Before you begin renovating, it’s important to have clear expectations about what you want to change and how much money you’re willing to spend. Therefore, you’ll need to establish a realistic plan and budget. Bryan Baeumler often says to “dream within your means,” per BC Home + Garden Show, which we think is great advice. Bryan also says that you should form your budget from day one of renovations. In an interview with Marc & Mandy, he even goes so far as to say that, when planning accordingly, there’s no reason to go over budget.
While it can be fun to imagine what you could do to your home with an endless amount of money, when it comes to actually creating and sticking to a plan, you need to be realistic. Budget Dumpster says that, typically, you’ll spend $10 to $60 per square foot on renovations, so you should really be prepared to spend this amount. Additionally, you should set aside as much as 20% of your budget for unexpected costs, because something is guaranteed to go wrong during the process. One more piece of solid advice is to determine whether you will be paying for your whole renovation with cash or if you’ll be relying on a loan, as this will significantly impact your budget.