With this master suite, my wife and I would have a place of solitude all to our own. So it added some value, but less than we’d pay for the project.īut like I mentioned above, there’s more than just the pure cost to consider. We asked our realtor how much she thought it would add to our home value-she said about $45,000. My wife and I were considering a second-story master suite addition over our garage a few years back.

How much will my family enjoy this renovation? Have you ever wondered if your project makes financial sense? It can be tough to know. They look awesome, work well, and usually get raving reviews from everyone that uses them.Īm I qualified to write this post on home renovation, budgeting, and Excel templates? Making cool-looking spreadsheets is yet another nerdy passion of mine. I stayed on budget for both projects, even with a few surprise expenses that popped up along the way.įinally, I’ve worked with spreadsheets and Excel since 2008, when I started my career as an analyst. Again, both needed work, so I budgeted for the repairs and did a ton of the rehab myself. Since then, I’ve purchased two other foreclosures. I tore down the dining and entry walls, redid the kitchen flooring, and gave the half-bath a complete remodel. I graduated with my Bachelor’s and Master’s in Finance, and I’ve been running Life And My Finances since 2010 until it was acquired by MoneyZine.īudgets are fun, especially when you nail them. What’s my experience with home renovations and budgeting?įirst off, budgets are kind of my nerdy passion. You’re reading through this article-and it seems like I know what I’m talking about. This is why making a savings account specifically for your project is a good idea. Sometimes you don’t realize how much you’re spending on your renovation until your regular account gets close to zero. Stick to your guns and don’t waver.Ĭommit a separate savings account for your renovation. They have the option to upgrade a countertop, then a closet organizer-oh, and there’s a bonus room you could add for just a few thousand bucks. This is one of the main reasons people blow their budgets. Another great place to look is second-hand remodel stores-kind of like a Goodwill of remodeling materials.

Search for tile, vanities, mirrors, hardware-even doors. Facebook Marketplace is my go-to for this one.

You have a hammer, right? And you’re a decent painter, aren’t you? A little DIY can save you hundreds of dollars. Do you really need a company to demo your shower or your tile flooring? Nah. You’d be surprised how much one quote can differ from another.ĭIY where possible. You can’t get three quotes for every task-but if something’s more than $1,500, I’d get more than one quote. Get multiple quotes for the high-dollar items. There’s always something that will hit that you’re not expecting-so be sure to plan for it. Our home renovation Excel spreadsheet automatically puts a 10% contingency into your budget. Now there’s absolutely no excuse not to use one.) If you do this, you’ll be worlds ahead of most people. Get yourself a home remodel budget worksheet and fill it out. How can you guard your money from the same fate and actually keep your build within (or under) budget? I’d wager that nearly all of them blow their budget by the time their project is over. Many people have made a budget for a remodel project.

Budget timeline template