Planning the Budget for Renovations to Your Stephenville Home

Back to Real Estate News

Stephenville homeownerWith the housing market recovering and home prices steadily rising, people are getting excited about selling homes again. Also, according to CNN, many homeowners are looking into making renovations to their homes before they put their homes on the market. With this in mind, a common problem with renovations is making and sticking to the budget available to the homeowner. Consult your local real estate professional and follow these tips to make sure you stick to your budget for your Stephenville home’s renovations.

  • One of the most important parts of planning your budget for a home remodel is to figure out how much money you’re willing to spend on the project, according to CNN. Homeowners will often get caught up in the vision of the remodel of their dreams and will lose sight of how much money they should spend on the project. Figure out how much you should spend on the renovations by calculating a room’s worth. Generally speaking, if you’re doing a kitchen remodel, that accounts for 10%-15% of your home. Bathrooms are usually worth 5% to 10%, and a finished basement or attic is generally worth 10% to 15% of your home’s value. You might be asking, “What does this mean?” The answer is that the way these percentages help you in determining how much to spend is multiplying them by the value of the home, which gives you a cap on a budget you should try to stay within.
  • Another way to stick within your budget while remodeling your Stephenville home is to keep the amount of major construction to a minimum. If you avoid knocking out a wall that isn’t really essential to the remodel, that alone can save you a few thousand dollars. Avoiding the stripping of other surfaces can save you a pretty penny on construction costs as well.

Planning a remodel is hard—if you would like a guide through this process, or any real estate-related process for your current or prospective Stephenville, Texas home, please get in touch with us.

Search For Homes

Testimonials

“Terry Childers was extremely helpful, reliable, friendly, and knowledgeable. We had some bad luck while house hunting but Terry was persistent and never let up. He went above and beyond to make sure we were satisfied. If we ever sell or buy again Terry is our only choice.”
Ken