The first question asked when someone decides to remodel is “What will it cost?”

So... how much will it cost?

The answer is that no one can tell you.

At least not yet.

Not even your neighbor, who did a similar project last summer.

Because your project goals and your budget are different than your neighbor’s.

Only you know what you want, what you need, and what you are willing to spend.

But after you have defined what a successful project looks like to you, professionals can begin to advise you on the cost of your project.

Set your remodeling BUDGET first!

How can you find out what your project might cost? You don’t control the cost, so it’s hard to know it in advance. More on that in a minute.

What you do control is the project budget. So what is a remodeling budget?

My hubby says this: decide what you are able and willing to pay to get your needs met. THAT is your budget. Then use the remodelers you talk to as a sounding board about how far that budget will go in meeting your needs and building your solution.

It’s good to know early on if your budget is on-target or low. If it’s low you might get a loan for the project, or perhaps put the project on hold and save some more first.

Either way, it always pays to prepare. The clearer you are about what you need and want (along with your budget), the more accurate your final price from remodelers will be.

What about the real-world cost?

Start with one of the Remodeling Professor’s favorite sources, the Cost vs Value report.

It comes out every year and it’s free. There you’ll find real-world costs of typical remodeling projects priced by industry experts. This option gives you a ballpark idea of your project cost without involving designs, remodelers, and contracts just yet.

Then, you can also do some shopping. Yippee!

Well, window shopping at least. Get familiar with the cost of major parts of your project like flooring, cabinets, countertops, faucets, tile, tubs & sinks, etc. The more you look around, the easier it will be to make informed decisions on those materials later, with cost as a major factor.

Eventually, however, you need to get real prices from the professionals who do the work.

You ask for the estimated cost of your project when you interview them. Then you’ll start working with actual costs and comparing them back to your budget.

It’s a near certainty that you will be shocked by current remodeling prices.

But by setting your budget first, then looking at Cost vs Value, and finally talking to remodelers, you’ll be able to get past the money aspect of the project and start to focus on getting your needs met.

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Check out www.remodelingprofessor.com for the free guide:

“5 Easy Ways to Avoid a Remodeling Disaster”

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