Planning a home remodeling project often feels like entering uncharted territory for homeowners. Once you start doing some research, you’re likely to run into discussions on the topic of the 30% rule. This rule is a good one to follow, since it’s meant to help you avoid going off track with your budget. Understanding how this rule will apply to your project and how to use it wisely makes planning your home remodeling project easier.
Calculate Your Ideal Maximum Budget
The 30% rule is based on the concept that you shouldn’t spend more than this portion of your home’s market value. To figure out what this number is for your case, you’ll want to start out by identifying your home’s current value. You can hire an appraiser or compare your property to others in your area to get a ballpark figure when you don’t know for sure. Next, you’ll multiply this value by 0.3 to get the final figure for your budget. Once you have this number in mind, you can use these strategies to stay within this range.
Prioritize Essential Updates
If it’s been a while since you’ve updated your home, you may have a list of things you can’t wait to change. Or you might be starry-eyed after watching the latest home remodeling show, and it’s normal to have big dreams for your house. While there’s nothing wrong with indulging your wildest dreams, it’s best to start with planning essential items first. For instance, remodeling the bathroom might be necessary to eliminate aging showers and tubs that could cause water leaks later. The kitchen also tends to have areas that could pose a fire hazard if you ignore them for too long. Once you prioritize these areas, you can then move on to discussions about putting in heated flooring and other fun luxuries.
Choose Cost-Effective Materials
Striking the right balance between choosing budget-friendly materials and also ensuring they’ll last is easier when you work with a knowledgeable contractor. Modern building materials make it possible to choose mid-grade countertops and other features for your home that will last for many years without making you spend too much money. As you work on material selection, remember some things are worth splurging on, too. If you absolutely love a specific type of flooring or tile, it’s ok to choose it. You can often find ways to save money in other parts of your budget.
Plan Value-Adding Upgrades
If you plan to sell your home in the future, you’ll want to consider how certain remodeling projects can increase your house’s value. For instance, potential buyers are more likely to jump at the chance to cook in a home with a recent San Diego kitchen remodel than spend time in a decked-out garage. Bathroom enhancements can also increase your home’s value, especially when they meet the needs of the average buyer in your neighborhood.
Are you ready to transform your home? At Forever Builders, we specialize in San Diego kitchen remodeling and full home renovation projects that bring your vision to life. Contact us today for a free consultation and let our expert team create a space you’ll love for years to come!