that I often hear when I ask prospective clients the question “do you have a budget or a price range you’d like to stay in?” is something along the lines of “oh, I don’t know. I was kind of waiting to see what your number was to form a budget.” Well.. that’s one way to do it!
However, what might be the logical way to go about the budgeting process is to figure out the maximum you are willing to spend before beginning your hunt for a remodeler. This number can help you and your prospective remodeler determine several things:
- How much of your “remodeling wish list” you can accomplish (have a $10,000 budget and want to gut your entire house? You may want to scale down your scope of work for now)
- How they can best create a design that fits as much of your wish list as possible while staying within your budget
- If you and your prospective contractor are a good fit (for some remodelers, a kitchen remodel means $10,000. For others, it can cost upwards of $100,000)
- Your projected start date (if your budget is less than the price of the project, you can allot more time to saving money and getting your ducks in a row)
A solid budget can clear up a lot of confusion between homeowner and contractor. Once your remodeler knows what you’re willing to spend, he or she can work with your budget to help you get the most out of your money.
Many people are hesitant to share their budget with a prospective contractor. If you’re worried that your prospective remodeler will manipulate his numbers to consume your entire budget, it’s best to excuse him from the bidding process, and try again. Not sure who you can trust? References are a great place to start! Ask your contractor for at least three, and give them a call. Once you find a contractor who you trust to share your budget with, I think you can safely say that the price – and the person – is right.
