Week 4 of the One Room Challenge is here. and nothing much has changed since last week. The room has been painted, all construction has been done, and we're just waiting on furniture, lighting, and a rug before we can put this room back together. So for this week, I thought I would dive instead into a discussion on how to create and plan a home renovation budget.
Welcome and thanks for stopping by! If you're new here, I'm a Toronto-based blogger and plaid enthusiast who mixes DIY with traditional design. Catch up on Week 1, Week 2, and Week 3 of this guest bedroom remodel.
How much should you spend on a renovation or remodel? How can you renovate cheaply? Where should you save and where should you splurge?
I'm talking about all those questions today and sharing a FREE home renovation budget template (Google sheet) that you can use to budget your kitchen renovation, bathroom renovation and more.
When most people think "renovation", the first question is "how much is this going to cost me?". The home renovation budget is one of the first things that comes to mind - but I like to think of it as one of the last.
Let me explain my thinking: let's say you want to renovate your bathroom for $8000. You've come up with that number based on some estimates you found online. You've price shopped some of the bigger items ($2500 for a vanity, $1500 for faucets and plumbing, $1500 for tile and flooring), have blindly guessed at labour and other costs, and have determined a number you can afford.
The top-down approach put budget as the main driver of your project. Every decision is weighed against the budget. That means you'll be counting your pennies the entire way and you'll likely have to cut out items that fall out of budget, or increase your budget altogether if you really want to make them fit.
My view on things? What good is a room that is delivered on budget, but all you can think about is how you 'settled' for the less-comfy but budget-friendly sofa, or that you didn't get the wallpaper you really wanted?
➡️ There needs to be a balance between the quantitative and the qualitative, between the hard dollars of the budget right now and the intangible enjoyment of the room in the future.
Rather than looking at budget as the priority, I like to consider other factors first.I do a bottom-up approach when it comes to budgeting for a home renovation project. Bottom-up means determining what the essentials are first (without consideration given to cost).
This means looking at layout, function, and design needs as the starting point. These will determine what construction, materials, and furniture elements need to be in the budget.
Because a bottom-up budget is based on all the steps preceding it, it's based on my real and specific situation and allows for design to be a priority.
Taking a bottom-up approach means you've done a lot of the hard work and decision making before you even talk about numbers.
Your home renovation budget isn't based on a random spreadsheet you've found on the internet - it's based on the particulars of your house, your desires, and your financial situation. Because of that, it makes it easier for you to see and decide where to spend and where to save on your budget.
Figuring out exactly what the expenses cost can be difficult. Renovations are complex, the steps and costs change depending on the type of room and scope of the project. It helps to have a starting point.
I've created this FREE home renovation budget spreadsheet to help with that task. This home renovation cost calculator contains:
With your budget in hand, you can now move on to more challenging decisions like where to splurge and where to save. There are a few ways to save on a renovation or remodel and it comes down to prioritizing and comparing costs. Here's generally how we allocate the budget and prioritize expenses:
Ultimately, my philosophy is not to sacrifice style because of budget.
By starting from the bottom-up and making conscious decisions that suit your home and the way you live, making design a priority and finding a way to achieve that look in a budget you can live with, you end up with a room that is beautiful and cost effective.
While the free home renovation budget spreadsheet is more than enough to get you started with planning your project, you might need to track additional information.
The Easy Renovation Planner, available in my Etsy shop, provides you a comprehensive project management dashboard.
You can confidently plan and manage your home renovation with these 10 easy-to-use Google Sheets. From tracking your budget and project tasks, to contractor bids, vendor payments, and a shopping list, you'll have your information at hand.
With your renovation plans clearly laid out, you can minimize the surprises and manage your project like a pro. As a reader of our blog, enjoy 10% off the Easy Renovation Planner with code TAKE10
Next week, I hope to show you progress on our room. For now, hop over to the One Room Challenge blog and see what the rest of the Guest Participants are up to.
