Your Guide to Budgeting Like a Pro
Thinking about tackling a home renovation but feeling stuck because no one will just tell you what it’s going to cost? You’re not alone! Budgeting for a renovation or furnishing project can feel overwhelming, but having a ballpark estimate is the first step toward making your dream home a reality.
To help you plan, save, and move forward with confidence, here’s a breakdown of what you can expect to spend based on recent trends in home renovation and furnishing costs.
1. Renovation Costs: What to Expect
Home renovation expenses vary widely depending on factors like location, style, material choices, and neighborhood home values. However, if you’re in the Denver area, here’s a general range:
- $100-$200 per square foot for most renovation projects.
- Kitchens and bathrooms will fall at the higher end of that range with more costly materials like cabinetry, tile, electrical, and plumbing.
2. Furnishing a Space: Budgeting Basics
Whether you’re designing a cozy living room or a stylish bedroom, furnishing costs can add up quickly. Here’s what to expect:
- Mid-range furnishing estimate: $50 per square foot.
- If you’re opting for custom or luxury pieces, expect to spend more.
- If you prefer budget-friendly big-box retailers, you can bring costs down.
3. Hiring a Designer: Is It Worth It?
Working with an interior designer can help streamline the process, ensuring your space is both functional and stylish. While pricing varies by market and experience level, a good rule of thumb is:
- 10-15% of your total project budget for design fees.
- This includes concept planning, material selection, and project management.
- A designer will save time and money in the long-run by helping make meticulous decisions upfront to avoid costly mistakes.
Start Your Project with Confidence
While every renovation or furnishing project is unique, having these general cost guidelines in mind will put you ahead of the game. Of course, the best way to get an accurate estimate for your specific project is to consult with a designer, builder, and (if needed) an architect. Starting with a ballpark figure helps you plan effectively—and maybe even establish a savings plan today.
Have a home project in mind? Let’s make it happen! Schedule a Consultation with me.