31 Days to Building Your Dream Home:: Budget, Budget, Budget

If you could probably guess, creating and sticking to a budget is HUGELY important when renovating or building. While sticking to a budget can be difficult going into uncharted waters and having no idea what to expect, discussing how much you are willing to spend on the renovation of one room or your whole house will save you not only time when decisions need to be made, but also prevent future stress and headache.

31 Days to Building Your Dream Home- Importance of Budgeting

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For my husband and I, our renovation was a little unique. When we bought the house,  we essentially bought the plans for the renovation and addition. Everything was already drawn out. We were basically buying a ‘spec’ home that we were able to customize and make changes as we went along. Because of that, we were given allowances from the builder for things like tile, cabinetry/countertops, plumbing, lighting, etc.

In a sense, a budget had already been created for us. We knew we had to stay within those allowance figures to avoid paying extra. However, we anticipated that we would want to make changes and upgrade certain things, so before the project even really got started we created separate budgets for the overages we anticipated.

One lump sum of money was set aside for all design selection overages {i.e. lighting, tile, plumbing, etc.} and other lump sums were set aside for overages for landscaping, appliances, doors, etc.

31 Days to Building Your Dream Home- Budgeting for Overages
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Having both the allowance figure and overage figures decided ahead of time played a huge part has prevented us from spending too much.

Adding a window here, an extra light there and upgrading certain finishes and appliances adds up in a hurry. If you don’t have a concrete number to work from as you go along, you will quickly get in over your head and get extremely stressed when it comes to time to pay for everything.

Having a set budget also gives you some freedom. I know that may sound weird, but hear me out. Without a set number to work from, I would have no idea whether I could upgrade our countertops or pick out nicer appliances. Because we had a set number to work from for overages specifically, I could look at our budget and decide how badly I wanted those things and if I was ok with not getting to upgrade other things like tile or plumbing.

I was ‘allowed’ to upgrade whatever I wanted, but within certain parameters knowing that upgrading one thing, would probably mean not getting to upgrade something else.

31 Days to Building Your Dream Home- Budget for Upgrades

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The budget also helped us make decisions fairly quickly. Once we had rough estimates for all our ‘ideal’ design selections we could easily see where we would have to come down and what we needed to eliminate.

It automatically narrowed down choices for us, preventing us from ever being completely overwhelmed by too many options.

So to some the word ‘budget’ feels constricting or negative, having a set budget is actually a really good and freeing thing. And in the end, when you have to write that check, you will be completely prepared!

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