Budgeting Wisely for Your Home Remodel: Knowing When to Save and When to Splurge?
Remodeling your DC-area home is a big investment in time, energy, and of course, money. It’s worthwhile to make your home into the best space it can be for your family. But it can be hard to know how best to allocate your resources. Like any big project, a home renovation is full of decisions you need to make, and figuring out when to save and when to splurge can be tricky. Is it worth it to spend more on the expensive tile that you love? Or would it be better to splurge on a high-end range for the kitchen? Decisions like this abound in a home remodel.
Strategic Spending
What do we mean by saving and splurging? Saving means using high-quality but less expensive materials and finishes. You can also save by choosing to do less work or less intensive work on your home. Splurging means considering your options and deciding to go with the more expensive materials, finishes, or plans. You’ve thought through what it means to spend more in this area (generally, that you will need to spend less somewhere else) and decided it’s worth it.
Spending strategically means splurging where it makes the biggest difference, and saving when it doesn’t. It means deciding what matters most in your home remodel and channeling your resources there. Keep reading to find out how.
When to Save
Saving money on one part of your home remodel means you have more to invest in another area. What it doesn’t mean is settling for subpar materials or workmanship. When our designers present you with options for, say, flooring in your home, they’re all great options. But some of them will cost less than others. You don’t need to choose the most expensive options to have a gorgeous, jaw-dropping home remodel—you just need to know how to spend strategically.
In the Kitchen Remodel
One good place to save in a kitchen remodel is with your appliances. While you want good ones, top-of-the-line appliances aren’t always worth it. Most kitchen appliances last about ten to fifteen years, meaning you will be replacing them eventually anyway. Unless you need the very best name brand for some reason, you should be fine with a reputable name that isn’t overly expensive.
You can also save money on kitchen cabinets. For most kitchen remodels, semi-custom cabinetry is a great idea. Because they come in ¼” increments, they fit into almost any space perfectly. Choosing semi-custom over custom gives you the flexibility you need without the extra expense of completely customized cabinets. And because they come in so many finishes and designs, you’ll be able to find something you love.
Backsplash tile is another area in the kitchen where you can easily save. If you find a tile that you love but the price is a little high, consider using it as a feature instead of your whole backsplash. For example, you could use it just behind the stove, or as a stripe that goes around the top of the backsplash. The rest of the tile can be a coordinating but more affordable option.
In the Bathroom Remodel
The perfect bathroom remodel is the one that makes the space relaxing, functional, and lovely. You can still achieve these goals while saving here and there. And remember that saving in one place allows you to splurge in another.
The most obvious way to save money is to keep your bathroom layout if it’s working for you. It’s expensive to move plumbing and electrical, and while sometimes it’s the right move to make the space perfect, there may be other times when keeping the layout as is works fine. You can still change the vanity, toilet, shower, storage, flooring, and more, even if you keep the basics in the same place.
Choosing less expensive flooring is another way to save. As long as the flooring is durable and non-slip, it doesn’t need to be the most expensive option to look amazing. Ceramic or porcelain tile is much more affordable than granite or marble, and can look great in a well-designed space.
In General
Whatever part of your home you’re remodeling, save money by
- Choosing lighting based on the size and shape of the fixture. Name brands aren’t as important as the look and feel, so it’s a good place to save.
- Sticking to timeless, classic finishes that won’t go out of style. This means you won’t feel pressured to replace functional items down the road.
- Mixing old and new furniture. You don’t have to get all new furniture to go with your remodel—unless you want to, in which case, call it a splurge!
When to Splurge
Sometimes spending a little extra is worth it. You probably won’t remodel your home again anytime soon, and so you want it to be perfect—for you, for your family, and for your lifestyle.
In the Kitchen Remodel
The countertops are arguably the hardest-working part of your kitchen. They also carry a lot of visual weight. Make sure you select materials that not only look great but are also durable and easy to care for—even if it means paying a little extra. Some great options for kitchen countertops include
Quartz
Marble
Granite
Soapstone
Your designer can help you weigh the pros and cons of each type of countertop and make the best decision for your space.
The kitchen layout is another area where you should plan to splurge. While it can be expensive to move appliances, plumbing, and walls, it’s always worth it to have a more functional and welcoming space. Sometimes you don’t even realize what a difference a layout change will make until you see it—although your designer will be able to help you visualize it through 3D renderings or floor plans. Making your kitchen layout better is one splurge you will never regret.
Especially if you’ve decided to save on kitchen cabinets, go ahead and splurge on hardware. The extra wow factor that great cabinet hardware can bring to your kitchen will immediately elevate the space. Great hardware can lend a stylish, high-end feel to your kitchen.
In the Bathroom Remodel
Because you need your bathroom to be a place of retreat and refreshment after a long day (as well as a place to help you start your day on the right foot), the best bathroom splurges are ones that improve your life. If you crave a quiet bath in a gorgeous soaker tub, it’s definitely worth adding to your splurge list. If you are getting ready for work at the same time as your partner, a huge double vanity might make the cut. Consider what would make your bathroom the perfect space for you and whoever shares it with you, and invest accordingly.
Another area to splurge is in your bathroom fixtures—faucets, knobs, shower heads, etc. Less expensive ones are made with plastic parts inside, but these will break or wear out more quickly. It’s preferable to use fixtures with solid brass or stainless steel components. While the initial costs will be higher, in the end, using better quality fixtures in your bathroom will save you money as you won’t have to repair or replace them for a long time.
In General
In any home remodel, there are a few areas where splurging almost always makes sense.
- Flooring. While you don’t necessarily need the most expensive flooring out there, because it’s the largest and most hard-working design element in your home, you want something durable that you love.
- Exterior siding. Good siding, like fiber cement siding, will not only keep your house looking great, but will protect it as well. It’s also one of the best ways to raise the value of your home.
- Trim and molding for your walls. This is a sure-fire way to elevate the look of your home. Wide and beautiful millwork looks high-end and lovely.
- Heavily-used items. A good rule of thumb is that the more often you use it, the better quality it should be.
- Energy-efficient windows. Replacing windows with energy-efficient ones raises the value of your home, lowers your monthly bills, and makes your home more green.
The Most Important Strategic Spending
Hire a great team! If you have a design-build remodeling team you trust, you won’t have to worry about any part of your home remodel. You will work with a great designer to plan your dream renovation, and then you will watch a skilled team of craftsmen bring it to life. When you know how to strategically save and splurge on your Virginia, Maryland, or DC-area home remodel, you will have the confidence to move ahead with your plans. At BOLT Builders, we have the expertise, skill, and attention to detail to bring the very best out of your home. Contact us today to get started.