The most important thing in reconciling your remodel dreams with your budget is a list of priorities, noted in order of importance. When preparing for a project, I always recommend that each party involved put together a list of priorities separate from one another. Don’t forget, they must be listed in order of importance. Then, get together and share your lists. Discuss what is important to each person and why. The WHY is very important, so leave ample time for discussions, and make sure you open those ears and listen to one another. The final step is to collectively create ONE list that everyone agrees on… yes, you guessed it… in order of importance. The order of importance in which things are listed is useful when forced to cut wish list items due to budget constraints. You obviously cut things that are lower on the list first, and you already know that everyone agrees because of the homework you did in advance. However, it is never fun to cut wish list items when surprises arise, so it is extraordinarily important to have a contingency set aside (I recommend 10 percent of the construction cost, but it can vary, so get your architect’s opinion). Having money set aside for surprises ensures you won’t have to give up your dreamy soaking tub when you find rot in your wall.
Check out my list of top questions to ask yourself before building to get you started.
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