We know there is hesitancy to share your budget for a remodeling project because you fear the contractor will be compelled to spend it all and more. We are here to assure you that is not why we ask nor is it our plan! We know you work hard for your money, and we would never want to or have you feel like we are “taking you for a ride” so to speak.
So why do we ask for your budget?
Simple, we have found that the more transparent our clients are with their overall budget for a project, the better the project will go for everyone involved. We will explain why.
1. We know where to splurge and save.
Our teams’ job is to understand which areas of your project are most important to you! For example, having custom cabinets that offer more storage may be more important than having natural stone countertops and backsplash. In that case, we would opt for quartz countertops and subway tile, so our client’s top priority is met.
There are so many other small details we can customize for our clients to help them reach their remodeling goals while staying on budget!
2. Clients save money in design fees.
If we know your budget up front, we can help you fall in love with a design you can actually build. If you tell us, “We want what we want and we don’t care how much it costs” and then get frustrated when your design team presents plans that are “too expensive” that is on you. Now your team must go back to the drawing board, and you end up spending more money on design that could have been used on materials and finishes.
When you don’t share what you really want to spend upfront, your team can take you down a design path that can have a significant impact on the cost of materials and construction. This is why your team needs to know what your budget is before design work begins.
3. You can still plan for contingencies.
Even the best laid plans can go awry when you are remodeling your home. We fully support having a contingency fund for your project because you never know when an unforeseen condition will make itself known. Better to have money set aside to address unanticipated issues, if needed! So, before you work through the scope and budget with your contractor, know your real budget number and subtract 10%-15% as a contingency fund – share that number with us!
4. It builds trust between you and your contractor.
If you do not trust your contractor with your budget, how can they best serve you? We cannot speak for all contractors out there, but we can promise you our mission is to give our clients the best, most beautiful outcome within their allotted budget.
We cannot deliver that for you if you are unwilling to share your budget with us.
At the end of the day, you are paying us to bring you options and solutions to create a home that best suits you. Tell us what materials you have your heart set on, let us know what parts of your project mean the most to you, and be upfront with us about your budget. This will lead to a more efficient design process and smoother remodeling experience. Frankly, it may even save you money in the long haul!
If you are unsure of how much to begin saving for a project you have been dreaming of, we highly recommend viewing the Cost vs Value report from Remodeling Magazine as a place to start. We hope this helps you and look forward to serving you in the future!