Thinking about a remodeling project for your home? Whether it’s a bathroom makeover or kitchen expansion, the first step is the same: financial planning. When beginning our consultation process at OMG, one of our first points of discussion is a customer’s budget– this helps our first meeting remain as constructive as possible so that we can truly begin to put your dream project into motion. Our priority is always to advise and educate our clients to ensure that we are a good fit and are able to provide something of value for them– after all, our job is to help you bring your vision to life and we want to be able to help you as best we can!
We also understand that every customer is at a different point in their renovation process. Some customers may have never undergone a project of this nature and might still be trying to figure out how much they’re willing to spend, or whether or not to borrow money for it. In any case, our job is to help you make the best decision for your home and your budget. This may mean we leave the project altogether– sometimes the best decision may be referring you to another company that we think will suit your needs better, or providing tips for you to act as your own general contractor. Ultimately, our goal is to be a resource for you: even if we don’t work with you directly, our goal is to ensure that you get the end result you are looking for.
Overall, the cost of a home renovation project varies, but it’s always better to over-budget than to under-budget. Experts say that, in general, a kitchen renovation should cost about 5-15% of your home value, while a bathroom renovation should cost 3-7%. These guidelines will keep you from overspending, a common occurrence during home renovation that can keep homeowners from seeing a return on their investment.
There are a variety of sources for funds that homeowners can consider, including:
- Renovation loans
- HELOC (Home equity line of credit)
- Cash-out refinance
- Personal loan
- 401(k) loan
- Credit card
Each of these sources have their pros and cons, and we highly recommend that homeowners looking to use one of these sources do their research to determine which source of funding fits their needs and budget. We are more than happy to sit down with you to discuss your options and determine the best ways for you to move forward with your home renovation project! Give us a call at (210) 535-1000 to set up your free consultation today.